Is Medical transcription on revival ?

Industry players unanimously agree. "The potential is huge," says Vishal Jain, CEO of Delhi-based Rekha Transcription India. All the key medical transcription companies, he notes, have been logging 30-50% growth. "We are all scrambling for capacity and this is because transcription companies in the United States are scrambling for capacity.

Indeed, that's what is driving this growth. While the $12 billion medical transcription industry there (US), is growing at 20%, the growth of employees is only 10%. The industry, says Valuenotes, will grow to $16.8 billion in 2010.

Around 30% of the work is outsourced in the United States, of which around 10-15% comes to India, which offers a huge cost advantage - work here is 30% cheaper.

Medical transcription was among the first IT-enabled services to be outsourced to India. It is the process whereby one transcribes medical records dictated by doctors and others, including history and physical reports. It is in demand in the US as the entire healthcare industry there is based on insurance and detailed medical records are needed for processing these claims.

After a boom in the mid-1990s, when a lot of mom-and-pop shops erupted on the scene, the industry went bust around 2001, following a huge decline in the quality of work.

US Recession and Medical Transcription

Time has come for to realize that US financial crisis can affectMedical transcription industry too and will gradually effect transcriptionist wallet. As transcriptionist get paid by MT companies, and MT companies get paid by physicians, and physician get money from insurance companies or from the patients themselves.

The majority of patients don’t have insurance, then it depends upon how much cash do they have? 

If the income were suddenly reduced or eliminated, are they prepared? I’ll tell you one thing; Washington does not have a “bailout plan” for you personally.

That’s definitely not going to happen. So there will be no “government lottery.” As hard as it might be for you to believe, there are people who aren’t worried at all right now, why? Because they have no debt! If they lost their income, they won’t lose their home, they won’t lose their cars, and many of them have enough cash to live on for quite a while. Okay, debt free and worriless living is a different topic.

So, what do you think? Kindly cast you vote on the poll……..

Medical Transcription And Economic Crisis

Will US crisis affect Medical Transcription?

THE financial meltdown in the United States and general slowdown in the world economy will impact negatively on the call center industry.

We should start preparing for the worst, as American companies that invested in call centers in the India might pull out their investments in the industry.

Where as the medical transcription industry is stable, those accounts servicing the financial or banking sector of the US may be in jeopardy. Medical transcription is one of the services outsourced by US firms.