Medical Transcription Statistics


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Medical Transcription Statistics 2023: Facts about Medical Transcription outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Medical Transcription, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

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Top Medical Transcription Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 17 Medical Transcription Statistics on this page 🙂

Medical Transcription “Latest” Statistics

  • Some transcribe using automation, others depend on human talents to ensure 99% accuracy.[1]
  • 81.1% of medical transcriptionists are Female, making them the more common gender in the occupation.[2]
  • Asian (Non-Hispanic) people make up 10.7% of medical transcriptionists, making them the second most prevalent race or ethnic group in this field.[2]
  • The national workforce is anticipated to expand by 3.71% over the next ten years, while medical transcriptionists are anticipated to rise by -2.22% over that time.[2]
  • Medical transcriptionist employment has increased at a pace of 1.15%, from 43,085 persons in 2019 to 43,581 people in 2020.[2]
  • The Bureau of Labor Statistics predicts that employment of medical transcriptionists will decrease by 2% through 2029, despite other healthcare support professions seeing growth of up to 14%.[3]
  • A transcription editor requires advanced skills and experience, they are likely in the top 10 to 25 percent of the profession’s earners, meaning they bring in between $42,460 and $51,260.[3]
  • The Bureau of Labor Statistics is projecting a 3% decline in the job outlook from 2014-2024.[4]
  • From 2021 to 2031, the employment of medical transcriptionists is anticipated to decrease by 7.[5]
  • In May 2021, the median annual wage for medical transcriptionists was $30,100.[5]
  • By 2027, the market for medical transcription software is expected to reach $4.89 billion, according to Fortune Business Insights.[6]
  • The majority of transcribing software now claims a 99% accuracy rate.[6]
  • At a 17.1% CAGR, the size of the global medical transcription market would surpass $5.11 billion.[7]
  • The U.S report’s reporting revenue projections, firm shares, and the competitive environment’s growth drivers and trends 15% off the customization scope, which is equal to 5 analyst workdays.[8]
  • The U.S transcription market size was valued at $19.8 billion in 2019 and is anticipated to expand at a CAGR of 6.1% from 2020 to 2027.[8]
  • The median age of medical transcriptions is 40, which corresponds to 49% of the population.[9]
  • Associate degree is the most typical educational level for medical transcriptionists. The degree is earned by 38% of medical transcriptionists.[9]

Also Read

How Useful is Medical Transcription

One of the key benefits of medical transcription is its role in ensuring accurate and comprehensive patient documentation. Healthcare providers often rely on medical transcriptionists to translate their notes and observations into written reports that can be easily accessed and understood. This is especially important in complex medical cases where detailed documentation can be the difference between successful treatment and a misdiagnosis.

Furthermore, medical transcription can also help streamline communication among healthcare professionals. By providing a clear and organized record of a patient’s medical history, treatments, and progress, medical transcription ensures that all members of a patient’s care team are on the same page. This can help prevent errors, reduce duplication of tests and procedures, and ultimately improve the quality of care.

In addition to improving communication among healthcare providers, medical transcription also plays a critical role in ensuring compliance with legal and regulatory requirements. Accurate and timely documentation is essential for billing purposes, insurance claims, and legal proceedings. Without proper transcription, healthcare facilities run the risk of facing costly fines, litigation, and even jeopardizing patient safety.

Some may argue that advances in technology, such as electronic health records and voice recognition software, have made medical transcription obsolete. While these tools can certainly aid in the documentation process, they are not without their limitations. Electronic health records can be cumbersome to navigate and time-consuming to update, while voice recognition software may struggle with different accents, fast speech, or background noise.

Moreover, the human touch provided by medical transcriptionists cannot be replicated by algorithms or machines. Medical transcriptionists possess a unique skill set that allows them to understand medical terminology, decipher difficult accents, and ensure that patient information is accurately transcribed. This level of precision and attention to detail is essential in healthcare settings where errors can have serious consequences.

While technology continues to evolve and reshape the way healthcare professionals document patient information, the role of medical transcription remains crucial. From ensuring accurate and comprehensive documentation to improving communication among care teams and maintaining compliance with legal and regulatory requirements, medical transcription will continue to play a vital role in healthcare for years to come. This is why healthcare facilities would be wise to continue investing in skilled medical transcriptionists who can uphold the highest standards of accuracy and professionalism.

Reference

  1. bunnystudio – https://bunnystudio.com/blog/medical-transcription-services-what-you-should-know/
  2. datausa – https://datausa.io/profile/soc/medical-transcriptionists
  3. chron – https://work.chron.com/pay-scale-transcription-editors-21352.html
  4. allegistranscription – https://www.allegistranscription.com/medical-transcription-services/
  5. bls – https://www.bls.gov/ooh/healthcare/medical-transcriptionists.htm
  6. cybernetman – https://www.cybernetman.com/blog/future-medical-transcription/
  7. globenewswire – https://www.globenewswire.com/en/news-release/2022/02/21/2388411/0/en/2022-Statistics-Global-Medical-Transcription-Market-Size-Will-Surpass-5-11-Billion-at-17-1-CAGR-Growth-Vantage-Market-Research.html
  8. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/us-transcription-market
  9. zippia – https://www.zippia.com/medical-transcription-jobs/demographics/

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