Medical Transcription Still Relevant Globally, and Poised to Grow through 2024

Medical Transcription Still Relevant Globally, and Poised to Grow through 2024 Medical transcription services provide high quality documentation and also streamline workflow for physicians. The market is set to grow through 2024.

Medical transcription services have always been an asset to the healthcare industry and many hospitals and clinics depend on these services to ensure accurate and timely medical records. Having a medical transcription provider also brings benefits in terms of valuable time and cost savings.

Reportlinker.com on January 27th announced the release of the report “Medical Transcription Market by End-user and Geography - Forecast and Analysis 2020-2024". The report analyzed market size, forecast, trends, growth drivers, and challenges, as well as vendor analysis of 25 vendors. The analyst has been monitoring the global medical transcription market and estimates that the market is poised to grow by USD 16.64 billion during 2020-2024, progressing at a CAGR of 5% during the forecast period. The report provides an up-to dateanalysis about the current global market scenario, latest trends and drivers, and the overall www.medicaltranscriptionservicecompany.com

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market environment. The market is driven by growth in healthcare IT spending. In addition, rising use of BI (Business Intelligence) in the healthcare industry is anticipated to boost the growth of the medical transcription market.

Geographically, the global market for transcription service in the healthcare sector is segmented into North America, Europe, APAC, South America, and MEA. The global medical transcription market is segmented as end users, hospitals, and physician groups and clinics.

The study determines rising applications of BI in the healthcare industry as the main reason that would drive the medical transcription market growth in the next few years.

The key players in this market are Nuance Communication, Inc.., MModal IP LLC, MTBC Inc., Acusis LLC, Excel Transcriptions Inc., iMedXInc., Global Medical Transcription LLC, Lingual Consultancy Services Pvt. Ltd, nThrive Inc. The study was conducted with the objective of combining primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The Future of medical transcription service 

Cloud technology: Cloud technology allows to store medical information and medical practices need not worry about issues like interoperability. The cloud facility provides access to patient data from anywhere at any time. By increasing interoperability, specialists or emergency providers will have quick and necessary access to patient data. This will improve patient care significantly, and promote communication between healthcare providers.

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Industry globalization: With improved technology and communication, more and more medical practices have realized the significance of outsourcing medical transcription to get accurate medical notes and minimize the burden on physicians.

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Technology advancements: In the near future, medical practices will be completely digitized. EHR is becoming more widely adopted, not to mention the increase in outsourcing. As these continue to advance, technology will be forced to advance with it, eliminating any outdated technology still remaining in practice.

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EHR: EHR will continue to advance drastically and it will improve usability, interoperability, and data security. Outsourcing EHR will improve the patientprovider relationship, save physician’s time and save the practice money.

It is believed that with advanced technology like AI (Artificial Intelligence) and ML (Machine Learning), medical transcription will gradually fade away. But the truth it is that while the benefits of AI are difficult to deny, it lacks the human touch that the future of medical transcription so desperately needs. Transcriptionists have the skill to understand medical terms and jargon --something a computer simply cannot do. This understanding of medical nuances is what makes medical records that much more accurate. After all, accuracy is key within the healthcare industry.

Medical transcription companies ensure high quality documentation and also streamline the workflow with the use of technology-enabled quality checks. They help in transcribing the physician’s dictation into text format. These services provide the groundwork for accurate EHR documentation. It reduces the burden of medical documentation for the healthcare provider, reduces cost, improves quality of medical data, ensures better productivity of physicians, and ensures less turnaround time and quality patient care without additional investment.

www.medicaltranscriptionservicecompany.com

918-221-7809