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 🙂

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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

The value of medical transcription cannot be underestimated. In an environment where precision and clarity are paramount, transcriptionists play a crucial role in translating doctors’ notes and audio recordings into written text. This written record serves as a historic documentation of a patient’s medical history, diagnostic tests, treatment plans, and progress notes. This information is not only vital for coordinated patient care but also contributes to improved patient outcomes.

In addition to the benefits it offers in patient care, medical transcription serves as a legal document that can be used in court proceedings and insurance claims. Having a detailed and accurate record of all medical interactions ensures that healthcare providers are protected from potential litigation and that patients receive fair compensation for their medical treatment.

Moreover, medical transcriptionists can help streamline the workflow of healthcare providers by organizing and categorizing patient data efficiently. By transcribing notes, they allow physicians to focus on patient care without the distraction of documenting every detail themselves. This efficient workflow ultimately leads to better time management and enhanced productivity in healthcare settings.

The role of medical transcriptionists is not limited to transcribing notes from healthcare professionals. They also serve as editors, ensuring that the content is grammatically correct, formatted properly, and adheres to industry standards. By cleaning up and organizing the documentation, transcriptionists contribute to the clarity and professionalism of medical records.

Furthermore, medical transcriptionists serve as an integral part of the quality assurance process in healthcare. By reviewing and proofreading medical documents, they help identify any inconsistencies or inaccuracies in the documentation that may have been missed by the healthcare provider. This attention to detail ensures that medical records are comprehensive, accurate, and reliable.

In an era where electronic health records (EHR) are becoming increasingly prevalent, the role of medical transcriptionists is evolving to adapt to this digital landscape. Transcriptionists are now required to work with EHR systems to input and manage patient data electronically. By combining traditional transcription skills with technological proficiency, medical transcriptionists are well-positioned to continue playing a vital role in the healthcare industry.

In conclusion, medical transcription is an indispensable component of the healthcare industry that aids in achieving accurate, thorough, and reliable documentation of patient interactions. Beyond simply transcribing notes, medical transcriptionists play a multifaceted role in enhancing patient care, streamlining workflow, ensuring legal compliance, and improving overall efficiency in healthcare settings. As advancements in technology continue to shape the healthcare landscape, the role of medical transcriptionists will continue to evolve, but their value in ensuring the integrity and accuracy of medical records will remain indispensable.

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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