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Market Research Report
Medical Transcription Services
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Medical Transcription Services published by Global Industry Analysts, Inc. in February, 2010. This report consists of Pages: 478 and the price starts from US $ 3850.
Abstract
This report analyzes the worldwide markets for Medical Transcription Services
in US$ Billion. The report provides separate comprehensive analytics for US,
and Rest of World. Annual forecasts are provided for each region for the
period 2005 through 2015. The report profiles 344 companies including many key
and niche players worldwide such as Acusis India, Audio Dicta Transcription
Services, C-Bay Systems Holding Ltd., CBay Systems (India) Pvt Ltd., CKar
Systems Pvt. Ltd., MedQuist, Inc., Care Technologies India Private Ltd.,
Etransmed Medical Transcription, Global eBusiness Outsource, Inc., iMedX
Information Services Pvt. Ltd., IQ West Outsource Technologies Corp.,
MxSecure, Inc., Nuance Communications, Rapid Data Services LLC, Scribe, Inc.,
Spheris, Inc., Spheris India Pvt. Ltd., Top Outsource Performance, Inc.,Total
Transcription Solutions, Inc., TransDyne, Transmedic Outsourcing Philippines,
Inc., Vennar Soft Systems Pvt. Ltd., Webmedx, Inc., and World Tech U.S.A.,
Inc. Market data and analytics are derived from primary and secondary
research. Company profiles are mostly extracted from URL research and reported
select online sources.
Table of Contents
I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS
- Study Reliability and Reporting Limitations
- Disclaimers
- Data Interpretation & Reporting Level
- Quantitative Techniques & Analytics
- Product Definitions and Scope of Study
II. EXECUTIVE SUMMARY
1. MEDICAL TRANSCRIPTION INDUSTRY AT A GLANCE...
2. INDUSTRY OVERVIEW
- MT Industry Remains Unscathed from Economic Recession
- Market Estimates and Forecasts
- Outsourcing Gathers Steam
- Offshoring Gains Traction
- Voice Recognition Technology - A Boon or a Bane
- Select US-based MTSOs Deploying Speech Recognition Toolkit
- Front-End Solution Application Still in Nascent Stage
- Speech Recognition Editing Services Gain Momentum
- Gradual Shift to "VBC" based Pricing Model
- MT: No Longer the Lone Choice for Creation of Medical Records
- Is EMR System Really a Threat for MT Services?
- Outlook
3. COMPETITIVE LANDSCAPE
- Table 1: US Market for MT Services (2008): Major Service Providers Ranked
by Revenues - Cbay Systems Holding Ltd + Medquist, and Spheris (In US$
Million) (includes corresponding Graph/Chart)
- Mega Deals - Rampant in MT Industry
4. MEDICAL TRANSCRIPTION OUTSOURCING - A REVIEW
- Reasons for Outsourcing MT Services
- Outsourced MT Services
- Advantages of MT Outsourcing
- Drawbacks of Outsourcing MT Services
5. MEDICAL TRANSCRIPTION OFFSHORING
- Offshoring - A Lucrative Option to Curb Business Expenses
- Offshoring Barriers
- Developing Nations - A Haven for MT Outsourcing Services
- Top 5 Offshore Destinations Worldwide for MT Services in 2008
6. MARKET TRENDS & ISSUES
- The WWW Era Revolutionizes the Medical Transcription Landscape
- Online Medical Transcription Provides an Option
- Hospitals Favor MT Services as Market Conditions Toughen
- More Dictation Options and File Formats Extends Convenience
- Training Schools Gain Hospitals Favor
- eScription CAMT Usage Increases in Transcription Industry
- Demand for Qualified Professionals Accelerates
- New Standards for Clinical Documentation
7. MEDICAL TRANSCRIPTION - AN OVERVIEW
- Types of Transcription
- Types of Transcription Services
- Medical Transcription - A Core Component for Enduring Healthcare...
- Medical Documentation - A Critical Task
- Medical Transcription Services Come to the Rescue
- Medical Transcription Process - At a Glance
- A Step-by-Step Approach...
- A Glimpse of Voice Capturing Equipment/Process
- Digital Medical Transcription - A Contemporary Approach
- Accuracy - A Critical Factor
- What Type of Medical Records are Transcribed?
