I.INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS
Study Reliability and Reporting Limitations
Disclaimers
Data Interpretation & Reporting Level
Quantitative Techniques & Analytics
Product Definitions and Scope of Study
II. EXECUTIVE SUMMARY
1.MEDICAL TRANSCRIPTION INDUSTRY AT A GLANCE…
2.INDUSTRY OVERVIEW
MT Industry Remains Unscathed from Economic Recession
Market Estimates and Forecasts
Outsourcing Gathers Steam
Offshoring Gains Traction
Voice Recognition Technology – A Boon or a Bane
Select US-based MTSOs Deploying Speech Recognition Toolkit
Front-End Solution Application Still in Nascent Stage
Speech Recognition Editing Services Gain Momentum
Gradual Shift to "VBC" based Pricing Model
MT: No Longer the Lone Choice for Creation of Medical Records
Is EMR System Really a Threat for MT Services?
Outlook
3.COMPETITIVE LANDSCAPE
Table 1: US Market for MT Services (2008): Major Service Providers Ranked by Revenues – Cbay Systems Holding Ltd + Medquist, and Spheris (In US$ Million) (includes corresponding Graph/Chart)
Mega Deals – Rampant in MT Industry
4.MEDICAL TRANSCRIPTION OUTSOURCING – A REVIEW
Reasons for Outsourcing MT Services
Outsourced MT Services
Advantages of MT Outsourcing
Drawbacks of Outsourcing MT Services
5.MEDICAL TRANSCRIPTION OFFSHORING
Offshoring – A Lucrative Option to Curb Business Expenses
Offshoring Barriers
Developing Nations – A Haven for MT Outsourcing Services
Top 5 Offshore Destinations Worldwide for MT Services in 2008
6.MARKET TRENDS & ISSUES
The WWW Era Revolutionizes the Medical Transcription Landscape
Online Medical Transcription Provides an Option
Hospitals Favor MT Services as Market Conditions Toughen
More Dictation Options and File Formats Extends Convenience
Training Schools Gain Hospitals Favor
eScription CAMT Usage Increases in Transcription Industry
Demand for Qualified Professionals Accelerates
New Standards for Clinical Documentation
7.MEDICAL TRANSCRIPTION – AN OVERVIEW
Types of Transcription
Types of Transcription Services
Medical Transcription – A Core Component for Enduring Healthcare…
Medical Documentation – A Critical Task
Medical Transcription Services Come to the Rescue
Medical Transcription Process – At a Glance
A Step-by-Step Approach…
A Glimpse of Voice Capturing Equipment/Process
Digital Medical Transcription – A Contemporary Approach
Accuracy – A Critical Factor
What Type of Medical Records are Transcribed?
Medical Transcription Service Specialties
Benefits of Medical Transcription
Disadvantages of Medical Transcription
8.RECENT INDUSTRY ACTIVITY
Transcend Acquires DeVenture Health Partners
Spheris Announces Renewal of Agreement with VHA
DFTCC Forges Partnership with Hubport Group
PNA Selects SpectraMedi for Medical Transcription Services
Clark Holder Clinic Extends Transcription Contract with SpectraMedi
CBaySystems Acquires Majority Interest in MedQuist
Nuance Acquires eScription
CBaySystems Forges Partnership with M*Modal
Spheris Reaches 5-Year Agreement with CHS
C-BaySystems Inks a MoU with UMCT’s MT Unit
Webmedx Acquires M-TEC
Nuance Communication Acquires Philips Speech Recognition
SPi Healthcare Inaugurates New Healthcare Unit
InfraWare Bags New Order for its 360 ASP Platform from Stephens
MD-IT Acquires MedTrans Unlimited
Superior Global Solutions Completes Acquisition of Proveros
Accentia Acquires Three US-based BPOs
Amerinet and Acusis Sign Agreement
MedCom Acquires PayMed and AMSS
Intivia Airs Plans to Extend its Operations
Prudential Consulting Garners $1 million Loan
Medware Partners with CHS
NewSpring and Altaris Acquires Controlling Stake in Precyse
CBaySystems Inks a Vital Agreement with MedQuist
VIVA Corp. Adopts New Identity
Nuance Communications Acquires Focus Infomatics
Transcend Services Acquires OTP Technologies
CBaySystems Signs Deal with GNYHA Services
iMedX Acquires Tidewater Transcription Services
Acusis® Acquires Digital Records Corporation
