Global Medical Transcription Services Market

NEW YORK, Oct. 23, 2014 /PRNewswire/ -- 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 IndiaAudio Dicta Transcription ServicesCare Technologies India Private Ltd.eTransMed, LLCiMedX Inc.

Advertisement

Read the full report: http://www.reportlinker.com/p0181066-summary/view-report.html

I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONSStudy Reliability and Reporting Limitations I-1Disclaimers I-2Data Interpretation & Reporting Level I-2Quantitative Techniques & Analytics I-3Product Definitions and Scope of Study I-3

Advertisement

II. EXECUTIVE SUMMARY1. MEDICAL TRANSCRIPTION INDUSTRY AT A GLANCE II-12. INDUSTRY OVERVIEW II-2Preface II-2Current and Future Analysis II-2US - The Largest Market II-2MT Industry Remains Unscathed from Economic Recession II-3Hospitals Favor MT Services as Market Conditions Toughen II-3Recovering Global Economy Signals Prospects II-3Table 1: Economic Growth (%) Worldwide by Region: 2011-2014E(includes corresponding Graph/Chart) II-4Debt Crisis Reinforces Focus on Outsourcing II-4Competitive Landscape II-6

3. MARKET TRENDS & ISSUES II-7Positive Outlook for the Healthcare Industry - Key GrowthIndicator II-7Table 2: Healthcare Spending as a Percentage of GDP in SelectDeveloped Countries (includes corresponding Graph/Chart) II-8Outsourcing Gathers Steam II-8Sourcing Strategy/Model: Means to Achieve Business Process II-8Sole Sourcing - A Model for Increasing Operational Efficiency II-9Radiology Services Offer Lucrative Outsourcing Prospects II-9Expanding Product Portfolio and Services to Support Growth II-9In-house Vis-a-Vis Outsourcing II-10Offshoring Gains Traction II-10Off-shoring to Drive Cost-Effectiveness II-10A Brief Sketch of Major Outsourcing Destinations II-11India II-12Philippines II-12Nearshoring Finds Favor among Businesses II-12The Debate on Voice Recognition Technology Continues II-12Front-End Solution Application Still in Nascent Stage II-13Speech Recognition Editing Services Gain Momentum II-13Advancements Revolutionize MT (Medical Transcription) II-13MT: No Longer the Lone Choice for Creation of Medical Records II-14Is EMR System Really a Threat for MT Services? II-14ICD-10: Boon or Bane? II-15Gradual Shift to "VBC" based Pricing Model II-16Aging Population - A Vital Demography II-16Table 3: Global Population Statistics for the 65+ Age Group(Male & Female) for Major Countries/Regions: 2013E (includescorresponding Graph/Chart) II-17Preventive Healthcare Trend Offers Potential II-18Advantages of Medical Transcription Drives Demand II-18Advanced Technologies to the Rescue II-18Robotic Automation Makes In Roads in BPO Industry II-19Social Networking Trend Transforms Business Strategies II-19Growing Popularity of Cloud Computing II-19BPO Providers Warm up to Green Computing II-20

4. MEDICAL TRANSCRIPTION OUTSOURCING - A REVIEW II-21Reasons for Outsourcing MT Services II-21Outsourced MT Services II-21Advantages of MT Outsourcing II-22Drawbacks of Outsourcing MT Services II-225. MEDICAL TRANSCRIPTION OFFSHORING II-23Offshoring - A Lucrative Option to Curb Business Expenses II-23Offshoring Barriers II-23Developing Nations - A Haven for MT Outsourcing Services II-236. MEDICAL TRANSCRIPTION - AN OVERVIEW II-24Types of Transcription II-24Types of Transcription Services II-24Medical Transcription - A Core Component for Enduring Healthcare II-24Medical Documentation - A Critical Task II-25Medical Transcription Services Come to the Rescue II-25Medical Transcription Process - At a Glance II-25A Step-by-Step Approach II-26A Glimpse of Voice Capturing Equipment/Process II-27Digital Medical Transcription - A Contemporary Approach II-27Accuracy - A Critical Factor II-27What Type of Medical Records are Transcribed? II-28Medical Transcription Service Specialties II-28Benefits of Medical Transcription II-28Disadvantages of Medical Transcription II-28

