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Market Research Report

Medical Transcription Services

Published by Global Industry Analysts, Inc. Product code 115476
Published Content info 197 Pages
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Medical Transcription Services
Published: May 1, 2019 Content info: 197 Pages
Description

This report analyzes the worldwide markets for Medical Transcription Services in US$ Million. The Global market is analyzed by the following Service Segments: Consultation Reports, History and Physical Report, Operative Report, and Other Reports. The US market is further analyzed by the following Mode: In-House Services, and Outsourced Services. The report provides separate comprehensive analytics for the US, Europe, Asia-Pacific, and Rest of World. Annual estimates and forecasts are provided for the period 2016 through 2024. Also, a five-year historic analysis is provided for these markets. Market data and analytics are derived from primary and secondary research. Company profiles are primarily based on public domain information including company URLs. The report profiles 103 companies including many key and niche players such as -

Acusis India
Audio Dicta Transcription Services
Care Technologies India Private Ltd.
eTransMed, LLC
iMedX Inc.
M*Modal IP LLC

Table of Contents
Product Code: MCP-1752

Table of Contents

1. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

  • Study Reliability and Reporting Limitations
  • Disclaimers
  • Data Interpretation & Reporting Level
  • Quantitative Techniques & Analytics
  • Product Definitions and Scope of Study

2. INDUSTRY OVERVIEW

  • At A Glance
  • Preface
  • Transcription Services - Critical Component in Government and Industrial Sectors
  • Medical Transcription Services - Benchmark vs. Need
  • MT Services and its Benefits to Healthcare Professionals
    • Making Recall of Patient Information Easy
    • Medical Transcripts in Digital Format
    • Saving Healthcare Professionals' Time
  • Medical Transcription - Marching Ahead amid Technologically Advanced and Automated Environment
  • Embracing Innovative and Latest Technologies
  • Current and Future Analysis
  • US - The Largest Market
  • Globalization and Medical Transcription
  • Emergence of New Supply Markets in Eastern Europe and South America
  • MT Industry Remains Unscathed from Economic Recession
  • Hospitals Favor MT Services as Market Conditions Toughen
  • Favorable Economic Trends Positively Influence MT Services Market
    • Table 1: World Real GDP Growth Rates in % for the Years 2016 through 2019 by Country (includes corresponding Graph/Chart)
    • Table 2: World GDP (2016 & 2017): Percentage Breakdown of Nominal GDP Value by Country (includes corresponding Graph/Chart)

3. MARKET TRENDS, ISSUES AND DRIVERS

  • Positive Outlook for the Healthcare Industry - Key Growth Indicator
    • Table 3: Leading Countries with Highest Healthcare Spending as a Percentage of GDP (2016) (includes corresponding Graph/Chart)
  • Outsourcing Gathers Steam
  • Sourcing Strategy/Model: Means to Achieve Business Process
  • Sole Sourcing - A Model for Increasing Operational Efficiency
  • Radiology Services Offer Lucrative Outsourcing Prospects
  • In-house Vis-a-Vis Outsourcing
  • Offshoring Gains Traction
  • Off-shoring to Drive Cost-Effectiveness
  • A Brief Sketch of Major Outsourcing Destinations
  • India
  • Philippines
  • Nearshoring Finds Favor among Businesses
  • The Debate on Voice Recognition Technology Continues
  • Speech Recognition Technology - Impact on Medical, Legal and General Transcription
    • General Transcription
    • Legal Transcription
    • Medical Transcription
  • Front-End Solution Application Still in Nascent Stage
  • Speech Recognition Editing Services Gain Momentum
  • Advancements Revolutionize MT
  • MT: No Longer the Lone Choice for Creation of Medical Records
  • Is EMR System Really a Threat for MT Services?
  • ICD-11: Boon or Bane?
  • Gradual Shift to "VBC" based Pricing Model
  • Aging Population - A Vital Demography
    • Table 4: Global Aging Population (60+) and their Proportion of Total Population (2017 & 2050) (includes corresponding Graph/Chart)
  • Preventive Healthcare Trend Offers Potential
  • Advantages of Medical Transcription Drives Demand
  • Advanced Technologies to the Rescue
  • Robotic Automation Makes In Roads in BPO Industry
  • Social Networking Trend Transforms Business Strategies
  • Growth of Internet-Centered Technologies
  • Faster Adoption of Cloud-Based Medical Transcription Services
  • BPO Providers Warm up to Green Computing
  • Medical Transcription Outsourcing - A Review
  • Reasons for Outsourcing MT Services
  • Outsourced MT Services
  • Advantages of MT Outsourcing
  • Drawbacks of Outsourcing MT Services
  • Medical Transcription Offshoring
  • Offshoring - A Lucrative Option to Curb Business Expenses
  • Offshoring Barriers
  • Developing Nations - A Haven for MT Outsourcing Services

4. INNOVATIONS AND TECHNOLOGICAL ADVANCEMENTS

  • Digital Technology and Medical Transcription
  • Adoption of New EHR System
  • Speech Recognition Technology for the MT Services Market
  • AI and Voice Transcription

