Medical transcription industry has grown by leaps and bounds in the last few years. It has grown at a staggering pace of 5.6% and is projected to become a $60 billion industry in the next two years. What else can you expect from this dynamic industry in the near future? Here is a detailed break-up of trends that will dominate the industry in 2017 and beyond.
The dearth of talented transcriptionists has been and will continue to be a hard pill to swallow for hospitals and other healthcare practices in 2017 and beyond. This in all probability will force healthcare practices to look beyond the traditional boundaries and opt for a more globalized workforce.
It is forgone conclusion that there will be an increased emphasis on digital healthcare in 2017 and experts claim that this trend will add to the demand for professional transcription services.
Increased use of voice recognition software will result in transcriptionists having to spend less time on editing and rectifying errors in documents in 2017. And as these technologies evolve the time spent as well as the transcription errors will further reduce; though many agree that it is highly unlikely to happen soon.
Changes to regulations governing the healthcare industry are being adopted at a fast pace by transcription providers worldwide. As each step of the medical transcription process is managed better and complies with regulations, healthcare providers will be able to hire offshore providers with confidence in the near future.
Adoption of internet centered technology is a hot trend in 2017, as it allows healthcare providers to access vendors worldwide within seconds of pressing a button. Among these technologies, the use of SaaS is resulting in hospitals facing very little costs when switching to an offshore vendor. ASP (Application Service Provider) software allows hospitals easy and transparent access to patient information and increases operational efficiency. Electronic Health Records utilization by vendors is also rising, and it keeps the need for filing low while providing quick access to patient records on various mobile devices.
As mobile devices are increasingly used to handle dictations and patient information, adoption of secure, end-to-end medical transcription processes will witness a huge jump in 2017 and beyond.
These trends are just the tip of the ice-burg. There is of-course a lot more trends that will reshape the industry in the near future. And the best way to keep up with these changing trends is to partner with an expert like MedBillingExperts. We are one of the premium service providers in the industry with more than 13 years of experience in molding your transcription strategies to meet the changing trends and demands. We put this experience into good effect by helping you stay ahead of the curve in the industry.