Medical Transcription Industry Outlook
The US Department of Labor estimates the employment of medical transcriptionists and medical transcription editors to grow 8% through 2022. The healthcare industry is a very stable industry. This is because people will always need to see doctors. The volume of healthcare services is expected to continue to increase, resulting in a growing number of medical tests and procedures, all of which will require transcription. With federal health insurance legislation, more individuals will have health insurance. As more people take advantage of healthcare services, more transcriptionists will be needed to transcribe and edit these reports.
Medical transcription and editor jobs within the top 3 industries
|Hospitals; state, local, and private||34%|
|Medical transcription service companies||21%|
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2014-15 Edition
What About Speech Recognition, Outsourcing and EMRs?
The medical transcription industry is still growing. New technologies have changed the way transcription is done and have also limited its growth however, there is still a need for medical transcriptionists and editors.
Speech recognition technology creates medical reports from physician dictation. With the complexity of medical terminology, various accents, lingo, abbreviations and background noises, there is still a need for medical transcriptionists to review and edit speech-generated reports.
Some healthcare providers have hired transcription services in other countries. However, concerns about patient confidentiality and data security suggest a continued need for transcriptionists within the United States.
-Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2012-13 Edition, Medical Transcriptionists
Electronic medical records (EMRs) are digital versions of a patient's chart. Physicians can key data directly into the EMR. Some physicians are using EMRs and some are not. Many physicians would rather make more efficient use of their time seeing more patients rather than performing data entry tasks. Plus, it is more cost effective to hire a medical transcriptionist to do the work rather than a physician.
There still continues to be a need for medical transcriptionists and editors. Job prospects should be good for medical transcriptionists with formal education. You can find a list of medical transcription employers here.