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Reportlinker Adds Global Medical Transcription Services Industry

Saturday, March 13, 2010 Medical PDA News J E 4
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NEW YORK, March 12 Reportlinker.com announces that a new market research report is available in its catalogue:

Global Medical Transcription Services Industry

http://www.reportlinker.com/p0181066/Global-Medical-Transcription-Services-Industry.html

This report analyzes the worldwide markets for Medical Transcription Services in US$ Billion. The report provides separate comprehensive analytics for US, and Rest of World. Annual forecasts are provided for each region for the period 2005 through 2015. The report profiles 344 companies including many key and niche players worldwide such as Acusis India, Audio Dicta Transcription Services, C-Bay Systems Holding Ltd., CBay Systems (India) Pvt Ltd., CKar Systems Pvt. Ltd., MedQuist, Inc., Care Technologies India Private Ltd., Etransmed Medical Transcription, Global eBusiness Outsource, Inc., iMedX Information Services Pvt. Ltd., IQ West Outsource Technologies Corp., MxSecure, Inc., Nuance Communications, Rapid Data Services LLC, Scribe, Inc., Spheris, Inc., Spheris India Pvt. Ltd., Top Outsource Performance, Inc., Total Transcription Solutions, Inc., TransDyne, Transmedic Outsourcing Philippines, Inc., Vennar Soft Systems Pvt. Ltd., Webmedx, Inc., and World Tech U.S.A., Inc. Market data and analytics are derived from primary and secondary research. Company profiles are mostly extracted from URL research and reported select online sources.

