Medical Transcription Services Market

Medical transcription (MT) is the manual processing of voice reports dictated by physicians and other healthcare professionals into text format. The electronic health record (EHR) or electronic medical record (EMR) system at the hospital typically receives the digitally prepared and filed transcribed medical reports. A person's medical history, symptoms, examination findings, diagnostic test results, treatment plan, and other aspects of their care are all documented in their medical records. They are essential for interprofessional communication and care continuity. Insurance coverage issues or even treatment and care problems may result from flaws in medical records. Legal requirements require carers to keep complete and accurate records on every patient. Medical transcriptionists collaborate with healthcare professionals to ensure that every visit is recorded in order to have a thorough record of the diagnosis, the recommended course of treatment, and any necessary follow-up care.

Duties involved in a medical transcription service

• Transcribe the voice recordings of a patient's medical history for a variety of medical specialties including radiology, acute care and oncology
• Interpret medical data, classify information from notes, patient records, operation reports, consultations, and discharge summaries
• To assure the precision of medical terminology and improve patient care, review and revise the transcription produced by speech recognition software, etc.

Market Dynamics

Increasing adoption of inorganic growth strategies, such as merger among key market players in the market to expand its business, is expected to drive the market growth over the forecast period. For instance, in October 2022, Optum, Inc., a healthcare company, announced that it had completed its merger with Change Healthcare, a provider of revenue and payment cycle management. A more simple, intelligent, and adaptable healthcare system for patients, payers, and providers is a goal shared by the partnered companies. In order for health care providers and payers to provide patients with quality care, the combination will link and streamline the essential clinical, administrative, and payment procedures. The entire health system will benefit from increased efficiency and decreased friction, which will lead to lower costs and a better overall experience for all stakeholders.

Key features of the study:

• This report provides in-depth analysis of the global medical transcription services market, and provides market size (US$ Billion) and Compound Annual Growth Rate (CAGR%) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global medical transcription services market based on the following parameters– company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study are Acusis LLC, SMARTMD Corporation, EHR Transcriptions, Inc., VIQ Solutions Inc., MModal, Inc., DataMatrix Technologies, Inc., The Dictation Source, Nuance Communications, Inc., Precyse Coding Solutions, LLC, Scribe Technology Solutions, Transcend Services, and TransTech Medical Solutions.
• Insights from this report will allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global medical transcription services market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global medical transcription services market

Detailed Segmentation:

• Global Medical Transcription Services Market, By Services Type:
  • History and Physical Report (H&P)
  • Discharge Summary (DS)
  • Operative Note or Report (OP)
  • Consultation Report (CONSULTS)
  • Others (Pathology Report (PATH), Radiology Report (x rays or radiographs))
• Global Medical Transcription Services Market, By Mode of Procurement:
  • Outsourcing
  • Offshoring
  • Both
• Global Medical Transcription Services Market, By Region:
  • North America
    
    • U.S.
    • Canada
  • Latin America
    
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    
    • South Africa
    • Central Africa
    • North Africa
• Company Profiles
  • Acusis LLC 
  • SMARTMD Corporation
  • EHR Transcriptions, Inc.
  • VIQ Solutions Inc.
  • MModal, Inc.
  • DataMatrix Technologies, Inc.
  • The Dictation Source
  • Nuance Communications, Inc.
  • Precyse Coding Solutions, LLC
  • Scribe Technology Solutions
  • Transcend Services
  • TransTech Medical Solutions