Webmedx Acquires Transhealth
iMedX Acquires MR Transcription
Companion Technologies Acquires Smart Document Solutions
McKesson Acquires Physician Micro Systems
MD-IT Takes Over SecureMTSource
Software Paradigms Completes Acquisition of COMAT Technologies
MD-IT Acquires S.O.A.P. Medical Transcription
WiFiMed Holdings Acquires JMJ Technologies
wordZXpressed Acquires Avaz Group
MD-IT Acquires Northeast Transcription
Bhilwara Scribe Acquires two BPOs
CBay Systems Buys Suyash Software
ExhibitOne Completes Acquisition of Simple RTS
PHNS Signs Supply Deal with a Medical Center in Mount Clemens
MD-ITAcquires DataKey MT
Iron Mountain Acquires ArchivesOne
MedQuist Partners with AAMT to Create Dictation Guideline Toolkit
Spheris Acquires Vianeta Communications
Nuance Acquires Dictaphone
Heartland and Spryance Merge Transcription Businesses
Worldtech Acquires Statdata
Infovision Acquires Transcription South
MD-IT Acquires MediTranscripts
Vemics Acquires NuScribe
SPI Technologies Acquires CyMed
MD-IT Acquires Trans Med Plus
PracticeXpert Divests its Transcription Business Division
MedQuist Signs a Licensing Deal with De-ID Data
Worldtech Acquires Associated Transcription Services
Scribe Inc. Adopts New Corporate Identity as "Scribe Healthcare Technologies"
Spheris Acquires Avicis/HealthScribe India
9.SERVICE/PRODUCT LAUNCHES
InfraWare Develops Latest Editions of Medical Transcription Software
VIVA Transcription Upgrades Client Interface
Scribe Healthcare to Deploy AHDI BenchMark Knowledge Base™
GMR Transcription Launches a Secure Version of its Website
CLINICARE Augments its Service Offerings
CBaySystrems Introduces Kyps, a new Web-Based PMS
InfraWare Introduces New Edition of InfraWare 360 Platform
Scribe4you.com Introduces Dictation Transcription Solutions
Nuance Introduces Voicemail-to-Text Service
Scribe Offers Clinical Dictation and Transcription Platform for Free
VIVA Launches Dial-In Dictation System
Scribe Unveils Scribe MD Platform, a Unique Medical Documentation System
InfraWare to Test Latest Dictation Recognition System
Remote Operations Introduces Value-Added Features for Medical Transcription Clients
MedQuist Launches Ovation Voice Capture Platform Version 1.1
Scribe Introduces New MT Platform
GMR Transcription Launches New Website
MxSecure Launches a User Friendly and Customer Focused Website
Spheris Unveils New Modules of Clarity™ Platform
Scribe Healthcare Introduces EZ Dictate
OmniMD Unveils Practice Portal Services
Nuance Launches Dragon™NaturallySpeaking® Medical Version 9
Spantel Launches Hospital Direct™
Spheris Launches Clarity™ Technology Platform
CBaySystems Launches CBayFlo VoiceDirect
MedQuist Introduces Next Generation Dictation Technology Solution
SoftMed Systems Introduces ChartScript® ASP
MedQuist Introduces DocQsign(TM) Electronic Signature Module
MedQuist Introduces PhysAssist IQ™ Enterprise
MedQuist Introduces New Edition of SpeechQ for Radiology™
MedQuist Introduces an Enhanced Mobile Dictation Solution
10.FOCUS ON SELECT PLAYERS
Acusis India (India)
Audio Dicta Transcription Services (Philippines)
C-Bay Systems Holding Ltd. (USA)
CBay Systems (India) Pvt Ltd. (India)
CKar Systems Pvt. Ltd. (India)
MedQuist, Inc. (USA)
Care Technologies India Private Ltd. (India)
Etransmed Medical Transcription (USA)
Global eBusiness Outsource, Inc. (Philippines)
iMedX Information Services Pvt. Ltd. (India)
IQ West Outsource Technologies Corp. (Philippines)
MxSecure, Inc. (USA)
Nuance Communications (USA)
Rapid Data Services LLC (Philippines)
Scribe, Inc. (USA)
Spheris, Inc. (USA)
Spheris India Pvt. Ltd. (India)
Top Outsource Performance, Inc. (Philippines)
Total Transcription Solutions, Inc. (Philippines)
TransDyne (India)
Transmedic Outsourcing Philippines, Inc. (Philippines)
Vennar Soft Systems Pvt. Ltd. (India)
Webmedx, Inc. (USA)
World Tech U.S.A., Inc. (USA)
11.GLOBAL MARKET PERSPECTIVE
