Medical transcription is the major share in the Indian market

All active general medical transcription is the major share in the Indian market. Now there are various ways in which transcription services are performed. These include: Internet services, home services, center-based services. The industry also gave new industries, such as educational institutions, additional hardware required to support transcription, etc.

Medical Transcription (MT) means converting into written form, the dictation by the physicians and other healthcare professionals regarding patient assessment, workup, therapeutic procedures, clinical course, diagnosis, prognosis etc. in order to document patient care and facilitate healthcare services.

A Medical Transcriptionist is a medical Language specialist

 Who, using a computer and accessories like headphones and a foot pedal, transcribes the recorded audio into electronic data. This data is further scrutinized for grammar and clarity by a proofreader.

With the rapid change of outlook in Indian healthcare and privatization of the insurance sector, documentation of all patient records will become mandatory in the future. Thus medical transcription will hold a vital link in altering the Indian job scenario. What the doctors do is to hand over their audio records to a company that gives them transcripts- in clean, perfect English- for filing and reference. Naturally, these companies need people who know the language to do the actual transcriptions, and won't charge them the earth. India, given the high English literacy levels, and the weak rupee, provides the ideal location for conducting these transcriptions. Medical transcription jobs pay very well. At entry level, medical transcriptionists are paid around Rs. 5,000per month, which can exceed to Rs. 20,000 per month within two years. As a trainee, though, you'll get about half of that. As you climb, you'll get to become a reader and progressively, an editor, levels at which salaries will climb. There are also additional carrots dangled by some companies, in the form of perks and performance-based incentives. Given that you'll work no more than eight hours a day, that's not bad at all.

The MT business volume is growing by 20% every year whereas the availability of MTs is falling by 8%. As a result the companies in world are now outsourcing the jobs to cater to their ever-increasing demand of quality transcripts. The present market share particularly of the US medical transcription industry is estimated at US $ 20 billion. The US Bureau of Labor predicts a 51% increase in the need of medical transcriptionists by the year 2011

Now of the 700 million hospital events transcribed every year in the US, presently the contribution by India is only Rs.140 cores which amounts to just 0.165%. NASSCOM projects that against the total Indian exports of about US $ 34 billion, medical transcription is expected to have a market potential of about US $ 17 billion to one country alone viz. the USA.Thanks to the recent advances in telecommunication, both in terms of facilities and cost, MT in India has a potential of creating about 200,000 Medical transcriptionists. The factors that give India an edge in providing quality transcripts are:

• Support of Government of India for all IT- led industries.
• A huge pool of English-speaking and computer-literate graduate manpower to cater to the growing demand.
• High-quality computer skills
• Cost advantage
• Advantageous 12-hour time zone difference with USA
• Tremendous improvement in telecom infrastructure for data exchange
• Hardware and software costs are falling-reducing breakeven point

As per estimates, the demand for MTs in India is expected to rise to 1,60,000 by the year 2011 (projected by NASSCOM). More and more healthcare companies are looking towards India as a future destination for remote data processing. MT is a richly booming industry and you too can become a part of this magnanimous career.