Medical transcription has had an interesting history when it comes to its vendors, many of whom have provided analog devices that need to be upgraded. Modernization offers great benefit to the transcription industry. Some of these modern transcription technologies include voice recognition and automation. The deployment of such products in more hospitals is an exciting digital change.
In the healthcare industry, professionals need to efficiently process their health records. Healthcare organizations need to deal with this data as effectively as possible, and technology is consequently becoming more useful to various electronic health record initiatives.
Hospitals, according to recent research reports, are ready to deploy more modern medical transcription tools than ever before. Some of the companies involved in providing such tools are WebChartMD, Niance, iMedX, Acusis, MModal, Transcend Services, Superior Global Solutions, Scribe Healthcare and TransTech Medical Solution.
Technavio is a respected research firm that recently published a report detailing the tens of billions of dollars that the world’s hospitals will spend throughout 2020, which amounts to an annual growth rate of 6 percent. Much of this money is being directed towards modern healthcare technology, and voice recognition was one of the most common technologies that these hospitals are investing in, according to Techhnavio.
Furthermore, Radiant Insights also released a study that was relevant to the topic of medical transcription tools and hospital spending. This analysis revealed that hospitals value cost-effectiveness, dependability and portability quite highly when determining which transcription tools to adopt.
With the number of hospitals switching to automatic transcribing technologies on the rise, many are predicting that some analog transcribing devices may be completely replaced in the coming years. Additionally, the market has seen tremendous growth due to the rise of outsourced transcription services as well as the increased value that skilled professionals are bringing to the healthcare industry.
According to the analysis, the number of hospitals utilizing various third parties for outsourced transcription services will likely double. All of these factors contribute to the transcription industry becoming one of healthcare’s most exciting areas, especially within healthcare management.
Most of these modern transcription devices are equipped with not only memory storage systems but also speech recognition. With features like these conveniently built into the devices, in-house transcriptionists and other healthcare professionals will find their tasks to be much more efficient. It is, therefore, easy to see why the market demand for automated transcription services is poised to skyrocket in the near future.
While all of this is great news for the automated transcription tools market, there are some challenges involved as well. Some healthcare professionals have voiced their concerns about the accuracy of such devices, and overall quality is the true measure of any transcription service’s value.
Companies like 360 Transcription who partners with WebChartMD, has an accuracy rate of 99.5% which is of the highest in the industry. This is vital when choosing a medical transcription company to work with. Always check accuracy rates before making your decision.