Medical transcription outsourcing is very efficiently done in India

Medical transcription basically means the act of translating spoken word of medical reports on a whole into written text. This provides one a complete analysis of the patient and other recorded material. Hiring someone internally, to be solely devoted towards transcription increases overhead costs. This service process needs to be done very accurately and with precision, so outsourcing transcription services to an experienced and reliable company is a good move to most businesses. Outsourcing of transcription process results in a huge operational cost advantage.

The process of outsourcing is the process to hand over work to a third party company. The decision to outsource is often made in the effort to lower the cost or utilizing time in better way or utilizing the capital and resources more efficiently.

The Medical Transcription business is growing by 20% every year whereas the availability of Medical Transcriptionists is falling by 8%. As a direct result the medical companies around the world are now outsourcing the jobs to meet to their high demand of quality transcripts. The present market share particularly of the US medical transcription industry is estimated at US $ 20 billion. The US Bureau of Labor estimates a 51% increase in the need of medical transcriptionists by the year 2011.

India is among the prime countries where Medical Transcription outsourced because of the two very important reasons, one the difference in time zone with countries such as the US and secondly the availability on economic and efficient labor. Medical Transcription outsourcing projects boosted in India boosted nearly 15 years ago. The first of the companies to begin Medical Transcription in India are located in Chennai, Bangalore and Hyderabad. For 15 years, the industry developed immensely, and now we can see many companies that offer medical transcription services in India. All operational general medical transcription is the major share in the Indian market. Now there are various different ways in which transcription services are performed. These include: Internet services, home services, center-based services. The industry also gave rise and support to new industries, such as educational institutions, additional hardware required to support transcription, etc. India, given the high English literacy levels, and the weak rupee, provides the ideal location for conducting Medical Transcriptions. Medical transcription jobs pay very well. At entry level, medical transcriptionists are paid around Rs. 5,000per month, which can exceed to Rs. 20,000 per month within two years. As a trainee, though, you'll get about half of that. There are also additional rewards dangled by some companies, in the form of perks and performance-based incentives.

There are great opportunities at hand, one would be amazed with the number of companies that have already adapted into medical transcription industry in India and at the pace and depth at which this industry has evolved, and cities of India are preparing themselves to tap this huge opportunity. With the rapid change of outlook in Indian healthcare and privatization of the insurance sector, documentation of all patient records will become mandatory in the future. Thus Medical transcription outsourcing will hold a key link in changing and uplifting the Indian job scenario. What the doctors do is hand over their audio records to a company that gives them transcripts in clean and perfect English for filing and reference. Naturally, these companies need people who know the language to do the actual transcriptions, and won't charge them the world! India, given the high English literacy levels, and the weak rupee, provides the ideal location for conducting these transcriptions.

Author:Sharad Gaikwad

Source:http://www.articlesbase.com/