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Medical transcription services are health reports that are
typed out from dictated medical reports by medical professionals, such as
doctors, dentists, and physicians. These reports contain vital information
regarding a patient's health and are crucial to their care. This service offers
data accuracy and data-driven insights for making an easy decision regarding
patient treatment and care. Medical transcription services can be classified
into Discharge Summary (DS), History and Physical Report (H&P), Operative
Note or Report (OP), Consultation Report (CONSULTS), and Pathology Report
(PATH) & Radiology Report.
Continuous advancement in medical transcription services is
expected to drive the market growth. For instance, in October 2020,
ETranscription, a Canadian transcription company, launched its new website and
platform to expand its high-quality transcription services. The company has
offered a free trial and reduced rates to help hospital streamline their
workflow. Moreover, updates support a seamless online transcription process
while delivering secure, accurate, and cost-effective services. This service
effectively reduces clinical documentation time and enables doctors to plan
patient’s treatments. Increasing adoption of technologies such as digital
health, telemedicine, and EHR is further anticipated to foster the growth of medical
transcription services market in the near future.
From the geographical point of view, North America is
expected to gain significant growth over the forecast timeframe and this is
attributed to the high adoption rate of medical transcription services in the
region. Moreover, increasing distributing agreements among key manufacturer in
the region is again anticipated to propel the market growth. For instance, in
June 2017, iMedX, a health information and medical documentation solutions
company, announced that it has signed a contract with Vizient, Inc. the
member-driven health care performance improvement company in the country for
transcription services solutions.
Key Developments:
1. In December 2019, Amazon Web Services (AWS) has launched a
new machine learning service called Amazon Transcribe Medical, which will
automatically convert physician consultations and dictated notes from speech to
text.
2. In May 2019, MD office Manager is pleased to announce its
integration with Point Click Care, the leading cloud-based software vendor for
the long-term and post-acute care (LTPAC) and senior living sectors.
3. In June 2018, Mediscribes, Inc., a Speech Recognition
Technology, Medical Transcription, and Health Information Management Solutions,
has been chosen by the GSA as a vendor of choice for medical transcription
services and technology for all GSA Member hospitals.
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