- Medical Transcription Service Specialties
- Benefits of Medical Transcription
- Disadvantages of Medical Transcription
8. RECENT INDUSTRY ACTIVITY
- Transcend Acquires DeVenture Health Partners
- Spheris Announces Renewal of Agreement with VHA
- DFTCC Forges Partnership with Hubport Group
- PNA Selects SpectraMedi for Medical Transcription Services
- Clark Holder Clinic Extends Transcription Contract with SpectraMedi
- CBaySystems Acquires Majority Interest in MedQuist
- Nuance Acquires eScription
- CBaySystems Forges Partnership with M*Modal
- Spheris Reaches 5-Year Agreement with CHS
- C-BaySystems Inks a MoU with UMCT' s MT Unit
- Webmedx Acquires M-TEC
- Nuance Communication Acquires Philips Speech Recognition
- SPi Healthcare Inaugurates New Healthcare Unit
- InfraWare Bags New Order for its 360 ASP Platform from Stephens
- MD-IT Acquires MedTrans Unlimited
- Superior Global Solutions Completes Acquisition of Proveros
- Accentia Acquires Three US-based BPOs
- Amerinet and Acusis Sign Agreement
- MedCom Acquires PayMed and AMSS
- Intivia Airs Plans to Extend its Operations
- Prudential Consulting Garners $1 million Loan
- Medware Partners with CHS
- NewSpring and Altaris Acquires Controlling Stake in Precyse
- CBaySystems Inks a Vital Agreement with MedQuist
- VIVA Corp. Adopts New Identity
- Nuance Communications Acquires Focus Infomatics
- Transcend Services Acquires OTP Technologies
- CBaySystems Signs Deal with GNYHA Services
- iMedX Acquires Tidewater Transcription Services
- Acusis(r) Acquires Digital Records Corporation
- Webmedx Acquires Transhealth
- iMedX Acquires MR Transcription
- Companion Technologies Acquires Smart Document Solutions
- McKesson Acquires Physician Micro Systems
- MD-IT Takes Over SecureMTSource
- Software Paradigms Completes Acquisition of COMAT Technologies
- MD-IT Acquires S.O.A.P. Medical Transcription
- WiFiMed Holdings Acquires JMJ Technologies
- wordZXpressed Acquires Avaz Group
- MD-IT Acquires Northeast Transcription
- Bhilwara Scribe Acquires two BPOs
- CBay Systems Buys Suyash Software
- ExhibitOne Completes Acquisition of Simple RTS
- PHNS Signs Supply Deal with a Medical Center in Mount Clemens
- MD-IT Acquires DataKey MT
- Iron Mountain Acquires ArchivesOne
- MedQuist Partners with AAMT to Create Dictation Guideline Toolkit
- Spheris Acquires Vianeta Communications
- Nuance Acquires Dictaphone
- Heartland and Spryance Merge Transcription Businesses
- Worldtech Acquires Statdata
- Infovision Acquires Transcription South
- MD-IT Acquires MediTranscripts
- Vemics Acquires NuScribe
- SPI Technologies Acquires CyMed
- MD-IT Acquires Trans Med Plus
- PracticeXpert Divests its Transcription Business Division
- MedQuist Signs a Licensing Deal with De-ID Data
- Worldtech Acquires Associated Transcription Services
- Scribe Inc. Adopts New Corporate Identity as "Scribe Healthcare
Technologies"
- Spheris Acquires Avicis/HealthScribe India
9. SERVICE/PRODUCT LAUNCHES
- InfraWare Develops Latest Editions of Medical Transcription Software
- VIVA Transcription Upgrades Client Interface
- Scribe Healthcare to Deploy AHDI BenchMark Knowledge Base(tm)
- GMR Transcription Launches a Secure Version of its Website
- CLINICARE Augments its Service Offerings
- CBaySystrems Introduces Kyps, a new Web-Based PMS
- InfraWare Introduces New Edition of InfraWare 360 Platform
- Scribe4you.com Introduces Dictation Transcription Solutions
- Nuance Introduces Voicemail-to-Text Service
- Scribe Offers Clinical Dictation and Transcription Platform for Free
- VIVA Launches Dial-In Dictation System
- Scribe Unveils Scribe MD Platform, a Unique Medical Documentation System
- InfraWare to Test Latest Dictation Recognition System
- Remote Operations Introduces Value-Added Features for Medical
Transcription Clients
- MedQuist Launches Ovation Voice Capture Platform Version 1.1
- Scribe Introduces New MT Platform
- GMR Transcription Launches New Website
- MxSecure Launches a User Friendly and Customer Focused Website
- Spheris Unveils New Modules of Clarity(tm) Platform
- Scribe Healthcare Introduces EZ Dictate
- OmniMD Unveils Practice Portal Services
- Nuance Launches Dragon(tm)NaturallySpeaking(r) Medical Version 9
- Spantel Launches Hospital Direct(tm)
- Spheris Launches Clarity(tm) Technology Platform
- CBaySystems Launches CBayFlo VoiceDirect
- MedQuist Introduces Next Generation Dictation Technology Solution
- SoftMed Systems Introduces ChartScript(r) ASP
- MedQuist Introduces DocQsign(TM) Electronic Signature Module
- MedQuist Introduces PhysAssist IQ(tm) Enterprise
- MedQuist Introduces New Edition of SpeechQ for Radiology(tm)
- MedQuist Introduces an Enhanced Mobile Dictation Solution
10. FOCUS ON SELECT PLAYERS
- Acusis India (India)
