Medical Transcription Service Market Overview
The global medical transcription service industry is projected to witness a substantial growth due to the rising focus on automation of healthcare services and increasing adoption of advanced reporting techniques. Additionally, factors such as reliability, portability, and cost-effectiveness are contributing to the growth of the medical transcription service industry. However, growing concerns regarding partial medical transcription services and medical data privacy are hampering the overall quality of medical transcripts, thus restraining the market growth. As such, to make most of the opportunities, companies in the medical transcription service industry are in the need to focus more on growth prospects in the fast-growing segment, while maintaining positions in the slow-growing segments. Also, leveraging real world evidence solution is becoming imperative to access, explore, and analyze vast amount of healthcare data and make strategic business decisions.
Top Markets: North America is considered to be one of the largest markets for medical transcriptions, followed by Europe. The experts at Infiniti Research predict that Asia-Pacific and LAMEA will witness steady growth through 2022.
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Business Challenges Faced
The client is a medical transcription service provider based out of North America. The client faced difficulties in meeting healthcare companies rising demand for secure and specialized professional for quality medical transcription services. Moreover, leading healthcare companies’ search for new ways to trim costs and boost revenue increased challenges for the client. As a result, the medical transcription service provider was finding it difficult to renew contracts with present clients and attract new ones. They were in search of a research partner that could provide the company with accurate information and help them make better investment allocation decisions regarding new technologies and processes. They partnered with Infiniti Research to leverage their expertise in offering real world evidence solution to gain better business outcome and maximize profitability.
With Infiniti’s solution, the medical transcription service provider also wanted to tackle other challenges including:
- Identifying the changing pulse of the North American medical transcription service market
- Moving towards ASP (Application Service Provider) architecture for flexible gain in operational efficiencies
- Identifying processes to securely control and automate information flow between different platforms and staff members
- Developing more compelling value propositions and actionable commercial plans
- Incorporating regulatory changes
- Protecting confidential data from internal and external security lapses
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Our Integrated Approach
The experts at Infiniti Research analyzed the results from secondary research and validated the data on the basis of the findings from 50 industry experts and B2B interviews. Quantitative and qualitative analysis frameworks were applied to synthesize and analyze data. Additionally, region and respondent type-specific insights were gathered to ensure a complete landscape and opportunity mapping.
As a part of the real world evidence solution, the experts integrated healthcare and medical transcription market data to offer the client insights about current medical transcription processes, new technological improvements, and understand changes in future. Also, 200+ surveys were conducted through CATI (Computer Aided Telephonic Interview) with the top medical transcription companies in North America. Also, the experts focused on designing and developing a real world evidence platform.
Technology assessment study was conducted to spot the next technological breakthrough and identify the technologies important for gaining a competitive advantage. In addition, competitive intelligence engagement was conducted to predict the client’s key competitor’s next move and help the client learn from their competitors’ successes and failures. The experts at Infiniti Research also provided the medical transcription service provider with the crucial support needed to upgrade processes to meet its business objective.
Results Obtained
With Infiniti’s real world evidence solution, the medical transcription industry client was able to keep pace with the market uncertainties and revamp strategies accordingly. Also, the transformation towards ASP (Application Service Provider) architecture helped them to enhance the accuracy of the transcribed files. By identifying cost-effective technologies and processes, they were able to embed them in their operations and automate information flow between different platforms.
The experts also helped the medical transcription service provider to embed data management processes in their operations. This helped them to protect confidential data from internal and external security lapses. This subsequently helped the client to improve the quality of their medical transcription services and attract new healthcare companies. In addition, by making better investment allocation decisions regarding new technologies and processes, they were able to cut down on operating costs and increase profits by 23%.
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