MEDICAL TRANSCRIPTION SERVICES MCP-1752

A GLOBAL MARKET REPORT

CONTENTS

I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

Study Reliability and Reporting Limitations I-1

Disclaimers I-2

Data Interpretation & Reporting Level I-2

Quantitative Techniques & Analytics I-3

Product Definitions and Scope of Study I-3

II. EXECUTIVE SUMMARY

1. MEDICAL TRANSCRIPTION INDUSTRY AT A GLANCE II-1

2. INDUSTRY OVERVIEW II-2

MT Industry Remains Unscathed from Economic Recession II-2

Market Estimates and Forecasts II-2

Outsourcing Gathers Steam II-2

Offshoring Gains Traction II-3

Voice Recognition Technology - A Boon or a Bane II-3

Select US-based MTSOs Deploying Speech Recognition Toolkit II-4

Front-End Solution Application Still in Nascent Stage II-4

Speech Recognition Editing Services Gain Momentum II-4

Gradual Shift to "VBC" based Pricing Model II-5

MT: No Longer the Lone Choice for Creation of Medical Records II-5

Is EMR System Really a Threat for MT Services? II-6

Outlook II-6

3. COMPETITIVE LANDSCAPE II-7

Table 1: US Market for MT Services (2008): Major Service

Providers Ranked by Revenues - Cbay Systems Holding Ltd +

Medquist, and Spheris (In US$ Million) (includes

corresponding Graph/Chart) II-7

Mega Deals - Rampant in MT Industry II-8

4. MEDICAL TRANSCRIPTION OUTSOURCING - A REVIEW II-9

Reasons for Outsourcing MT Services II-9

Outsourced MT Services II-9

Advantages of MT Outsourcing II-10

Drawbacks of Outsourcing MT Services II-10

5. MEDICAL TRANSCRIPTION OFFSHORING II-11

Offshoring - A Lucrative Option to Curb Business Expenses II-11

Offshoring Barriers II-11

Developing Nations - A Haven for MT Outsourcing Services II-11

Top 5 Offshore Destinations Worldwide for MT Services in 2008 II-12

6. MARKET TRENDS & ISSUES II-13

The WWW Era Revolutionizes the Medical Transcription Landscape II-13

Online Medical Transcription Provides an Option II-13

Hospitals Favor MT Services as Market Conditions Toughen II-13

More Dictation Options and File Formats Extends Convenience II-13

Training Schools Gain Hospitals Favor II-14

eScription CAMT Usage Increases in Transcription Industry II-14

Demand for Qualified Professionals Accelerates II-14

New Standards for Clinical Documentation II-15

7. MEDICAL TRANSCRIPTION - AN OVERVIEW II-16

Types of Transcription II-16

Types of Transcription Services II-16

Medical Transcription - A Core Component for Enduring Healthcare II-16

Medical Documentation - A Critical Task II-17

Medical Transcription Services Come to the Rescue II-17

Medical Transcription Process - At a Glance II-17

A Step-by-Step Approach II-18

A Glimpse of Voice Capturing Equipment/Process II-19

Digital Medical Transcription - A Contemporary Approach II-19

Accuracy - A Critical Factor II-20

What Type of Medical Records are Transcribed? II-20

Medical Transcription Service Specialties II-20

Benefits of Medical Transcription II-20

Disadvantages of Medical Transcription II-21

8. RECENT INDUSTRY ACTIVITY II-22

Transcend Acquires DeVenture Health Partners II-22

Spheris Announces Renewal of Agreement with VHA II-22

DFTCC Forges Partnership with Hubport Group II-22

PNA Selects SpectraMedi for Medical Transcription Services II-22

Clark Holder Clinic Extends Transcription Contract with

SpectraMedi II-23

CBaySystems Acquires Majority Interest in MedQuist II-23

Nuance Acquires eScription II-23

CBaySystems Forges Partnership with M*Modal II-23

Spheris Reaches 5-Year Agreement with CHS II-24

C-BaySystems Inks a MoU with UMCT's MT Unit II-24

Webmedx Acquires M-TEC II-24

Nuance Communication Acquires Philips Speech Recognition II-24

SPi Healthcare Inaugurates New Healthcare Unit II-25

InfraWare Bags New Order for its 360 ASP Platform from Stephens II-25

MD-IT Acquires MedTrans Unlimited II-25

Superior Global Solutions Completes Acquisition of Proveros II-25

Accentia Acquires Three US-based BPOs II-26

Amerinet and Acusis Sign Agreement II-26

MedCom Acquires PayMed and AMSS II-26

Intivia Airs Plans to Extend its Operations II-26

Prudential Consulting Garners $1 million Loan II-26

Medware Partners with CHS II-26

NewSpring and Altaris Acquires Controlling Stake in Precyse II-27

CBaySystems Inks a Vital Agreement with MedQuist II-27

VIVA Corp. Adopts New Identity II-27

Nuance Communications Acquires Focus Infomatics II-27

Transcend Services Acquires OTP Technologies II-27

CBaySystems Signs Deal with GNYHA Services II-27

iMedX Acquires Tidewater Transcription Services II-28

Acusis® Acquires Digital Records Corporation II-28

Webmedx Acquires Transhealth II-28

iMedX Acquires MR Transcription II-28

Companion Technologies Acquires Smart Document Solutions II-28

McKesson Acquires Physician Micro Systems II-29

MD-IT Takes Over SecureMTSource II-29

Software Paradigms Completes Acquisition of COMAT Technologies II-29

MD-IT Acquires S.O.A.P. Medical Transcription II-29

WiFiMed Holdings Acquires JMJ Technologies II-29

wordZXpressed Acquires Avaz Group II-29

