The jobs in healthcare services are very important but also stressful at the same time for the nurse practitioners, Doctors, and the surgeons. They have to keep standing all day for the betterment and help of the patients care. This can lead to frustration for the healthcare providers. Moreover, the paperwork of the patients can get the providers bogged down with the workload. For this, the medical transcription services companies come into play and are the best solutions.
The healthcare facilities usually outsource the transcription work to third party agencies. These agencies employ various transcriptionists for the transcribing and keeping up with the medical documents.
Medical transcription services work with the healthcare industries for editing and providing reports for the doctors, notes, and procedures in an e-format which helps in making files for the representation of the history of treatment run for the patients.
COVID-19 scenario analysis:
With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Aside from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategy to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.
Technological progress, cost containment, and increased access will in the near future be an integral part of healthcare reforms. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, this segment's growth will increase several folds over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduces the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis situation. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which will accelerate the market growth in the future.
Owing to such factors, COVID 19 is expected to have a significant impact on the Medical Transcription Services market.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:
Significant rise in the awareness of the recordkeeping of the patient information, medical documentation, and their usage by the healthcare professionals are the major factors propelling the growth of the medical transcription services market.
Additionally, there has been a rise in the government initiatives in recent years, processes of reimbursement, increasing population; reimbursement processing, and software available at lower costs are boosting the medical transcription services. Medical transcription services are been hired by a healthcare institute for outsourcing the job to either local, international, and sometimes to both. Outsourcing is constantly growing and is becoming one of the preferred service procurement in medical transcription services.
Moreover, swift turnaround times, comfort in the operations, and allocation of the monetary resources have been made easier for the hiring and functioning of the outsourcing and thus affecting the medical transcription services positively.
On the other hand, there has been a rise in the counter fit products and entry of new alternate products, uncertainty by the hospital management, and the fraud and illegal sales of the patient information are the major challenges faced by the medical transcription services market.
New product launches and acquisitions to flourish the market:
On January 21st, 2020, Nuance introduced their AI-Powered Dragon Medical One Cloud Platform and kept up with their expansion on the International grounds.
Surge in usage in hospitals and patients segment applications:
The major consumers of the medical transcription services are laboratories, clinics, hospitals, academic medical centers. Amongst them, hospitals are the biggest end-users of the medical transcription services market.
Hospitals IT systems are improving for the maintenance of patients and their medical records for security and efficiency.
Key benefits of the report:
- This study presents the analytical depiction of the global Medical Transcription Services industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Medical Transcription Services market share.
- The current market is quantitatively analyzed to highlight the global market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global Medical Transcription Services market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Medical Transcription Services Market research report:
- What are the leading market players active in the Medical Transcription Services market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Medical Transcription Services Market Report Highlights
By Procurement Mode
By End User
Key Market Players
Superior Global Solutions, Transcend Services, Nuance Communications, Inc, TRANSPERFECT, Lingual Consultancy Services, Acusis, LLC, iMedX, Inc,, Medscribe, Scribe Technology Solutions, DoctorDocs.