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The Medical Transcription Industry

Edgar Allan D. Bautista, M.D.


MT Industry
• The growing and aging population
worldwide is generating an increasing
need for medical professionals.
– evident in the increasing number of nurses
migrating and working abroad
– The elderly require a considerably greater
number of medical tests, treatments, and
procedures that all require documentation.
– There is also an increased awareness in the
importance of preventive health care.
MT Industry
MT Industry
• Jobs in Transcription
– The United States Bureau of Labor Statistics
projects that employment for medical
transcriptionists will grow faster than the
average for all occupations through the year
2012.
• This growth is the result of the pressure for
hospitals to convert their medical files to electronic
formats in compliance with requirements for
federal certification.
MT Industry
• Jobs in Transcription
– With the Internet becoming secure enough to
handle transmission of confidential health
information, there is an increased demand for
overseas transcription.
– It is estimated that about 47% of the US
medical transcription market is outsourced to
countries like the Philippines.
MT Industry
• Jobs in Transcription
– The US medical transcription industry is
estimated at US$10-20 billion dollars with an
annual growth rate of 13% percent, which also
translates to an additional 150,000 additional
medical transcriptionists needed yearly.
MT Industry
• Jobs in Transcription
– Cornering ten percent of the US market alone
means a P50 billion industry -- at a minimum
-- in just a few years.
– With this figure, medical transcription has
been identified as a priority area in the
Information And Communications Technology
(ICT) development in the Philippines.
MT Industry
• Jobs in Transcription
– It is projected that the medical transcription
industry might be the next employment
generator in the country.
MT Industry
• Jobs in Transcription
– The low labor cost and the English proficient,
IT skilled workers which account for the
popularity of the country as an outsourcing
venue for call centers are the same factors
that make the country viable for medical
transcription.
MT Industry
MT Industry
• However, there is big difference between call
centers and medical transcription.
– While any additional training in a call center would be in
small amounts and would be limited to the product that one
is representing, medical transcription requires intensive
and very specialized training.
– Unlike the common misconception which pegs medical
transcription as purely a data entry job, being a medical
transcriptionist requires certain skills unique to the field.
MT Industry
• Jobs in Transcription
– Another thing that makes the country
particularly attractive for medical transcription
is the advanced and comparatively cost-
efficient telecommunications and business
infrastructure.
– The time difference factor also plays a role in
such instances where there is an immediate
need for results.
MT Industry
• Jobs in Transcription
– With the number of US-based transcriptionists
decreasing at a rate of ten percent yearly,
there is no doubt that the Philippines will
continue to benefit from medical transcription
outsourcing.
– But the country is still under-utilizing the
potential of this IT-enabled service.
Medical Transcription and The
Philippines
Medical Transcription and The
Philippines
• Medical transcription is tagged as the next
bright spot after the call center boom.
• From nine companies in 2001, the industry
has grown to 40 this year.
Medical Transcription and The
Philippines
• The Technical Education Skills
Development Authority (TESDA)
– has already set the guidelines and
requirements for certification in the medical
transcription field.
Medical Transcription and The
Philippines
• The US is outsourcing just 47% of its
medical transcription requirement abroad,
and about 6,700 hospitals have yet to
convert their medical records into
electronic format.
Medical Transcription and The
Philippines
• Within the US, there are an estimated
150,000 medical transcriptionists, which is
below the requirement of 230,000.
• The number of US professionals are
dropping annually due to the rising cost of
medical-related education and an ageing
population.
Medical Transcription and The
Philippines
• Competing with the Philippines in tapping
the US market are India, which now
corners 80% of the outsourced work,
Pakistan, Australia, and Sri Lanka.
• If the country can get hold of even just
10% of the US market, revenues will soar
to more than P50 billion.
Medical Transcription and The
Philippines
• Sustainability of the business relies mainly
on manpower and a direct contact with
hospitals and clinics in the US.
Medical Transcription and The
Philippines
• Companies usually pay their workers
based on the number of characters
encoded or lines.
– Each line, equivalent to 65 characters, is
$0.08 (client-based).
Medical Transcription and The
Philippines
• Some medical transcription companies
easily close shop as they mainly accept
subcontracted work.
• Existing companies in the country are still
faced with the challenge of insufficient
manpower.
• Most companies still impose "work bonds"
that require employees to stay for at least
two years as the training process spans
for three to six months.
Career Development
Solid Industry And Growth Support

• This brings about a tremendous need for


Medical Transcriptionists worldwide.
– $8B to $20B dollars growing at a rate of 13% PA.
– 49,000+ to 150,000+ additional MTs are needed per year
worldwide!
(MTIA Stats-700 lines per
MT per day)
Benefits of an MT career
• Enjoy endless employment possibilities
• A high level of job security, with competitive
pay
• Work in a career field that is interesting,
challenging and prestigious
• Be your own boss
• Work part-time or full time
• Allows for professional and geographic
mobility
Fast Career Growth & High Income Potential

• MT Office Setting

1. Jr. Medical Transcriptionist


• 8,000- 12,000/mo+incentives &
benefits (I&B)
2. Sr. Medical Transcriptionist
• 10,000-14,000 / mo + I&B
3. Editor
• 13,000-18,000 / mo + I&B
4. Proofreader / Team Leader
• 13,000-18,000 / mo + I&B
Fast Career Growth & High Income Potential

• MT Office Setting

1. Shift Leader / Supervisor


• 18,000-25,000 / mo
2. Training Officer
• 18,000-25,000 / mo
3. Account Manager
• 20,000-40,000 / mo
4. Production Manager
• 25,000 - 50,000+ / mo
Fast Career Growth & High Income Potential

• Home Based MT
– Direct Transcriptionist
• Php20,000 to Php45,000 per month depending on skills
and client base
• Some MTs are capable of doing home based
transcription after a year or two of experience in the
MT office.
MT Technology
MT Technology
A. PC operation
B. Workstation equipment in MT
C. Security Issues
D. Ergonomics
E. Electronic reference
F. Other
MT Technology
A. PC Operations
– CPU – Central Processing Unit
Brain of the computer
– Monitors – display
CRT vs LCD
– Mouse – pointing devise
manually –operated used selection equipment
optical vs mechanical
MT Technology
A. PC Operations
– Keyboard – devise to input text
– Additional - Servers
Network Hub
UPS
MT Technology
A. Workstation equipment in MT
– Headphone – mono vs stereo
– Pedal – 2-pedal vs 3 pedal
MT Technology
A. Security issues
– HIPAA of 1996
– Encryption – cipher text
– Stand alone vs Networked computer
MT Technology
A. Ergonomics
– Science used to study the relation
between workers and their
environment
– “ergon” (work) “nomos” (law)
• Seat position
• Chair Height
• Armrest
MT Technology
A. Electronic reference
– Microsoft Word
– Internet
– Software (Stedman's)
– Books (Any medical books)
MT Technology
A. Others
– Speech recognition Technology
– PC Maintenance Plans
Questions
Medical Transcription
Industry
• Growth in Transcripts
– The medical transcription industry calls for
more intensive training in human anatomy
and medical terminology