MEDICAL TRANSCRIPTION SERVICES MARKET ANALYSIS

Market Challenges And Opportunities

Global Medical Transcription Services Market– Driver

Increasing inorganic strategies such as acquisition by key market players

Increasing inorganic strategies such as acquisition by key market players is expected to drive the global medical transcription services market over the forecast period. For instance, in March 2020, Acusis, LLC., a medical transcription service company, acquired Woodham & Associates, a medical coding and auditing solutions and services company that offers hospital inpatient & outpatient coding, coding audits & education, Clinical Documentation Improvement review services, and coding management. Acusis, LLC and Woodham & Associates coming together is a strategic alignment for delivering all of its consolidated services on-demand that guarantees verified revenue increases to large hospitals and health systems.

Global Medical Transcription Services Market: Key Trends

Increasing inorganic growth strategies such as acquisition by key market players is expected to drive the medical transcription services market growth over the forecast period.

Key market players are focusing on inorganic growth strategies such as acquisition which is expected to drive the medical transcription services market growth over the forecast period. For instance, in October 2022, Wakefield & Associates, a collections and healthcare revenue cycle solutions company, acquired announced that it had acquired the debt collection business of Choice Recovery, Inc., a collection agency for healthcare. The acquisition of Choice Recovery, Inc. has grown Wakefield's geographical presence in the Great Lakes region.

• Concerns on privacy and security of electronic health records

Global Medical Transcription Services Market: Restraint

Concerns on privacy and security of electronic health records

The major factors that can hamper the growth of the global medical transcription services market over the forecast period include concerns on privacy and security of electronic health records. For instance, according to an article published in July 2021, by Elsevier B.V., a publishing company, regarding the privacy of health information, many surveys have revealed a wide range of worries. Only 39% of respondents, thought that its personal health records were safe and secure, and over two thirds of clients were concerned about privacy. A breach in the security of the patients' data could result in legal issues, which is why doctors are typically highly concerned that an unauthorized person could access the information of patients that is contained in the electronic medical records system and misuse it.