Medical Transcription Services: Market Research Report

Date: January 9, 2014
Pages: 240
Price:
US$ 4,500.00
Publisher: Global Industry Analysts, Inc
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: M54CC759458EN
Leaflet:

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Medical Transcription Services: Market Research Report
This report analyzes the worldwide markets for Medical Transcription Services in US$ Million. 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 2013 through 2020. Also, a seven-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 208 companies including many key and niche players such as -
  • Acusis India
  • Audio Dicta Transcription Services
  • Care Technologies India Private Ltd.
  • eTransMed, LLC
  • iMedX Inc.
I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

Study Reliability and Reporting Limitations
Disclaimers
Data Interpretation & Reporting Level
Quantitative Techniques & Analytics
Product Definitions and Scope of Study

II. EXECUTIVE SUMMARY

1. MEDICAL TRANSCRIPTION INDUSTRY AT A GLANCE

2. INDUSTRY OVERVIEW

Preface
Current and Future Analysis
US – The Largest Market
MT Industry Remains Unscathed from Economic Recession
Hospitals Favor MT Services as Market Conditions Toughen
Recovering Global Economy Signals Prospects

Table 1. Economic Growth (%) Worldwide by Region: 2011-2014E (includes corresponding Graph/Chart)

Debt Crisis Reinforces Focus on Outsourcing
Competitive Landscape

3. MARKET TRENDS & ISSUES

Positive Outlook for the Healthcare Industry – Key Growth Indicator

Table 2. Healthcare Spending as a Percentage of GDP in Select Developed Countries (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
Expanding Product Portfolio and Services to Support Growth
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
Front-End Solution Application Still in Nascent Stage
Speech Recognition Editing Services Gain Momentum
Advancements Revolutionize MT (Medical Transcription)
MT: No Longer the Lone Choice for Creation of Medical Records
Is EMR System Really a Threat for MT Services?
ICD-10: Boon or Bane?
Gradual Shift to 'VBC' based Pricing Model
Aging Population – A Vital Demography

Table 3. Global Population Statistics for the 65+ Age Group (Male & Female) for Major Countries/Regions: 2013E (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
Growing Popularity of Cloud Computing
BPO Providers Warm up to Green Computing

4. MEDICAL TRANSCRIPTION OUTSOURCING – A REVIEW

Reasons for Outsourcing MT Services
Outsourced MT Services
Advantages of MT Outsourcing
Drawbacks of Outsourcing MT Services

5. MEDICAL TRANSCRIPTION OFFSHORING

Offshoring – A Lucrative Option to Curb Business Expenses
Offshoring Barriers
Developing Nations – A Haven for MT Outsourcing Services

6. 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

7. PRODUCT LAUNCHES

Acusis Introduces Medical Coding Services
Acusis Unveils AcuVoice® Dictation Platform
Silent Type Unveils iPadA® Dictation App

8. RECENT INDUSTRY ACTIVITY

M*Modal Emerges from Bankruptcy
John W. Cooke and SpectraMedi Sign Deal for Transcription Services
SpectraMedi and First Choice Physical Therapy Sign Agreement for Medical Transcription Services
Divine Mercy Transcription Expands to Australia
ZyDoc and Hippocratic Solutions Sign VAR Deal
SpectraMedi Signs Agreement with Acadiana Maternal-Fetal Medicine
The Dictation Source Enters into Agreement with Two National Hospital Chains
Memorial Hermann Enters into Strategic Partnership with Acusis
iMedX Takes Over Electronic Medical Transcription Services
Nuance Acquires Transcend
iMedX Takes Over The Inner Office
iMedX Takes Over Greenlight Transcription

9. FOCUS ON SELECT PLAYERS

Acusis India (India)
Audio Dicta Transcription Services (US)
Care Technologies India Private Ltd. (India)
eTransMed, LLC (US)
iMedX Inc. (US)
M*Modal IP LLC (US)
MTS Transcription Services (US)
Nuance Communications, Inc. (US)
Precyse Solutions, LLC (US)
Scribe Healthcare Technologies, Inc. (US)
Superior Global Solutions, Inc. (US)
TopTrans Company (Philippines)
Total Transcription Solutions, Inc. (Philippines)
TransDyne (India)
TransTech Medical Solutions (US)
Vennar Soft Inc. (US)