7. PRODUCT LAUNCHES II-29Acusis Introduces Medical Coding Services II-29Acusis Unveils AcuVoice® Dictation Platform II-29Silent Type Unveils iPadA® Dictation App II-298. RECENT INDUSTRY ACTIVITY II-30M*Modal Emerges from Bankruptcy II-30John W. Cooke and SpectraMedi Sign Deal for TranscriptionServices II-30SpectraMedi and First Choice Physical Therapy Sign Agreementfor Medical Transcription Services II-30Divine Mercy Transcription Expands to Australia II-30ZyDoc and Hippocratic Solutions Sign VAR Deal II-30SpectraMedi Signs Agreement with Acadiana Maternal-Fetal Medicine II-30The Dictation Source Enters into Agreement with Two NationalHospital Chains II-30Memorial Hermann Enters into Strategic Partnership with Acusis II-31iMedX Takes Over Electronic Medical Transcription Services II-31Nuance Acquires Transcend II-31iMedX Takes Over The Inner Office II-31iMedX Takes Over Greenlight Transcription II-31

9. FOCUS ON SELECT PLAYERS II-32Acusis India (India) II-32Audio Dicta Transcription Services (US) II-32Care Technologies India Private Ltd. (India) II-32eTransMed, LLC (US) II-33iMedX Inc. (US) II-33M*Modal IP LLC (US) II-33MTS Transcription Services (US) II-34Nuance Communications, Inc. (US) II-34Precyse Solutions, LLC (US) II-34Scribe Healthcare Technologies, Inc. (US) II-34Superior Global Solutions, Inc. (US) II-35TopTrans Company (Philippines) II-35Total Transcription Solutions, Inc. (Philippines) II-35TransDyne (India) II-35TransTech Medical Solutions (US) II-36Vennar Soft Inc. (US) II-3610. GLOBAL MARKET PERSPECTIVE II-37Table 4: World Recent Past, Current & Future Analysis forMedical Transcription Services by Geographic Region - US,Europe, Asia-Pacific (incl. Japan) and Rest of World MarketsIndependently Analyzed with Annual Revenues in US$ Million forYears 2013 through 2020 (includes corresponding Graph/Chart) II-37Table 5: World Historic Review for Medical TranscriptionServices by Geographic Region - US, Europe, Asia-Pacific(incl. Japan) and Rest of World Markets Independently Analyzedwith Annual Revenues in US$ Million for Years 2006 through2012 (includes corresponding Graph/Chart) II-38Table 6: World 15-Year Perspective for Medical TranscriptionServices by Geographic Region - Percentage Share Breakdown ofRevenues for US, Europe, Asia-Pacific (incl. Japan) and Restof World Markets for 2006, 2014 & 2020 (includes correspondingGraph/Chart) II-39Table 7: World Recent Past, Current & Future Analysis forMedical Transcription Services by Service Segment -Consultation Report and Other Reports Markets IndependentlyAnalyzed with Annual Revenues in US$ Million for Years 2013through 2020 (includes corresponding Graph/Chart) II-40Table 8: World Historic Review for Medical TranscriptionServices by Service Segment - Consultation Report and OtherReports Markets Independently Analyzed with Annual Revenues inUS$ Million for Years 2006 through 2012 (includescorresponding Graph/Chart) II-41Table 9: World 15-Year Perspective for Medical TranscriptionServices by Service Segment - Percentage Share Breakdown ofRevenues for Consultation Report and Other Reports Markets for2006, 2014 & 2020 (includes corresponding Graph/Chart) II-42

III. MARKET1. THE UNITED STATES III-1A.Market Analysis III-1Outlook III-1Mounting Healthcare Spending Offers Robust Opportunities III-2Table 10: US Healthcare Spending (2014): Percentage ShareBreakdown of Expenditure by Service/Product Type -Hospital, Clinical/ Physician Services, Dental Services,Home Health, Nursing homes, Prescription Drugs, DurableMedical Equipment, and Others (includes correspondingGraph/Chart) III-2HIPAA Directive for Privacy of Critical Patient Data III-3Medical Transcription Industry Resilient to Economic Recession III-3Outsourcing Opportunities Promote Medical Transcription III-3Drivers of Offshoring in a Nutshell III-4Advantages of Medical Transcription to Keep Market Afloat III-4Off-shoring Lends to Cost Saving III-4Health IT System Unfolds New Opportunities for BPOs III-5Measures to Mitigate Employee Deficit III-5Nearshore Strategy Gains Strength III-5Indian Firms Set Up Onshore Service Centers in US III-5Offshoring Challenges III-6The Adoption of ICD-10 - Market Implications III-6EHR - A Threat to Transcription? III-6Table 11: Medicare EHR Incentive Payment Schedule forEligible Professionals III-7Table 12: Medicaid EHR Incentive Payment Schedule forEligible Professionals III-7Product Launches III-8Strategic Corporate Developments III-8Select Players III-10B.Market Analytics III-13Table 13: US Recent Past, Current & Future Analysis forMedical Transcription Services by Mode - In-House Servicesand Outsourced Services Markets Independently Analyzed withAnnual Revenues in US$ Million for Years 2013 through 2020(includes corresponding Graph/Chart) III-13

