SpendEdge has been monitoring the global medical transcription services market and the market is poised to experience spend growth of more than USD 20 billion between 2019-2024 at a CAGR of over 6% during the forecast period. Request Free Sample Pages.
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Read the 123-page research report with TOC and LOE on “The Global Medical Transcription Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top service providers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
Hospitals and various healthcare centers are getting heavily reliant on medical transcription services to expedite the diagnosis process and to improve the productivity of healthcare professionals. Digital records from transcriptions provide the data required for medical professional nurses to evaluate patients’ reports and give the required medicines. These functionalities are driving spend growth in the medical transcription services market at an exponential rate.
The healthcare sector in North America is increasing its focus on improving the current medical services and documentation. Governments in the US and Canada are mandating the maintenance of electronic health records which is serving as a major driving force towards adoption in the medical transcription market.
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The Top Medical Transcription Service Providers Enlisted in this Report:
A sharp rise in technology expenses will result in a substantial increase in service providers’ OPEX. To compensate for this, they will increase their service charge which will have an inflationary impact on the overall price structure in the global medical transcription services market. However, strategic cost-control initiatives, price forecasting techniques, and adequate technology adoption will aid medical transcription service providers to sustain their profit margins. Such service providers will have the liberty to offer service to buyers at competitive rates without hurting their profit margins. On this note, this report has listed the top medical transcription service providers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal procurement in this market. Insights into some of the service providers’ portfolio are given below:
3M- It features among the service providers who are known to implement new technology solutions to make transcription services error-free and secure. 3M is investing in AI and advanced technologies to make the medical transcription services process streamlined and accurate.
Nuance Communications- Nuance Communications is one of the leading service providers that are operating on higher profit margins and are highly competitive in terms of providing more flexibility to buyers.
MTBC INC- Buyers must assess this service provider’s capability to offer EMR/EHR integration packages which will help buyers to obtain centralized systems for the storage of medical records across the organization. In addition, a centralized system to store the transcribed reports along with EHR/EMR solutions will also provide ease of access to medical data across the buyer’s organization.
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Some of the key topics covered in this report are:
- Medical transcription services market spend segmentation by region
- Medical transcription services supply market analysis
- Regional spend opportunity for medical transcription service providers
- Medical transcription service providers cost structure
- Total cost of ownership analysis in the medical transcription services market
- Medical transcription services pricing models analysis
- Category management objectives
- Cost saving opportunities in the medical transcription services market
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