MD-IT Acquires Northeast Transcription II-30

Bhilwara Scribe Acquires two BPOs II-30

CBay Systems Buys Suyash Software II-30

ExhibitOne Completes Acquisition of Simple RTS II-30

PHNS Signs Supply Deal with a Medical Center in Mount Clemens II-30

MD-IT Acquires DataKey MT II-30

Iron Mountain Acquires ArchivesOne II-31

MedQuist Partners with AAMT to Create Dictation Guideline Toolkit II-31

Spheris Acquires Vianeta Communications II-31

Nuance Acquires Dictaphone II-31

Heartland and Spryance Merge Transcription Businesses II-32

Worldtech Acquires Statdata II-32

Infovision Acquires Transcription South II-32

MD-IT Acquires MediTranscripts II-32

Vemics Acquires NuScribe II-32

SPI Technologies Acquires CyMed II-32

MD-IT Acquires Trans Med Plus II-33

PracticeXpert Divests its Transcription Business Division II-33

MedQuist Signs a Licensing Deal with De-ID Data II-33

Worldtech Acquires Associated Transcription Services II-33

Scribe Inc. Adopts New Corporate Identity as "Scribe

Healthcare Technologies" II-34

Spheris Acquires Avicis/HealthScribe India II-34

9. SERVICE/PRODUCT LAUNCHES II-35

InfraWare Develops Latest Editions of Medical Transcription

Software II-35

VIVA Transcription Upgrades Client Interface II-35

Scribe Healthcare to Deploy AHDI BenchMark Knowledge Base(TM) II-35

GMR Transcription Launches a Secure Version of its Website II-36

CLINICARE Augments its Service Offerings II-36

CBaySystrems Introduces Kyps, a new Web-Based PMS II-36

InfraWare Introduces New Edition of InfraWare 360 Platform II-36

Scribe4you.com Introduces Dictation Transcription Solutions II-37

Nuance Introduces Voicemail-to-Text Service II-37

Scribe Offers Clinical Dictation and Transcription Platform

for Free II-37

VIVA Launches Dial-In Dictation System II-37

Scribe Unveils Scribe MD Platform, a Unique Medical

Documentation System II-38

InfraWare to Test Latest Dictation Recognition System II-38

Remote Operations Introduces Value-Added Features for Medical

Transcription Clients II-38

MedQuist Launches Ovation Voice Capture Platform Version 1.1 II-39

Scribe Introduces New MT Platform II-39

GMR Transcription Launches New Website II-39

MxSecure Launches a User Friendly and Customer Focused Website II-39

Spheris Unveils New Modules of Clarity(TM) Platform II-40

Scribe Healthcare Introduces EZ Dictate II-40

OmniMD Unveils Practice Portal Services II-40

Nuance Launches Dragon(TM)NaturallySpeaking® Medical Version 9 II-41

Spantel Launches Hospital Direct(TM) II-41

Spheris Launches Clarity(TM) Technology Platform II-41

CBaySystems Launches CBayFlo VoiceDirect II-42

MedQuist Introduces Next Generation Dictation Technology Solution II-42

SoftMed Systems Introduces ChartScript® ASP II-42

MedQuist Introduces DocQsign(TM) Electronic Signature Module II-42

MedQuist Introduces PhysAssist IQ(TM) Enterprise II-42

MedQuist Introduces New Edition of SpeechQ for Radiology(TM) II-43

MedQuist Introduces an Enhanced Mobile Dictation Solution II-43

10. FOCUS ON SELECT PLAYERS II-44

Acusis India (India) II-44

Audio Dicta Transcription Services (Philippines) II-44

C-Bay Systems Holding Ltd. (USA) II-44

CBay Systems (India) Pvt Ltd. (India) II-45

CKar Systems Pvt. Ltd. (India) II-45

MedQuist, Inc. (USA) II-45

Care Technologies India Private Ltd. (India) II-45

Etransmed Medical Transcription (USA) II-46

Global eBusiness Outsource, Inc. (Philippines) II-46

iMedX Information Services Pvt. Ltd. (India) II-46

IQ West Outsource Technologies Corp. (Philippines) II-47

MxSecure, Inc. (USA) II-47

Nuance Communications (USA) II-47

Rapid Data Services LLC (Philippines) II-48

Scribe, Inc. (USA) II-48

Spheris, Inc. (USA) II-48

Spheris India Pvt. Ltd. (India) II-49

Top Outsource Performance, Inc. (Philippines) II-49

Total Transcription Solutions, Inc. (Philippines) II-49

TransDyne (India) II-50

Transmedic Outsourcing Philippines, Inc. (Philippines) II-50

Vennar Soft Systems Pvt. Ltd. (India) II-50

Webmedx, Inc. (USA) II-50

World Tech U.S.A., Inc. (USA) II-51

11. GLOBAL MARKET PERSPECTIVE II-52

Table 2: World Recent Past, Current & Future Analysis for

Medical Transcription Services by Geographic Region - US, and

Rest of World Markets Independently Analyzed with Annual

Revenues in US$ Billion for Years 2005 through 2015 (includes

corresponding Graph/Chart) II-52

Table 3: World 10-Year Perspective for Medical Transcription

Services by Geographic Region - Percentage Breakdown of

Revenues for US, and Rest of World Markets for 2006, 2009 &

2015 II-52

III. MARKET

1. The United States III-1

A.Market Analysis III-1

Table 4: US Market for MT Services (2008): Major Services

Providers Ranked by Revenues - Cbay Systems Holding Ltd +

Medquist (Cbay Systems Holding Ltd. and MedQuist Inc.) and

Spheris (In US$ Million) (includes corresponding

Graph/Chart) III-2

Mounting Healthcare Spending Offers Robust Opportunities III-2

Table 5: US Healthcare Spending: 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) III-2