10. GLOBAL MARKET PERSPECTIVE

Table 4. World Recent Past, Current & Future Analysis for Medical Transcription Services by Geographic Region - US, Europe, Asia-Pacific (incl. Japan) and Rest of World Markets Independently Analyzed with Annual Revenues in US$ Million for Years 2013 through 2020 (includes corresponding Graph/Chart)
Table 5. World Historic Review for Medical Transcription Services by Geographic Region - US, Europe, Asia-Pacific (incl. Japan) and Rest of World Markets Independently Analyzed with Annual Revenues in US$ Million for Years 2006 through 2012 (includes corresponding Graph/Chart)
Table 6. World 15-Year Perspective for Medical Transcription Services by Geographic Region - Percentage Share Breakdown of Revenues for US, Europe, Asia-Pacific (incl. Japan) and Rest of World Markets for 2006, 2014 & 2020 (includes corresponding Graph/Chart)
Table 7. World Recent Past, Current & Future Analysis for Medical Transcription Services by Service Segment - Consultation Report and Other Reports Markets Independently Analyzed with Annual Revenues in US$ Million for Years 2013 through 2020 (includes corresponding Graph/Chart)
Table 8. World Historic Review for Medical Transcription Services by Service Segment - Consultation Report and Other Reports Markets Independently Analyzed with Annual Revenues in US$ Million for Years 2006 through 2012 (includes corresponding Graph/Chart)
Table 9. World 15-Year Perspective for Medical Transcription Services by Service Segment - Percentage Share Breakdown of Revenues for Consultation Report and Other Reports Markets for 2006, 2014 & 2020 (includes corresponding Graph/Chart)

III. MARKET

1. THE UNITED STATES

A. Market Analysis
Outlook
Mounting Healthcare Spending Offers Robust Opportunities

Table 10. US Healthcare Spending (2014): Percentage Share Breakdown of Expenditure by Service/Product Type - Hospital, Clinical/ Physician Services, Dental Services, Home Health, Nursing homes, Prescription Drugs, Durable Medical Equipment, 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
Advantages of Medical Transcription to Keep Market Afloat
Off-shoring Lends to Cost Saving
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-10 – Market Implications
EHR - A Threat to Transcription?

Table 11. Medicare EHR Incentive Payment Schedule for Eligible Professionals
Table 12. Medicaid EHR Incentive Payment Schedule for Eligible Professionals

Product Launches
Strategic Corporate Developments
Select Players
B. Market Analytics

Table 13. US Recent Past, Current & Future Analysis for Medical Transcription Services by Mode - In-House Services and Outsourced Services Markets Independently Analyzed with Annual Revenues in US$ Million for Years 2013 through 2020 (includes corresponding Graph/Chart)
Table 14. US Historic Review for Medical Transcription Services by Mode - In House Services, and Outsourced Services Markets Independently Analyzed with Annual Revenues in US$ Million for Years 2006 through 2012 (includes corresponding Graph/Chart)
Table 15. US 15-Year Perspective for Medical Transcription Services by Mode - Percentage Breakdown of Annual Revenues for In-house Services and Outsourced Services Markets for 2006, 2014 and 2020 (includes corresponding Graph/Chart)

2. EUROPE

Market Analysis

Table 16. European Recent Past, Current & Future Analysis for Medical Transcription Services with Annual Revenue Figures in US$ Million for Years 2013 through 2020 (includes corresponding Graph/Chart)
Table 17. European Historic Review Medical Transcription Services with Annual Revenue Figures in US$ Million for Years 2006 through 2012 (includes corresponding Graph/Chart)

3. ASIA-PACIFIC

A. Market Analysis
Outlook
Asia Pacific Medical Transcription Market
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
India – The Global Powerhouse for MT Services
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
Depreciating Rupee: Boon or Bane?
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
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
Strategic Corporate Development
Key Players
B. Market Analytics

Table 18. Asia-Pacific Recent Past, Current & Future Analysis for Medical Transcription Services with Annual Revenues in US$ Million for Years 2013 through 2020 (includes corresponding Graph/Chart)
Table 19. Asia-Pacific Historic Review for Medical Transcription Services with Annual Revenues in US$ Million for Years 2006 through 2012 (includes corresponding Graph/Chart)
Table 20. Indian Recent Past, Current & Future Analysis for Offshore Medical Transcription Services Market with Annual Revenues in US$ Million for Years 2013 through 2020 (includes corresponding Graph/Chart)
Table 21. Indian Recent Past, Current & Future Analysis for Offshore Medical Transcription Services Market with Annual Revenues in US$ Million for Years 2006 through 2012 (includes corresponding Graph/Chart)
Table 22. Philippines Recent Past, Current & Future Analysis for Offshore Medical Transcription Services Market with Annual Revenues in US$ Million for Years 2013 through 2020 (includes corresponding Graph/Chart)
Table 23. Philippines Recent Past, Current & Future Analysis for Offshore Medical Transcription Services Market with Annual Revenues in US$ Million for Years 2006 through 2012 (includes corresponding Graph/Chart)

4. REST OF WORLD

Market Analysis

Table 24. Rest of World Recent Past, Current & Future Analysis for Medical Transcription Services - Annual Revenues in US$ Million for Years 2013 through 2020 (includes corresponding Graph/Chart)
Table 25. Rest of World Historic Review for Medical Transcription Services - Annual Revenues in US$ Million for Years 2006 through 2012 (includes corresponding Graph/Chart)

IV. COMPETITIVE LANDSCAPE

Total Companies Profiled: 208 (including Divisions/Subsidiaries - 211)
The United States (169)
Canada (8)
Europe (2)
  The United Kingdom (2)
Asia-Pacific (Excluding Japan) (32)
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