Why medical transcription is a recession proof job?

Education, environmental, health care and energy sector are understood as recession proof sectors. The need of health care services is never going to decline. Rather it will increase year on year. Medical transcription being a part of health care industry is recession proof job to be in and has a bright future.

Effect of recession on home medical transcription

This recession will have positive impact home medical transcription (HMT). Most of the US companies are moving towards “home based medical transcription” in order to minimize their fixed cost. Even in India many of the permanent transcriptionist have started doing home based transcription to make extra money.

Voice recognition technology has challenged the traditional way of medical transcription. But due to recession the companies who were planning to buy such application won’t do it now, as it requires huge investment. And now no one has that money to pump into it.

Hence the home medical transcription is right formula for medical transcription service organization (MTSO) to reduce cost, thus giving advantage to transcriptionist.

The fight between legacy Medical Transcription and Voice recognition technology has been for several years. However, the usage of speech recognition technology has increased in medical transcription industry, but it’s not capable of replacing a traditional medical transcription.

The companies using voice recognition technology (like Dragon) transformed the life cycle of medical transcription report and changed the work style of transcriptionist too.

The growth is voice recognition is directly proportionate to growth in home based medical transcription. As the rough draft are readily available with the voice file to be transcribed.

Though correctness of the rough draft varies from physician to physician. A dictator who has good command on English and doesn’t re-phrases the dictated sentence can get 80 to 90 % of correct drafts. Still such accurate reports needs to be proof read. Hence doesn’t eliminate the need of the transcriptionist.

Maybe sometime in the future someone will invent voice recognition technology that can handle all the above issues. Till then businesses will need to use transcription services, particularly for work like medical transcription, where accuracy is critical.

The simplest definition of Transcription is conversion of voice to electronic text form. Medical Transcription is an IT enabled service that requires specialized skills in utilizing Information technology in converting the voice data of the doctors who are in the US, consisting of patient history and medical advises into electronic documents. Medical transcription as an industry in India has shown very encouraging growth providing employment for millions of Indian youth, as well as business opportunities. Medical transcription is one of the fastest-growing professions in the country today, notifies the U.S. Department of Labor. It is ranked #14 in the top 25 professions and is ranked as a #1 home based MT career. The continuous growing demand for medical transcriptionists is attributed to a growing and aging population. Older age groups receive greater numbers of medical tests, procedures, etc. This growing demand is also spurred by the need for electronic documentation that can be easily accessed by providers, third-party payers, consumers, etc.