HIPAA Directive for Privacy of Critical Patient Data III-3

Medical Transcription Industry Resilient to Economic Recession III-3

The Changing Dynamics of Medical Transcription Industry III-3

US Unearth Outsourcing Opportunities III-3

Table 6: US Providers (*) Spending on Healthcare

Outsourcing (2003-04): Percentage Share Breakdown of

Expenditure by Process - Medical Billing, Medical Coding,

and Medical Transcription (includes corresponding

Graph/Chart) III-4

Offshoring - A Newfound Buzz III-4

Drivers of Offshoring in a Nutshell III-5

Why India is the Best Offshore Destination for MT Services? III-5

Philippines - "The Second Offshore Destination of Choice" III-5

How Cost Savings are Possible? III-6

Health IT System Unfolds New Opportunities for BPOs III-6

Measures to Mitigate Employee Deficit III-6

Opportunities Galore for Aspiring Transcriptionists III-6

Strategic Corporate Developments III-7

Service/Product Launches III-18

Select Players III-26

B.Market Analytics III-35

Table 7: US Recent Past, Current & Future Analysis for

Medical Transcription Services - Annual Revenues in US$

Billion for Years 2005 through 2015 (includes corresponding

Graph/Chart) III-35

Table 8: US Recent Past, Current & Future Analysis for

Medical Transcription Services by Service Type - In House

Services, and Outsourced Services Markets Independently

Analyzed with Annual Revenues in US$ Billion for Years 2005

through 2015 (includes corresponding Graph/Chart) III-36

Table 9: US 10-Year Perspective for Medical Transcription

Services by Service Type - Percentage Breakdown of Annual

Revenues for In-house Services and Outsourced Services

Markets for 2006, 2009 and 2015 III-36

2. Rest of World III-37

A.Market Analysis III-37

Asia Pacific III-37

India - The Global Powerhouse for MT Services III-37

Key Destinations III-38

Growth Proponents III-38

New Lease of Life for MT Industry III-38

A Quick Look at the Industry Structure III-39

MT Industry Immune to Global Economic Melt Down III-39

Home-Based Transcription Sector Gaining Traction III-39

Local Government Drive Market Growth III-39

Frenzied Competition Ahead for India III-40

Philippines - A Destination for High-Quality MT Services III-40

High Growth on Cards III-40

Growth Drivers III-41

Growth Restraints III-41

What Makes Philippines an Attractive Choice? III-41

Philippine government Measures to Brace MT Industry III-42

HIPAA and AAMT Standards - A Key Performance Measure III-42

Nursing Graduates Switch Role III-42

Lack of Aggressive Promotion Perturbs MT Industry III-43

MTIAPI - A Major Promoter of MT Services III-43

Planned Initiatives for MT Industry Evolution III-43

Service/Product Launch III-44

Strategic Corporate Developments III-44

Select Players III-45

B.Market Analytics III-51

Table 10: Rest of World Recent Past, Current & Future

Analysis for Medical Transcription Services - Annual

Revenues in US$ Billion for Years 2005 through 2015

(includes corresponding Graph/Chart) III-51

IV. COMPETITIVE LANDSCAPE

Total Companies Profiled: 344 (including Divisions/Subsidiaries - 355)

------------------------------------------

Region/Country Players

------------------------------------------

The United States 287

Canada 11

Europe 2

The United Kingdom 2

Asia-Pacific (Excluding Japan) 55

------------------------------------------

To order this report:

Advanced Material Industry: Global Medical Transcription Services Industry

More Market Research Report

Check our Company Profile, SWOT and Revenue Analysis!

Nicolas Bombourg Reportlinker Email: nbo@reportlinker.com US: (805)652-2626 Intl: +1 805-652-2626

SOURCE Reportlinker
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