5. 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

6. COMPETITIVE LANDSCAPE

  • AI based Transcription Services - Startups Challenge the Established Players
  • Enough Room for New Startups to Test Waters
  • 6.1 Focus on Select Players
  • Acusis India (India)
  • Audio Dicta Transcription Services (USA)
  • Care Technologies India Private Ltd. (India)
  • eTransMed, LLC (USA)
  • iMedX Inc. (USA)
  • M*Modal IP LLC (USA)
  • Medical Transcription Services (USA)
  • Nuance Communications, Inc. (USA)
  • TopTrans Company (Philippines)
  • Total Transcription Solutions, Inc. (Philippines)
  • TransDyne (India)
  • TransTech Medical Solutions (USA)
  • Vennar Soft Inc. (USA)
  • 6.2 Product/Service Launches
  • Vanan Online Services to Launch Vanan Healthcare Service
  • Surgical Notes Launches SNChart Mobile Transcription Application
  • TranslateNow Launches TranscribeNow Division
  • 6.3 RECENT INDUSTRY ACTIVITY
  • Mediscribes Chosen by the US GSA for Medical Transcription Services
  • M*Modal Supports FHN's Migration to MEDITECH's Web EHR with M*Modal Fluency Direct(r)
  • M*Modal Acquires Landmark Transcription
  • iMedX Receives Contract from Vizient to Provide Medical Transcription Services
  • Keizer Solutions Acquires Scryptions International
  • M*Modal Enters into Agreement Under Vizient's Private Label NOVAPLUS(r)
  • M*Modal Enters into Agreement with Vizient
  • iMedX Extends Agreement with HealthTrust to Provide Transcription Services
  • AHS Selects M*Modal for Transcription and Front-End Speech Recognition Platform
  • M*Modal Expands with New 84 Seat Facility in India
  • MedAssets-Precyse and Equation Integrate into Single Enterprise - nThrive
  • iMedX Acquires OzeScribe

7. GLOBAL MARKET PERSPECTIVE

    • Table 5: World Recent Past, Current & Future Analysis for Medical Transcription Services by Geographic Region/Country - US, Europe, Asia-Pacific (incl. Japan) and Rest of World Markets Independently Analyzed with Annual Revenue Figures in US$ Million for Years 2016 through 2024 (includes corresponding Graph/Chart)
    • Table 6: World Historic Review for Medical Transcription Services by Geographic Region/Country - US, Europe, Asia-Pacific (incl. Japan) and Rest of World Markets Independently Analyzed with Annual Revenue Figures in US$ Million for Years 2011 through 2015 (includes corresponding Graph/Chart)
    • Table 7: World 14-Year Perspective for Medical Transcription Services by Geographic Region/Country - Percentage Breakdown of Annual Revenues for US, Europe, Asia-Pacific (incl. Japan) and Rest of World Markets for Years 2011, 2018 and 2024 (includes corresponding Graph/Chart)
    • Table 8: World Recent Past, Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Reports, History and Physical Report, Operative Report, and Other Reports Markets Independently Analyzed with Annual Revenue Figures in US$ Million for Years 2016 through 2024 (includes corresponding Graph/Chart)
    • Table 9: World Historic Review for Medical Transcription Services by Service Segment - Consultation Reports, History and Physical Report, Operative Report, and Other Reports Markets Independently Analyzed with Annual Revenue Figures in US$ Million for Years 2011 through 2015 (includes corresponding Graph/Chart)
    • Table 10: World 14-Year Perspective for Medical Transcription Services by Service Segment - Percentage Breakdown of Annual Revenues for Consultation Reports, History and Physical Report, Operative Report, and Other Reports Markets for Years 2011, 2018 and 2024 (includes corresponding Graph/Chart)

