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Medical Transcription Services

Medical Transcription Services

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

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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®
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®
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-à-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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