Medical Transcription is the process of transcribing medical audio files into formatted reports. In Western countries especially in the US, the entire healthcare industry is based on insurance and detailed medical records form the basis for processing insurance claims. Medical practice is also bound by a very strict code of ethics and statutes. These statues have to be adhered to very strictly since any mistakes can lead to multi million dollar lawsuits. Transcription services range from small, one-person home-based businesses to sophisticated, high-tech corporations which employ transcriptionists. Some medical transcription services now employ both 'on-site' and home-based medical transcriptionists.
Since Doctors are very highly paid and busy professionals with very little time to spare, they usually dictate their medically oriented reports into computers or other voice recording device. These dictated reports are heard and converted into soft copy format by entering them on computer. The process of conversion of dictated medical report into soft copy format by entering the dictated data into a computer using a word processing program is known as medical transcription. Medical Transcriptionist is a person who assists physicians and specialty surgeons usually by transcribing, formatting, and proof reading their dictated medically oriented report of a patient's health history. In the recent past, the entry of private insurance companies and expansion of healthcare sector has also led to use of this service in the country. Professionals trained in this IT-enabled service are, thus in high demand.
This career provides unlimited intellectual challenge and the opportunity to make a unique contribution to quality patient care service. Health care is a rapidly growing field and the demand for high quality documentation is ever increasing. The profession provides a high level of job security and skilled medical language specialists can earn a fairly good amount for their services. Moreover with the web technology growing at a phenomenal speed there is no stopping the future of medical transcription.
There are lots of options available in the field of medical transcription. One may choose to work from home whereas the other option would be to work outside your home in a hospital or for a medical transcription service. Other options include working in a doctor's office, insurance company, attorney's office, or a company marketing medical products or a medical book publishing company.
The Philippines is the preferred offshore location after India when it comes to outsourcing medical transcription work to Asia. MTIAPI or The Medical Transcription Industry Association of the Philippines, Inc. is a non-stock, non-profit industry organization recognized by the Philippines government and its BPO industry, with the following objectives. Promote the outsourcing of medical transcription services. Promote the development and education of individuals and corporations with respect to healthcare information and management. Organize any lawful activities within the purposes for which a corporation may be organized under the Securities and Exchange Commission.
The Philippines has the distinct advantage of having a vast pool of English speaking people. It is actually the third largest English speaking country in the world and also the second largest American English speaking country in the world with a literacy rate of almost 94%. It also has the advantage of having the much preferred 12 hour time difference with the United States. The Philippine government had recently announced that Philippines medical transcription companies have won medical transcription and medical coding contracts with American clients. The Philippines also has registered medical transcription training program institutes like The MTC Academy (MTCA) that provides the latest medical transcription training software and reference materials that are currently being used as industry standards within the United States.
Outsource Strategies International (OSI) is a US based BPO service provider offering professional solutions in domestic as well as offshore medical transcription (from both India and The Philippines), medical coding and medical billing. Undoubtedly, the Philippines being in the Third World country is sharing a big slice in the success of the business process outsourcing (BPO) industry. The outsourced voiced-based (or call center) remain strong in generating millions of revenue for the country over the past years. And speaking of it, India was the center of the growth in outsourcing but the Philippines is lobbying seriously to gain the paradigm shift in the outsourcing. When it was introduced in the country, it became emerging industry offering systematic technology and never-ending opportunity to the workers. The BPO in the Philippines is attributed in the offshore market raking a total of $25.6 billion in 2006, landing third between India and China.
The growth in the Philippine call centers is fueled because of the high-end quality contact centers offering different services such as Web design, medical transcription, software development, legal services, animation, and other shared services. The call centers have the largest portion sector because of the fluency in the English language. In maintaining the industry, the National Government continues to offer fiscal and non-fiscal incentives to attract locators to outsource their business in the country. The details of this contract is written under the 2006 Investment Priorities Plan, which was formulated by the Board of Investments (BOI), as the lead agency in promoting investments, focused on the sectors identified in the Medium-Term Philippine Development Plan.
The local government units in the Philippines promote their respective cities to the foreign investors that it's viable to put up centers in their area not only in the mainland city. BPO centers are found in the cities of Lipa, Baguio, Dagupan in Luzon; the cities of Cebu, Bacolod, Dumaguete, Iloilo in Visayas region; and the cities of Davao, Cagayan de Oro in Mindanao. The Philippines is among of the offshore "centers of excellence" in Asia Pacific alongside its fellow Asian countries which are India and China. The country is recognized to be good in the inbound and outbound call centers which satisfy the customers worldwide because of its strong English speaking people. It was reported that the Asia Pacific regions topped the as the best destination for medical transcription and placed second in terms of the BPO market solutions. It cannot be denied that studies spearheaded by private sectors classified the Philippines as the center of excellence in service providers for the outsourcing. In the next following years, the programs of the National Government like providing scholarship and allocating budget in the trainings to the near hire applicants will add as manpower in strengthening the workforce of the country's outsourcing sector.
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