Medical Transcription Industry Poised For Growth
The industry of medical transcription is poised for growth and it is expected that it will continue to grow for at least another ten years. Medical transcription industry in the United States is growing at a rate of thirteen to fifteen percent annually. There are several reasons contributing to the poise for growth for medical transcription which includes growing and aging population.
There has been an increase in the health care services which has resulted in an increase in the requirement of patient record keeping, which is essential for legal and medical insurance refund purposes. Moreover, not only physicians require transcription of medical reports but also other health professionals such as psychologists and physical therapists.
Moreover, the whole health care industry is adopting the method of electronic record keeping and leaving the legacy paper documentation, thus allowing easy and quick access to patients information.
As the requirement for medical transcription is growing, the United States is experiencing a dearth of local medical transcriptionists. This industry requires a huge number of medical transcriptionists to maintain its growth. But in view of the fact that the number of American medical transcriptionists is declining, the healthcare providers are turning to offshore medical transcription outsourcing services (mainly, in countries like Pakistan, India, Philippines etc. where labor rates are low) to fulfill their requirement.
The progress in the technology has also played a major role in the growth of medical transcription outsourcing services. Todays Internet technologies for instance encryption and verification, assure protected and secure communication of patients confidential information.
The medical transcription industry is expected to grow into a major source of earning in the countries like Pakistan, India and Philippines. Certainly, the medical transcription industry is growing and with the continued efforts of medical transcription companies and sector groups, the developing countries will be in a stronger position to become the top players in this field.
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