Translation and Transcription Process | Medical Transcription Service Company


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Translation and Transcription Process | Medical Transcription Service Company

  1. 1. UNDERSTANDING MEDICAL TRANSCRIPTION BUSINESS IN INDIA WITH GAINS AHEAD “ The learning and knowledge that we have, is, at the most, but little compared with that of which we are ignorant.” Plato © Copyright Gains Ahead
  2. 2. MEDICAL TRANSCRIPTION OVERVIEW <ul><li>Medical Transcription, also known as MT, is an allied health profession which encompasses the process of transcription or converting voice-recorded reports as dictated by physicians and/or other healthcare professionals into text format for various medico-legal purposes </li></ul>© Copyright Gains Ahead
  3. 3. NEED FOR PATIENT CARE DOCUMENTATION <ul><li>A medical report is a permanent medico-legal document that formally states the results of a medical investigation </li></ul><ul><li>Report is created to comply with laws and serve in support of an insurance claim </li></ul><ul><li>Transcribed record is more legible and accurate documentation </li></ul><ul><li>To facilitate communication among healthcare professionals </li></ul><ul><li>Aid and advance the science of medicine </li></ul>© Copyright Gains Ahead
  4. 4. CURRENTLY THE SERVICE IS BEING PROVIDED BY <ul><li>Casual Transcriptionists working from home or home office </li></ul><ul><li>Medical Transcription Companies </li></ul><ul><li>Medical Transcription Departments at the Hospitals/Clinics </li></ul><ul><li>*Both by domestic and outsourced resources </li></ul>© Copyright Gains Ahead
  5. 5. THE PROCESS <ul><li>Dictations are recorded via hand-held devices (recorder) or telephone connected to computer; the computer records the entire dictation </li></ul><ul><li>Dictations transferred via internet using file transfer protocol, email or any other suitable transfer method </li></ul><ul><li>Reports are transcribed in suggested format (usually word/doc format) </li></ul><ul><li>Transferred back via internet either through secured file transfer protocol system or any other suggested method </li></ul>© Copyright Gains Ahead
  6. 6. THE PROCESS © Copyright Gains Ahead
  8. 8. ALLIED SERVICES © Copyright Gains Ahead Document Management Medical Billing and Coding Scanning and Indexing Appointment Scheduler Patient Reminder Services Lab Order Integration MEDICAL TRANSCRIPTION
  9. 9. MARKET SIZE <ul><li>A broad estimate, the market size is of 10 to 25 billion US dollars annually (source www. </li></ul><ul><li>Growing steadily by 15% each year </li></ul><ul><li>India’s share is roughly over 200 million USD per year </li></ul><ul><li>Capturing less than 2% of the overall size of the US market </li></ul><ul><li>Tremendous opportunity waiting to be tapped </li></ul>© Copyright Gains Ahead
  10. 10. THE INDIAN EDGE – COMPETATIVE ADVANTAGE <ul><li>Indian wages – as low as 1/8th of those in US </li></ul><ul><li>Large pool of English speaking population </li></ul><ul><li>Around 12-hour of time zone difference </li></ul><ul><li>Growing steadily by 20% each year in India </li></ul><ul><li>Good conversion value </li></ul>© Copyright Gains Ahead
  11. 11. WHAT INDUSTRY EXPERTS HAVE TO SAY? <ul><li>HEALTHCARE BPO HAS GOOD FUTURE </li></ul><ul><li>Deccan Herald </li></ul><ul><li>Indian BPO companies will be able to grab business worth $800 million from US healthcare companies alone </li></ul><ul><li>Demand for healthcare outsourcing has also been seen in European countries like Germany and France </li></ul><ul><li>Till date, USA is the biggest market for healthcare outsourcing but now even the UK based companies are trying to follow the suit </li></ul><ul><li>India's inherent strength is the quality of our human resource pool </li></ul>© Copyright Gains Ahead Experts taken from articles published under NASSCOM media room press coverage
