|
|
|
|
|
The Indian medical transcription outsourcing industry is on its feet again. The latest Nasscom report shows at least 150 companies are engaged in medical transcription in the country. The sector is clocking an annual revenue aggregate of about $240 million (Rs 1,104 crore). There is more to come, what with hike in healthcare costs in the US and increasing regulatory emphasis on digitisation of medical records. Advancement in technology is rapidly changing the global economy and work place. The field of medical transcription has undergone tremendous change because of constant advances in communication and internet technology. Outsourcing medical transcription has proved to be an extremely popular and profitable option for the medical industry. In the last few years, India has shown amazing success in this field. The large pool of IT professionals, the internet revolution and the encouraging policy changes have helped catapult the country to a top position as a quality source of medical transcription services. According to the market intelligence service report of NASSCOM about 120-150 companies are engaged in medical transcription in India, the sector is said to clock annual revenues of about $220-240 million (Rs 1,102 - 1,104 crore). The key question would be why outsource medical transcription to India? There are several advantages which India enjoys: Language - India has a vast pool of English-speaking science graduates. This makes training easier and subsequently, the quality of results delivered is high. Cost savings: The salary of medical transcriptionists in India is considerably lower than that of those in the US or other developed countries. Indian companies can offer highly competitive rates for comparable services. In India, service providers charge between 12-18 cents per line (approximately 65 characters) compared with 15-25 cents per line in the US. Turn-around-time: Turn around time is critical in this industry. Since India is several hours ahead of the US and Europe, medical transcription industries here can offer the natural advantage of quicker turn-around-time. While obviously there is great potential and scope for the growth of the medical transcription industry in India, the companies need to be aware of the sensitivity of the data being handled and protect confidential healthcare and patient information. There is need for stringent laws to be in place, says NASSCOM. Although there is no specific data protection legislation in India equivalent to the US, there are enough provisions in the Information Technology Act to prosecute those violating the stipulated norms. While India does have various factors going in its favour, at the same time, it faces threat from alternate medical outsourcing destinations like Pakistan, Philippines, Sri Lanka, Singapore, China, Mexico, Brazil. Consider the Philippines for example: It has the benefit a huge English-speaking population, a literacy rate of 90 per cent, and has set a target of 25,000 medical transcriptionists by 2010. At present, it is estimated that India-based MT vendors employ around 18,000; by 2010, the numbers are likely to go up to 52,000. Ultimately, if India wants to be a leader in this field, it needs to have a proper training infrastructure in place for prospective medical transcriptionists; project medical transcription as a life-long career; and adhere to professional standards of practice.
|
|
Issue Contents Write to us Subscription Syndication INDIA TODAY |
INDIA TODAY PLUS © Living Media India Ltd |
 |
