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The US Medical Transcription Industry: Perspective on Outsourcing and Offshoring Product Image

The US Medical Transcription Industry: Perspective on Outsourcing and Offshoring

  • ID: 337265
  • May 2006
  • Region: North America, United States
  • 88 Pages
  • ValueNotes

FEATURED COMPANIES

  • Accel bpo
  • Cbay
  • Elite Transcript Ltd.
  • Isource
  • NYDO
  • Selectronic
  • MORE

Currently, medical transcription offshoring from India generates USD 195 million in revenues; and is expected to reach USD 647 million by 2010.

The medical transcription outsourcing grabbed a lot of media attention in India during 1995 - 97, well before 'BPO' became a household term. People were excited about the huge opportunity that India had hit upon. However, the industry witnessed a rough patch around 2000. Today, the USD 195 million strong industry is silently supplying to the USD 12 billion medical transcription industry in the US.

We have classified vendors into three primary groups:
- Indian units of large US players - Typically comprise American companies or Medical Transcription Service Organizations (MTSOs) who have successfully set up their transcription centers in India. The large players include CBay, Spheris, Spryance, Acusis and Heartland. These large players account for almost 70 percent of Indian medical transcription offshoring revenues.
- Mid-sized players - There are a number of medium sized players (< 500 employees) in India. Most of them work as franchisees or vendors of the larger players and have limited marketing presence in the US.
- READ MORE >

FEATURED COMPANIES

  • Accel bpo
  • Cbay
  • Elite Transcript Ltd.
  • Isource
  • NYDO
  • Selectronic
  • MORE

1. EXECUTIVE SUMMARY

2. Medical Transcription: What & Why?
2.1 How does the process work?
2.2 Offshoring drivers

3. Medical Transcription Service Buyers
3.1 Who are the buyers?
3.2 MTSOs…. Vendor as well as buyer of medical transcription services
3.3 Estimated industry size
3.4 Buyer behavior…. Negative perceptions of offshoring

4. Tapping into Global Resources
4.1 Offshore / Nearshore Destinations
4.2 Philippines…the closest competitor!
4.3 India Advantage

5. Early India Evolution
5.1 Boom - Bust - Revival
5.2 Indian medical transcription industry… Revival!

6. Competitive Landscape: Indian Vendors
6.1 Industry Structure
6.2 Varying business models of leading vendors
6.3 Analysis of business models
6.4 Medium sized players are typically multiservice providers
6.5 Large sized players employ over 65% of the manpower
6.6 Billing Rates
6.7 Bangalore…the MT hub of India!
6.8 Where does Indian vendor get work from?
6.9 Comparative analysis of leading vendors
6.10 Key Industry Issues

7. TRENDS, INSIGHTS & PROJECTIONS
7.1 Opportunity for India
7.2 MTSOs with offshore centers will reign
7.3 Indian Offshoring Growth Estimates
7.4 Consolidation
7.5 Growth of home based transcriptionists
7.6 Value Chain
7.7 Threat from 'Voice recognition' technology

8. COMPANY PROFILES
Acusis
CBay Systems
Focus Infosys
Heartland
MedQuist
Spheris
SPI Technologies
Spryance

9. DIRECTORY OF MEDICAL TRANSCRIPTION SERVICE VENDORS IN INDIA

10. ABOUT US

Table of Figures
Figure 1: The Process
Figure 2: Medical Transcription Employment Break-up
Figure 3: Industry Structure
Figure 4: Establishments in health services, 2004
Figure 5: Buyers
Figure 6: MTSOs in the US
Figure 7: Major MTSOs in the US
Figure 8: Industry break up
Figure 9: Comparison of Destinations
Figure 10: Comparison of Destinations
Figure 11: India and Philippines
Figure 12: Major vendors in Philippines
Figure 13: Wage comparison: India and US
Figure 14: India Talent Pool
Figure 15: Boom - Bust - Revival
Figure 16: Expansion plans announced by large players
Figure 17: Industry Structure
Figure 18: Comparative Analysis of Leading Vendors
Figure 19: Franchisee Model: CBay
Figure 20: HBT Model
Figure 21: Comparative Analysis of Business Models
Figure 22: Services offered by leading vendors
Figure 23: Employment: Large players vs. Smaller players
Figure 24: Revenue break-up
Figure 25: Type and typical turnaround time
Figure 26: Citywise Concentration
Figure 27: HIPAA, Clients and Global presence
Figure 28: Buyer segmentation for offshoring
Figure 29: Comparative Analysis of Leading Vendors
Figure 30: Marketing Presence
Figure 31: Cost structure
Figure 32: The Opportunity Size (for 2010)
Figure 33: Estimated Revenue Growth by 2010
Figure 34: Estimated Employee Growth by 2010
Figure 35: Value Chain

FEATURED COMPANIES

  • Accel bpo
  • Cbay
  • Elite Transcript Ltd.
  • Isource
  • NYDO
  • Selectronic
  • MORE

“Significant growth is envisaged for this industry in the near future; mostly centered around Medical Transcription Service Organizations (MTSOs)”, says Arun Jethmalani, CEO.