Table 2: World Recent Past, Current & Future Analysis for Medical Transcription Services by Geographic Region – US, and Rest of World Markets Independently Analyzed with Annual Revenues in US$ Billion for Years 2005 through 2015 (includes corresponding Graph/Chart)
Table 3: World 10-Year Perspective for Medical Transcription Services by Geographic Region - Percentage Breakdown of Revenues for US, and Rest of World Markets for 2006, 2009 & 2015
III. MARKET
1.The United States
A. Market Analysis
Table 4: US Market for MT Services (2008): Major Services Providers Ranked byRevenues – Cbay Systems Holding Ltd + Medquist (Cbay Systems Holding Ltd. and MedQuist Inc.) and Spheris (In US$ Million) (includes corresponding Graph/Chart)
Mounting Healthcare Spending Offers Robust Opportunities
Table 5: US Healthcare Spending: Percentage Share Breakdown of Expenditure by Service/Product Type – Hospital, Clinical/Physician Services, Dental Services, Home Health, Nursing homes, Prescription Drugs, Durable Medical Equipment, and Others (includes corresponding Graph/Chart)
HIPAA Directive for Privacy of Critical Patient Data
Medical Transcription Industry Resilient to Economic Recession
The Changing Dynamics of Medical Transcription Industry
US Unearth Outsourcing Opportunities
Table 6: US Providers (*) Spending on Healthcare Outsourcing (2003-04): Percentage Share Breakdown of Expenditure by Process - Medical Billing, Medical Coding, and Medical Transcription (includes corresponding Graph/Chart)
Offshoring – A Newfound Buzz…
Drivers of Offshoring in a Nutshell
Why India is the Best Offshore Destination for MT Services?
Philippines - "The Second Offshore Destination of Choice"
How Cost Savings are Possible?
Health IT System Unfolds New Opportunities for BPOs
Measures to Mitigate Employee Deficit
Opportunities Galore for Aspiring Transcriptionists
Strategic Corporate Developments
Service/Product Launches
Select Players
B. Market Analytics
Table 7: US Recent Past, Current & Future Analysis for Medical Transcription Services – Annual Revenues in US$ Billion for Years 2005 through 2015 (includes corresponding Graph/Chart)
Table 8: US Recent Past, Current & Future Analysis for Medical Transcription Services by Service Type – In House Services, and Outsourced Services Markets Independently Analyzed with Annual Revenues in US$ Billion for Years 2005 through 2015 (includes corresponding Graph/Chart)
Table 9: US 10-Year Perspective for Medical Transcription Services by Service Type – Percentage Breakdown of Annual Revenues for In-house Services and Outsourced Services Markets for 2006, 2009 and 2015
2.Rest of World
A. Market Analysis
Asia Pacific
India – The Global Powerhouse for MT Services
Key Destinations
Growth Proponents
New Lease of Life for MT Industry
A Quick Look at the Industry Structure
MT Industry Immune to Global Economic Melt Down
Home-Based Transcription Sector Gaining Traction
Local Government Drive Market Growth
Frenzied Competition Ahead for India
Philippines – A Destination for High-Quality MT Services
High Growth on Cards
Growth Drivers
Growth Restraints
What Makes Philippines an Attractive Choice?
Philippine government Measures to Brace MT Industry
HIPAA and AAMT Standards – A Key Performance Measure
Nursing Graduates Switch Role
Lack of Aggressive Promotion Perturbs MT Industry
MTIAPI – A Major Promoter of MT Services
Planned Initiatives for MT Industry Evolution
Service/Product Launch
Strategic Corporate Developments
Select Players
B. Market Analytics
Table 10: Rest of World Recent Past, Current & Future Analysis for Medical Transcription Services – Annual Revenues in US$ Billion for Years 2005 through 2015 (includes corresponding Graph/Chart)
IV. COMPETITIVE LANDSCAPE
Total Companies Profiled: 344 (including Divisions/Subsidiaries - 355)
Region/CountryPlayers
The United States
Canada
Europe
The United Kingdom
Asia-Pacific (Excluding Japan)