  12. 12. UP AND RUNNING The Hindu Business Line eworld <ul><li>The Indian medical transcription industry is on its feet again and appears to have learnt from past mistakes </li></ul><ul><li>At least 120-150 companies engaged in medical transcription in India </li></ul><ul><li>The sector is clocking an annual revenue aggregate of about $220-240 million </li></ul><ul><li>According to the AAMT, the global medical transcription pie is estimated to be anywhere between $12 billion and $20 billion, with the US being the largest market </li></ul><ul><li>Only 50-60 per cent of the US transcription market gets outsourced </li></ul><ul><li>Approximately 10 per cent is offshored to countries such as India and the Philippines </li></ul>© Copyright Gains Ahead Experts taken from articles published under NASSCOM media room press coverage
  13. 13. MEDICAL TRANSCRIPTION BACK IN THE PINK Sujata Dutta Sachdeva, The Sunday Times Of India <ul><li>Since 2004, the sector has slowly but steadily worked its way up </li></ul><ul><li>It generates revenues worth $195 million </li></ul><ul><li>The figure is expected to go up to $647 million by 2010, according to ValueNotes study </li></ul>© Copyright Gains Ahead Experts taken from articles published under NASSCOM media room press coverage
  14. 14. MEDICAL TRANSCRIPTION INDUSTRY RACING AHEAD Sapna Agarwal, Business Standard <ul><li>The $250 million lean medical transcription (MT) industry in India is racing ahead to grab a major slice of the global $12 billion pie  </li></ul><ul><li>As per a NASSCOM report, MT will become the fourth largest foreign exchange earner in the next five years </li></ul><ul><li>With six to seven strong contenders and 200 serious players in all, the employment potential of the industry is huge </li></ul><ul><li>The MT service in India has generated over 20,000 jobs and will add at least 25 per cent more jobs per year </li></ul>© Copyright Gains Ahead Experts taken from articles published under NASSCOM media room press coverage
  15. 15. RISKS AND ISSUES <ul><li>Entry Barrier – Difficult to penetrate US market because of high marketing costs </li></ul><ul><li>Quality Concerns – Attention to quality is the only way of building and maintaining trust in the market, even price conscious and pricing competitiveness alone will not ensure success </li></ul><ul><li>Labor Dependent – The business is manpower dependent, needs excellent human resource and management skills </li></ul><ul><li>Strong rupee value </li></ul><ul><li>Political and destabilizing factors </li></ul><ul><li>Perceived threat from intelligent voice recognition software </li></ul>© Copyright Gains Ahead
  16. 16. CONCLUSION <ul><li>This no doubt is an attractive project since it is not only hugely profitable, but also presents much potential for scaling up substantially. The threats and issues mentioned seem infinitesimal in comparison with the benefits, profitability, and huge potentials. The infrastructure for this project can also be used for allied services </li></ul><ul><li>Expert guidance is essential to integrate technology, infrastructure, training, and for procuring business. </li></ul>© Copyright Gains Ahead
  17. 17. INTRODUCTION – GAINS AHEAD <ul><li>Gains Ahead is a specialized Transcription Consultancy and Outsourcing Solutions Company that envisioned and pioneered in creation of the flexible transcription business and service practices that today enable transcription business providers and transcription service seekers to operate more efficiently and to produce more value. </li></ul>© Copyright Gains Ahead
  19. 19. WHY GAINS AHEAD <ul><li>Deep transcription industry and business process expertise with proven track record </li></ul><ul><li>Mobilizing the right people, skills, and technologies to help clients established their business and help established clients to improve their performance </li></ul><ul><li>End to end solutions at one stop </li></ul>© Copyright Gains Ahead
  20. 20. CONTACT US <ul><li>Registered Office </li></ul><ul><li>Gains Ahead </li></ul><ul><li>Amar Pal Singh, President </li></ul><ul><li>Contact: +91 9313068885 </li></ul><ul><li>Email: </li></ul><ul><li>Website: </li></ul>© Copyright Gains Ahead