Medical transcription outsourcing grabbed a lot of media attention in India during 1995 - 97, well before ‘BPO’ became a household term. People were excited about the huge opportunity that India had hit upon. But the industry witnessed a rough patch around 2000.

Today, the US$195 million strong industry is up again, and silently supplying to the US$12 billion medical transcription industry in the US. There has been a systematic ramp-up and a steady flow of business.

With high costs and manpower constraints in the US, MTSOs with proven offshore capabilities will be in an advantageous position in future. This group is rapidly acquiring offshore capabilities in India. According to analyst Neeraja Kandala, “the industry will witness greater consolidation, with large American MTSOs eyeing the smaller Indian offshore vendors”.

As per a recently released report “The US Medical Transcription Industry: Perspective on Outsourcing and Offshoring”, medical transcription offshoring from India currently generates US$195 million in revenues; and is expected to reach US$647 million by 2010.

We estimate the current employment among India-based medical transcription vendors to be approximately 18,000 and expects this to grow to 52,000 by 2010.

Vendors can be classified primarily into three groups:
· Indian units of large US players – Typically comprise American companies who have successfully set up their transcription centers in India. The large players include CBay, Spheris, Spryance, Acusis and Heartland. These large players account for almost 70 percent of Indian medical transcription offshoring revenues.
· Mid-sized players - There are a number of medium sized players (< 500 employees) in India. Most of them work as franchisees or vendors of the larger players and have limited marketing presence in the US.
· Smaller players – There are a large number of such small players with <50 employees. These players are subcontractors to the other two groups and suffer from unreliable revenue flows.

The report provides an overview of the buyer scenario and an in-depth analysis of the Indian vendor space along with profiles of major industry players. It is based on secondary data as well as extensive interviews with key people at various medical transcription outsourcing companies in India.

- Cbay
- Spheres
- Heartland
- American Hospital Association
- Medical Group Management Association
- Medicare
- Medicaid
- Spryance
- Acusis
- Medquist
- Medscribe
- Transcend Services
- Edata Services
- Global Data Processing
- Mt Link Asia
- Northen Transcription Works
- Total Transcription Solutions
- Transkripsyo
- Spi Healthcare Documentation
- I-Xcel Master Outsourcing
- Digitrans Japan
- RND Soft
- Iridium
- GLT
- Saral Software Solutions
- Seyyone
- Comat Technologies
- Thunga Software
- Thuriam
- Vee Technologies
- Focus Infosys
- Transdyne Medware Apollo Healthstreet
- Waveline Infoway
- Pradot Technologies
- Scriptacom Bposystems
- Innosoft Technologies
- Transcriptionists India
- Ajuba
- Acc-Swift
- Scriptacom
- Spectramedi
- Ascent Transcription Services
- Atpune
- Drish Infotech
- Hexlogicals
- Kgsil
- Selectronic
- Isource
- Digimetrix
- Concorde
- Accel bpo
- ACMESee Yess Softtech
- Acris Infomatics
- Ads Solutions
- Amadeus Technologies
- Amity Solutions
- Aztek System
- Beta Software Technologies
- Billcorp
- Blue Matrix Software Consultancy
- BVS Trans Tech
- Care Technologies India
- Cistron Transcript
- CROSS CONNEXIONS
- Destiny Infotek Ltd.
- Dhooran Conversion Solutions & Services
- DHS Infosystems
- e-Dictate
- e-DS Solutions
- Elico Limited
- Elite Transcript Ltd.
- Espire Infolabs
- Excellence Tech
- Fore Transcriptions
- Giltedge Infotech Services
- Global Meditrans
- Grace
- InHouse Production Unit
- Kain Scribes
- Katwa Infotech
- Manjushree Infotech
- Med-Dox
- Medusind
- Mrecord
- RNTC
- NYDO
- Pentagon
- PPTS
- Promantra Synergy Solutions
- RelyServices
- Ritz Transcription
- RSB Systems
- SAS Webformica
- Selectronic
- Shriram CyberTech
- Speech2text Medical Solutions
- Techno Noble Infoway
- Transfront Solutions
- UNI-SCRIP
- Vennar Soft
- Vianet Technologies

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