Medical Transcription Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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.

How much of an impact will Medical Transcription Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

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 aspects of medical transcription is its role in maintaining detailed and comprehensive patient records. By transcribing the details of each patient encounter, medical transcriptionists help to create a permanent and reliable record of medical care. This record not only serves as a vital communication tool between healthcare providers but also ensures that each patient’s medical history is accurately tracked and available when needed.

In addition to record-keeping, medical transcription plays a crucial role in ensuring that proper clinical documentation is maintained. Accurate and complete documentation is essential for ensuring that patients receive the highest quality of care, as it provides healthcare providers with the information they need to make informed decisions about diagnosis, treatment, and follow-up care. Poor documentation can lead to errors, misinterpretations, and delays in care, all of which can have serious consequences for patient safety and outcomes.

Furthermore, medical transcription has proven to be a valuable tool for improving workflow efficiency in healthcare facilities. By outsourcing the transcription process to dedicated professionals, healthcare providers can free up their time to focus on patient care, rather than spending valuable hours documenting information. This not only improves productivity and reduces administrative burdens but also allows healthcare professionals to spend more time interacting with patients and delivering high-quality care.

Another important benefit of medical transcription is its ability to facilitate communication and collaboration among healthcare providers. With accurate and thorough documentation, healthcare teams can easily share information, consult with one another, and coordinate care plans. This collaborative approach not only enhances patient outcomes but also ensures that all members of the healthcare team are on the same page when it comes to diagnosing and treating patients.

Overall, the importance and utility of medical transcription in the healthcare industry cannot be overstated. From maintaining accurate patient records to improving documentation and workflow efficiency, medical transcription plays a critical role in ensuring that patients receive the best possible care. As technology continues to advance and healthcare practices evolve, the role of medical transcription will only become more crucial in providing quality, comprehensive, and patient-centered care.

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/

Leave a Comment