Medical transcription industry brought great hopes and aspirations in the economic atmosphere of India during 1995-97. It can be described as India’s first step in outsourcing business. Even before BPO turned into a domestic name, medical transcription creates its impact on Indian minds. People were excited about the huge opportunity that suddenly stroke India.
The advent of the new millennium witnessed massive growth of BPO with its enormous opportunities and dollar dreams. As a result the medical transcription industry underwent a phase of dilemma. Just when a notion is developing that the medical transcription industry is down and out, it is staging its way back and is all set for an exponential growth in India. Cbay Systems, which is incorporated in early 1998 in U.S., has started acting upon its gigantic plans of expansion with about 95 per cent outsourcing from India.
Medical transcription is projected as the fastest growing segment among allied healthcare services. The demand for efficient medical transcriptionist is further instigated by the growing aging population and also by the HIPAA regulation, which declared mandatory to convert medical records into digital format. The Department of Labor in U.S., shows a growth of about 18 to 25 per cent of this business.
The voice recognition technology still can not read every human spoken word. Hence, the transcription can not be error free. It would take years to teach the software to get detailed and accurate transcription. Thus digital medical transcription becomes obvious. Outsourcing digital medical transcription further ensures that the work is done with equal accuracy and efficiency but in a cost-effective manner.
The good pay and relatively acceptable working hours have brought medical transcription outsourcing industry on the verge of a new beginning. As medical transcription requires only the voice recording, there is lesser chance for graveyard shift, which is most likely for the call centers. Unfazed by the global economic meltdown, medical transcription outsourcing industry in India is all ready for its growth.
V.Raman Kumar, the Chairman and founder of Cbay Systems declared that the company is looking forward for a phenomenal growth in the medical transcription outsourcing domain. The company is about to increase its strength from 700 in India to 5,000 and is looking for places, like Guntur for its operation. He also mentioned that the company has not lost any of its clients because of the economic turmoil.
The approximate strength of medical transcription industry in India is 18,000 and is expected to grow to 52,000 by 2010. U.S. contributes to about $ 25 billion in the medical transcription industry, of which $3 billion is outsourced. India’s share is only about $40 million of this total outsourced amount. Raman points out that U.S. is in dearth of medical transcriptionists. The situation is further complicated as the MTs expect double-digit rates. Hence outsourcing becomes inevitable and India expected to fill the void.
The advent of the new millennium witnessed massive growth of BPO with its enormous opportunities and dollar dreams. As a result the medical transcription industry underwent a phase of dilemma. Just when a notion is developing that the medical transcription industry is down and out, it is staging its way back and is all set for an exponential growth in India. Cbay Systems, which is incorporated in early 1998 in U.S., has started acting upon its gigantic plans of expansion with about 95 per cent outsourcing from India.
Medical transcription is projected as the fastest growing segment among allied healthcare services. The demand for efficient medical transcriptionist is further instigated by the growing aging population and also by the HIPAA regulation, which declared mandatory to convert medical records into digital format. The Department of Labor in U.S., shows a growth of about 18 to 25 per cent of this business.
The voice recognition technology still can not read every human spoken word. Hence, the transcription can not be error free. It would take years to teach the software to get detailed and accurate transcription. Thus digital medical transcription becomes obvious. Outsourcing digital medical transcription further ensures that the work is done with equal accuracy and efficiency but in a cost-effective manner.
The good pay and relatively acceptable working hours have brought medical transcription outsourcing industry on the verge of a new beginning. As medical transcription requires only the voice recording, there is lesser chance for graveyard shift, which is most likely for the call centers. Unfazed by the global economic meltdown, medical transcription outsourcing industry in India is all ready for its growth.
V.Raman Kumar, the Chairman and founder of Cbay Systems declared that the company is looking forward for a phenomenal growth in the medical transcription outsourcing domain. The company is about to increase its strength from 700 in India to 5,000 and is looking for places, like Guntur for its operation. He also mentioned that the company has not lost any of its clients because of the economic turmoil.
The approximate strength of medical transcription industry in India is 18,000 and is expected to grow to 52,000 by 2010. U.S. contributes to about $ 25 billion in the medical transcription industry, of which $3 billion is outsourced. India’s share is only about $40 million of this total outsourced amount. Raman points out that U.S. is in dearth of medical transcriptionists. The situation is further complicated as the MTs expect double-digit rates. Hence outsourcing becomes inevitable and India expected to fill the void.
I am afraid that the article sounds more optimistic. Can the industry go unaffected by the ill effects of the meldown is yet to be seen. However, let's hope for the better.
ReplyDeletehi, the article sounds too optimistic
ReplyDeletework will be there but too less.
ReplyDeleteit will decrease some but the work will be there
ReplyDeletethis sites found to be too good, for the informations on Transcription Services
ReplyDeleteI thought the share of this $3 billion to india would be much more, but really dissapointing to know that it is mere $40 million!
ReplyDeletei think India can do more..
Brandon
voice recognition transcription software
Such a nice information I have got here about medical transcription outsource. Where we can also have electronic medical transcription services, radiology transcription services and electronic medical transcription services. Where we can also have offshore medical transcription.
ReplyDeleteGreat article with informative contents! I appreciate your post and let your post keep on sharing! Medical Transcription Services
ReplyDeleteRemarkable post and will look forward to your future update.I also assure you that this post will really entertain the readers. Medical Transcription India.
ReplyDelete