8. REGIONAL MARKET PERSPECTIVE

  • 8.1 THE UNITED STATES
  • A. Market Analysis
    • Outlook
    • Innovative and Efficient Services Accrue Several Benefits
    • Mounting Healthcare Spending Offers Robust Opportunities
    • Table 11: US Healthcare Spending (2016): Percentage Breakdown of Spending by Product/Service Type - Hospital Care, Physician and Clinical Services, Prescription Drugs, Nursing Homes, Dental Services, Home Health Care, Durable Medical Equipment, and Others (includes corresponding Graph/Chart)
    • Table 12: US Healthcare Spending (2016): Percentage Breakdown of Spending by Sources of Fund - Medicare, Medicaid, Private Health Insurance, Out of Pocket, and Others (includes corresponding Graph/Chart)
    • HIPAA Directive for Privacy of Critical Patient Data
    • Medical Transcription Industry Resilient to Economic Recession
    • Outsourcing Opportunities Promote Medical Transcription
    • Drivers of Offshoring in a Nutshell
    • Health IT System Unfolds New Opportunities for BPOs
    • Measures to Mitigate Employee Deficit
    • Nearshore Strategy Gains Strength
    • Indian Firms Set Up Onshore Service Centers in US
    • Offshoring Challenges
    • The Adoption of ICD-11 - Market Implications
    • Synergy between Medical Transcription and EMR Technology Essential for Viable Patient Care
    • EHR - A Threat to Transcription?
    • Table 13: Medicare EHR Incentive Payment Schedule for Eligible Professionals (2011 to 2016)
    • Table 14: Medicaid EHR Incentive Payment Schedule for Eligible Professionals (2011 to 2021)
  • B. Market Analytics
    • Table 15: US Recent Past, Current & Future Analysis for Medical Transcription Services by Mode - In-House Services, and Outsourced Services Markets Independently Analyzed with Annual Revenue Figures in US$ Million for Years 2016 through 2024 (includes corresponding Graph/Chart)
    • Table 16: US Historic Review for Medical Transcription Services by Mode - In-House Services, and Outsourced Services Markets Independently Analyzed with Annual Revenue Figures in US$ Million for Years 2011 through 2015 (includes corresponding Graph/Chart)
    • Table 17: US 14-Year Perspective for Medical Transcription Services by Mode - Percentage Breakdown of Annual Revenues for In-house Services, and Outsourced Services Markets for Years 2011, 2018 and 2024 (includes corresponding Graph/Chart)
  • 8.2 Europe
  • A. Market Analysis
    • Current & Future Analysis
    • Technological Developments Transforming Medical Transcription Industry
  • B. Market Analytics
    • Table 18: European Recent Past, Current & Future Analysis for Medical Transcription Services Market Analyzed with Annual Revenue Figures in US$ Million for Years 2016 through 2024 (includes corresponding Graph/Chart)
    • Table 19: European Historic Review for Medical Transcription Services Market Analyzed with Annual Revenue Figures in US$ Million for Years 2011 through 2015 (includes corresponding Graph/Chart)
  • 8.3 Asia-Pacific
  • A. Market Analysis
    • Outlook
    • Asia Pacific Medical Transcription Market
    • Key Trends Influencing the Asian Market
      • Sustained Increase in Technological Advancements
      • Increase in Demand for Skilled Manpower
      • Increase in Outsourcing of Transcription Services
      • Easy Worldwide Accessibility
      • Robust Growth in New Emerging Markets
    • Why India is the Best Offshore Destination for MT Services?
    • Philippines - "The Second Offshore Destination of Choice"
    • Overview of Select Regional Markets
      • India - A Prelude
      • The Global Powerhouse for MT Services
    • Table 20: Indian Recent Past, Current & Future Analysis for Offshore Medical Transcription Services Market Analyzed with Annual Revenue Figures in US$ Million for Years 2016 through 2024 (includes corresponding Graph/Chart)
    • Table 21: Indian Historic Review for Offshore Medical Transcription Services Market Analyzed with Annual Revenue Figures in US$ Million for Years 2011 through 2015 (includes corresponding Graph/Chart)
      • 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
      • The Changing Role of Indian BPOs
      • Focus Shifts to Smaller Towns and Cities
      • KPO Industry Gains Efficiency
      • Emerging Competition Fails to Affect India's Dominance
      • India Vis-a-vis Other Global Destinations in KPO Market
      • Major Challenges Confronting India's BPO Industry
      • Attrition - The Bane of Indian BPO Sector
      • Rising Salaries Affect India's Edge as a Cost Competitive Destination
      • Philippines - A Destination for High-Quality MT Services
      • High Growth on Cards
      • Growth Drivers
      • Growth Restraints
      • Philippine Government Measures to Brace MT Industry
    • Table 22: Philippines Recent Past, Current & Future Analysis for Offshore Medical Transcription Services Market Analyzed with Annual Revenue Figures in US$ Million for Years 2016 through 2024 (includes corresponding Graph/Chart)
    • Table 23: Philippines Historic Review for Offshore Medical Transcription Services Market Analyzed with Annual Revenue Figures in US$ Million for Years 2011 through 2015 (includes corresponding Graph/Chart)
      • HIPAA and AAMT Standards - A Key Performance Measure
      • Nursing Graduates Switch Role
      • Lack of Aggressive Promotion Perturbs MT Industry
      • Planned Initiatives for MT Industry Evolution
      • Malaysia
  • B. Market Analytics
    • Table 24: Asia-Pacific Recent Past, Current & Future Analysis for Medical Transcription Services Market Analyzed with Annual Revenue Figures in US$ Million for Years 2016 through 2024 (includes corresponding Graph/Chart)
    • Table 25: Asia-Pacific Historic Review for Medical Transcription Services Market Analyzed with Annual Revenue Figures in US$ Million for Years 2011 through 2015 (includes corresponding Graph/Chart)
  • 8.4 Rest of World
  • Market Analysis
    • Table 26: Rest of World Recent Past, Current & Future Analysis for Medical Transcription Services Market Analyzed with Annual Revenue Figures in US$ Million for Years 2016 through 2024 (includes corresponding Graph/Chart)
    • Table 27: Rest of World Historic Review for Medical Transcription Services Market Analyzed with Annual Revenue Figures in US$ Million for Years 2011 through 2015 (includes corresponding Graph/Chart)

9. COMPANY PROFILES Total Companies Profiled: 103 (including Divisions/Subsidiaries - 108) The United States (78) Canada (5) Europe (3) - The United Kingdom (3) Asia-Pacific (Excluding Japan) (21) Africa (1)

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