Global Medical Transcription IT Spending Market Poised to Grow at a CAGR Of 6.48% during 2016 – 2020
Medical transcription services continue to be an integral part of the medical industry, editing and transcribing patient encounters, and enabling healthcare providers to make optimal use of their EHR systems. The advent of the electronic health record (EHR) has put the heavy documentation responsibility on physicians, which has in turn led to many issues for the physicians themselves; patients, and the hospitals and practices that serve them. Healthcare professionals used to outsourcing medical transcription and having accurate medical records prepared in a timely manner are finding it a real challenge to balance patient care and documentation. A close look at what is happening reveals that doctors are doing much more than what they can handle, and are virtually unable to give their full attention to their patients. Now, with the added responsibility of dictating patient details into the EHR, doctors are interacting more with the machine than the patients. EHRs and the Physicians’ Gaze In fact, researchers from the Northwestern University and University of Wisconsin found that physicians having EHRs in their exam rooms spend one-third of their time looking at their computer screens. The study aimed to examine eye gaze patterns between patients and physicians while electronic health records were used to support patient care. When the computer becomes an overwhelming presence in the examination room, it distracts the doctor and prevents smooth communication with patients. The study also found that the way EHRs are used today can affect the cognitive functioning and the ability of physicians and patients to build rapport. While the physician’s ability to listen, think creatively and solve problems is considerably affected, the patients themselves end up
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spending more time looking at the computer screen even if they don’t actually understand what is displayed. The Relevance of Medical Transcription alongside EHR Medical transcription is one of the application based domains of healthcare management that is facing intense transformation since EHR implementation, initiatives taken by government, automation of healthcare operations etc. However, combining medical transcription and EHR could help physicians, hospitals and clinics to maintain accurate medical records without compromising on patient care. The recent Research and Markets report “Global Medical Transcription IT Spending Market 2016 -- 2020” reveals that the global medical transcription IT spending market is expected to grow at a CAGR of 6.48% during the period 2016 -- 2020. The present scenario and the growth prospects of the global medical transcription IT spending market for 2016 – 2020 are covered in the report. The market size is calculated on the basis of revenue generated through the transactions of medical transcription software, hardware and IT services. The report also highlights key vendors operating in this market. The researchers found that the market growth is mainly driven by the need for a digital healthcare
ecosystem.
With
the
healthcare
industry
shifting
from
paper-based
information to digital documentation, the huge amounts of patient data generated in hospitals and clinics among other healthcare settings can be managed more efficiently through the use of digital technology such as healthcare information management systems, analytical tools, and digital document management systems. The emergence of speech recognition software is considered a key trend for market growth. The report covers topics such as:
The market size in 2020 and the growth rate
Key market trends
Factors driving the market
Challenges to market growth
Key vendors in this market space
Market opportunities and threats the key vendors face
Strengths and weaknesses of key vendors
The market is divided into the Americas, APAC (Asia—Pacific) and EMEA (Europe, the Middle East and Africa) based on geography.
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Research studies such as the above increasingly highlight the significant role played by medical transcription and medical transcription services in the healthcare scenario. Medical records are important from the point of view of patient care and physician reimbursement. These documents need to be highly accurate and according to the Association
for
Healthcare
Documentation
Integrity,
accurate
and
high-integrity
documentation requires collaboration between physicians and the documentation team comprising highly skilled, analytical specialists and transcriptionists who are aware of the significance of clinical clarity and care coordination. This team can ensure accuracy and easily identify errors, inconsistencies and missing information that may compromise patient health and compliance goals. Physician as Dictator – the Ideal Role Ideally, the physician should dictate the notes so that there is no distraction and all aspects of the patient encounter are accurately recorded. While EHR voice-recognition software allows doctors to dictate into the system, the narrated notes as well as the transcripts need to be reviewed for accuracy. Otherwise, errors and inaccurate data may be the result. Here, professional medical transcriptionists can provide efficient support, reviewing and editing the physician’s narrated notes as well as the transcripts created by the software. Medical transcription service companies now provide EMR-EHR integrated medical transcription services to physician groups and hospitals enabling them to maintain timely medical records. A number of physicians continue to use the service of a medical transcription company, dictating their patient notes and getting them transcribed before entering the details into their EHRs. Medical transcription services continue to be an integral part of the medical industry, handling the editing and transcribing of patient encounters and thus enabling healthcare providers to make optimal use of their electronic health record systems.
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1-800-670-2809