Medical transcription firms go through rough patch

MANILA, Philippines -- If there is one business that has been relatively spared by the tripling of crude oil prices and the consequential runaway costs of almost all other commodities including rice and similar food grains, it is the medical transcription industry.

“People -- and Americans are no exception -- still get sick,” says Mila San Juan, managing director of Med Script (MS) Corp., a medical transcription company with its manpower operations center in the country, but with networking relationships in the US.

American doctors and medical care facilities continue to rely on medical transcription as an enabler of public health and safety, requiring patients’ health records to be digitized for easy referencing.

Unmindful of the economic crisis brought about by the multi-billion dollar credit collapse of its housing sector, the demand for medical transcription services in the US continues to grow at double digit pace, last estimated at 18 percent yearly.

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Medical transcription firms fear further US dollar decline

MANILA, Philippines -- Despite a huge potential market in the United States alone, the medical transcription industry is challenged by the lack of qualified workers and the continued depreciation of the US dollar.

According to the Medical Transcription Industry Association of the Philippines (MTIAPI), the medical transcription or MT market in the US alone is valued at $18 billion. The Philippines, though, serves only one percent of the total outsourced market.

MTIAPI has set a revenue target of $110 million this year and by increasing the country's market share even just three percent, the industry estimates $254 million in less than three years.

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US medical transcription firm confident with RP business

MANILA, Philippines -- US medical transcription services provider MXSecure is optimistic of the Philippines' potential contribution in the global dollar medical transcription industry.

The company, which is strengthening its presence in the Philippines, already has 15 Philippine transcription firms that provide services to American clients. However, its main concern now is to increase the performance level requirements that would place the country in the medical transcription outsourcing map.

MXSecure Global Operations Director Arlene Dicks said the Philippines still has to take some time to develop its transcription skills, particularly in the area of listening to voice records, typing and most importantly, language.

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Legitimate Online Medical Transcription School

If you're thinking about enrolling in a medical transcription school but can't fit classes into your schedule, you might want to consider learning from an online school. To do this you need to know how to find a legitimate online medical transcription school.

A legitimate online medical transcription school will offer the same type of classes as a brick-and-mortar school. For example, a legitimate online medical transcription school will offer courses in medical terminology, anatomy, physiology, and ethics. Other courses a legitimate online medical transcription school will offer will include laboratory tests, medical procedures, and transcription formatting.

You will find some online schools in any field that will give a diploma or certificate for very little effort. Medical transcription takes a lot of memorization, which takes time. You must also get used to medical terminology. A legitimate online medical transcription school will not advertise how quickly you will be ready to work. It will focus on teaching you the job well.

A legitimate online medical school will also allow you to talk to graduates for references. Make sure you don't skip this step. A legitimate online medical transcription school will require extensive transcription practice, and graduates can tell you if this is really what happened.

Don't choose to learn online because you think it will be easier than learning at a traditional school. A legitimate online medical school will be just as tough as any other school. The goal is to learn how to do your job right. A legitimate online medical school has to teach you what any other school teaches to prepare you for a job.

It is easier than ever to learn medical transcription through online courses. Just make sure you pick a school that offers the courses you need, and follow through with references. If you are certain that the coursework is comprehensive and the course will last at least a year, you are probably looking at a legitimate online medical school. Though the work will be tough, you will probably be glad you learned this way.

Source : http://www.askthemt.com/

Modest Acquisition Helps Medical Firm Remake Itself

What a difference an acquisition can make.

Business improved dramatically after the struggling medical transcription firm Transcend Services (NASDAQ:TRCR) TRCR bought a small rival two years ago that was run by a mother-and-daughter team.

That's because Transcend decided to copy the mother and daughter's successful business strategy.

Their strategy relied heavily on building personal ties with hospitals and other medical customers. From satisfied customers, their Florida-based firm -- Medical Dictation Inc., or MDI -- got lots of word-of-mouth advertising and plenty of referrals.

Like other medical transcription firms, Atlanta-based Transcend transcribes and edits physician-dictated medical records. In the U.S., it's a $5 billion to $7 billion industry with many small mom-and-pops.

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