Table 14: US Historic Review for Medical TranscriptionServices by Mode - In House Services, and OutsourcedServices Markets Independently Analyzed with Annual Revenuesin US$ Million for Years 2006 through 2012 (includescorresponding Graph/Chart) III-14Table 15: US 15-Year Perspective for Medical TranscriptionServices by Mode - Percentage Breakdown of Annual Revenuesfor In-house Services and Outsourced Services Markets for2006, 2014 and 2020 (includes corresponding Graph/Chart) III-15

2. EUROPE III-16Market Analysis III-16Table 16: European Recent Past, Current & Future Analysisfor Medical Transcription Services with Annual RevenueFigures in US$ Million for Years 2013 through 2020 (includescorresponding Graph/Chart) III-16Table 17: European Historic Review Medical TranscriptionServices with Annual Revenue Figures in US$ Million forYears 2006 through 2012 (includes corresponding Graph/Chart) III-17

3. ASIA-PACIFIC III-18A.Market Analysis III-18Outlook III-18Asia Pacific Medical Transcription Market III-18Why India is the Best Offshore Destination for MT Services? III-18Philippines - "The Second Offshore Destination of Choice" III-19Overview of Select Regional Markets III-19India - A Prelude III-19India - The Global Powerhouse for MT Services III-19Key Destinations III-20Growth Proponents III-20New Lease of Life for MT Industry III-20A Quick Look at the Industry Structure III-21MT Industry Immune to Global Economic Melt Down III-21Home-Based Transcription Sector Gaining Traction III-21Local Government Drive Market Growth III-21Frenzied Competition Ahead for India III-22Depreciating Rupee: Boon or Bane? III-22The Changing Role of Indian BPOs III-22Focus Shifts to Smaller Towns and Cities III-23KPO Industry Gains Efficiency III-23Emerging Competition Fails to Affect India's Dominance III-23India Vis-à-vis Other Global Destinations in KPO Market III-23Major Challenges Confronting India's BPO Industry III-24Attrition - The Bane of Indian BPO Sector III-24Rising Salaries Affect India's Edge as a Cost CompetitiveDestination III-24Philippines - A Destination for High-Quality MT Services III-24High Growth on Cards III-24Growth Drivers III-25Growth Restraints III-25Philippine Government Measures to Brace MT Industry III-25HIPAA and AAMT Standards - A Key Performance Measure III-26Nursing Graduates Switch Role III-26Lack of Aggressive Promotion Perturbs MT Industry III-26Planned Initiatives for MT Industry Evolution III-26Malaysia III-27Strategic Corporate Development III-27Key Players III-27B.Market Analytics III-29Table 18: Asia-Pacific Recent Past, Current & FutureAnalysis for Medical Transcription Services with AnnualRevenues in US$ Million for Years 2013 through 2020(includes corresponding Graph/Chart) III-29

Table 19: Asia-Pacific Historic Review for MedicalTranscription Services with Annual Revenues in US$ Millionfor Years 2006 through 2012 (includes correspondingGraph/Chart) III-30Table 20: Indian Recent Past, Current & Future Analysis forOffshore Medical Transcription Services Market with AnnualRevenues in US$ Million for Years 2013 through 2020(includes corresponding Graph/Chart) III-31Table 21: Indian Recent Past, Current & Future Analysis forOffshore Medical Transcription Services Market with AnnualRevenues in US$ Million for Years 2006 through 2012(includes corresponding Graph/Chart) III-32Table 22: Philippines Recent Past, Current & Future Analysisfor Offshore Medical Transcription Services Market withAnnual Revenues in US$ Million for Years 2013 through 2020(includes corresponding Graph/Chart) III-33Table 23: Philippines Recent Past, Current & Future Analysisfor Offshore Medical Transcription Services Market withAnnual Revenues in US$ Million for Years 2006 through 2012(includes corresponding Graph/Chart) III-34

4. REST OF WORLD III-35Market Analysis III-35Table 24: Rest of World Recent Past, Current & FutureAnalysis for Medical Transcription Services - AnnualRevenues in US$ Million for Years 2013 through 2020(includes corresponding Graph/Chart) III-35Table 25: Rest of World Historic Review for MedicalTranscription Services - Annual Revenues in US$ Million forYears 2006 through 2012 (includes corresponding Graph/Chart) III-36

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

Read the full report: http://www.reportlinker.com/p0181066-summary/view-report.html

About Reportlinker ReportLinker is an award-winning market research solution that finds, filters and organizes the latest industry data so you get all the market research you need - instantly, in one place.http://www.reportlinker.com

_________________________Contact Clare: [email protected] US: (339)-368-6001Intl: +1 339-368-6001

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-medical-transcription-services-market-859555191.html

SOURCE Reportlinker