The medical transcription industry is set to grow. Important factors that will spur this growth:
• Increase in life expectancy: This has resulted in a growing population of older people. According to the U.S. Census Bureau brief on data from the 2010 Census the number of seniors is increasing faster than younger people. A growing and aging population will increase the demand for medical transcription services because seniors need more medical tests, treatments and procedures that need to be documented.
• The drive towards electronic documentation (pushed vociferously by the Obama administration) that can be shared across networks: Transcription facilitates electronic documentation which is the need of the hour. There is a growing need for electronic records and documents that can be shared easily and conveniently across networks of medical care providers, regulators, third party payers, patients, and health information systems.
• Rising physician responsibilities: Physician practices struggle to balance rising patient care responsibilities and administrative tasks in the face of changing regulations. So they will look to outsourcing medical transcription to maintain a viable and efficient practice.
Of course, the choice of the medical transcription company is everything. Accuracy, HIPAA compliance, security, solutions in customized TAT, and most important, competitive pricing, are the things a client should look for.
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