- Audio Dicta Transcription Services (Philippines)
- C-Bay Systems Holding Ltd. (USA)
- CBay Systems (India) Pvt Ltd. (India)
- CKar Systems Pvt. Ltd. (India)
- MedQuist, Inc. (USA)
- Care Technologies India Private Ltd. (India)
- Etransmed Medical Transcription (USA)
- Global eBusiness Outsource, Inc. (Philippines)
- iMedX Information Services Pvt. Ltd. (India)
- IQ West Outsource Technologies Corp. (Philippines)
- MxSecure, Inc. (USA)
- Nuance Communications (USA)
- Rapid Data Services LLC (Philippines)
- Scribe, Inc. (USA)
- Spheris, Inc. (USA)
- Spheris India Pvt. Ltd. (India)
- Top Outsource Performance, Inc. (Philippines)
- Total Transcription Solutions, Inc. (Philippines)
- TransDyne (India)
- Transmedic Outsourcing Philippines, Inc. (Philippines)
- Vennar Soft Systems Pvt. Ltd. (India)
- Webmedx, Inc. (USA)
- World Tech U.S.A., Inc. (USA)
11. GLOBAL MARKET PERSPECTIVE
- Table 2: World Recent Past, Current & Future Analysis for Medical
Transcription Services by Geographic Region - US, and Rest of World Markets
Independently Analyzed with Annual Revenues in US$ Billion for Years 2005
through 2015 (includes corresponding Graph/Chart)
- Table 3: World 10-Year Perspective for Medical Transcription Services by
Geographic Region - Percentage Breakdown of Revenues for US, and Rest of World
Markets for 2006, 2009 & 2015
III. MARKET
1. The United States
- A. Market Analysis
- Table 4: US Market for MT Services (2008): Major Services Providers
Ranked byRevenues - Cbay Systems Holding Ltd + Medquist (Cbay Systems
Holding Ltd. and MedQuist Inc.) and Spheris (In US$ Million) (includes
corresponding Graph/Chart)
- Mounting Healthcare Spending Offers Robust Opportunities
- Table 5: US Healthcare Spending: Percentage Share Breakdown of
Expenditure by Service/Product Type - Hospital, Clinical/Physician Services,
Dental Services, Home Health, Nursing homes, Prescription Drugs, Durable
Medical Equipment, and Others (includes corresponding Graph/Chart)
- HIPAA Directive for Privacy of Critical Patient Data
- Medical Transcription Industry Resilient to Economic Recession
- The Changing Dynamics of Medical Transcription Industry
- US Unearth Outsourcing Opportunities
- Table 6: US Providers (*) Spending on Healthcare Outsourcing (2003-04):
Percentage Share Breakdown of Expenditure by Process - Medical Billing,
Medical Coding, and Medical Transcription (includes corresponding
Graph/Chart)
- Offshoring - A Newfound Buzz...
- Drivers of Offshoring in a Nutshell
- Why India is the Best Offshore Destination for MT Services?
- Philippines - "The Second Offshore Destination of Choice"
- How Cost Savings are Possible?
- Health IT System Unfolds New Opportunities for BPOs
- Measures to Mitigate Employee Deficit
- Opportunities Galore for Aspiring Transcriptionists
- Strategic Corporate Developments
- Service/Product Launches
- Select Players
- B. Market Analytics
- Table 7: US Recent Past, Current & Future Analysis for Medical
Transcription Services - Annual Revenues in US$ Billion for Years 2005
through 2015 (includes corresponding Graph/Chart)
- Table 8: US Recent Past, Current & Future Analysis for Medical
Transcription Services by Service Type - In House Services, and Outsourced
Services Markets Independently Analyzed with Annual Revenues in US$ Billion
for Years 2005 through 2015 (includes corresponding Graph/Chart)
- Table 9: US 10-Year Perspective for Medical Transcription Services by
Service Type - Percentage Breakdown of Annual Revenues for In-house Services
and Outsourced Services Markets for 2006, 2009 and 2015
2. Rest of World
- A. Market Analysis
- Asia Pacific
- India - The Global Powerhouse for MT Services
- Key Destinations
- Growth Proponents
- New Lease of Life for MT Industry
- A Quick Look at the Industry Structure
- MT Industry Immune to Global Economic Melt Down
- Home-Based Transcription Sector Gaining Traction
- Local Government Drive Market Growth
- Frenzied Competition Ahead for India
- Philippines - A Destination for High-Quality MT Services
- High Growth on Cards
- Growth Drivers
- Growth Restraints
- What Makes Philippines an Attractive Choice?
- Philippine government Measures to Brace MT Industry
- HIPAA and AAMT Standards - A Key Performance Measure
- Nursing Graduates Switch Role
- Lack of Aggressive Promotion Perturbs MT Industry
- MTIAPI - A Major Promoter of MT Services
- Planned Initiatives for MT Industry Evolution
- Service/Product Launch
- Strategic Corporate Developments
- Select Players
- B. Market Analytics
- Table 10: Rest of World Recent Past, Current & Future Analysis for
Medical Transcription Services - Annual Revenues in US$ Billion for Years
2005 through 2015 (includes corresponding Graph/Chart)
IV. COMPETITIVE LANDSCAPE
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