Great Opportunity !
The Medical Transcription industry has opened flood gates for job seekers. As this profession does not demand specialised IT or software developmental skills, though it is basically an IT service, any graduate with good listening and english comprehension skills would fit the bill. The candidates would also need to adapt to different accents and are trained to comprehend medical & pharmacological terms.
Career Prospects
The medical transcription industry has its genesis in US. Health care is the second largest industry in US with a very high growth rate. Hence, the volume of outsourcing work which originates from there is very high and is expected to grow in future. This career offers a tremendous potential for growth.
The outlook for quality medical transcriptionists have never been greater. Lucrative opportunities abound today in hospitals, clinics, HMO's, and in the hundreds of Medical Transcription contracting companies located throughout the country.
The timing is excellent for anyone interested in entering this exciting and lucrative field. Like any career move, success will require patience and perseverance, but the opportunity to enter the medical transcription market has never been greater than it is today.
Scope of Medical Transcription
Based on a study by NASSCOM the employment generated by Medical transcription in the years 1997/98 was around 2,500. The revenue generated by medical transcription was Rs. 75 crores.
As per estimates, the demand for MTs in India is expected to rise to 1,60,000 by the year 2008 (projected by NASSCOM). More and more healthcare companies are looking towards India as a future destination for remote data processing. The revenue generated by medical transcription would cross Rs. 9,000 crores!!!
Medical transcription is likely to be the fourth highest foreign exchange earner for India after garments, diamonds and software.
Of the 700 million hospital events transcribed every year in the US, presently the contribution by India is only Rs. 140 crores, which amounts to just 0.165%. NASSCOM projects that against the total Indian exports of about US $ 34 billion, medical transcription is expected to have a market potential of about US $ 17 billion to one country alone viz. the USA.
Thanks to the recent advances in telecommunication, both in terms of facilities and cost, MT in India has a potential of creating about 200,000 medical transcriptionists. The factors that give India an edge in providing quality transcripts are:
Support of Government of India for all IT- led industries.
A huge pool of English-speaking and computer-literate graduate manpower to cater to the growing demand.
High-quality computer skills.
Cost advantage.
Advantageous 12-hour time zone difference with USA.
Tremendous improvement in telecom infrastructure for data exchange.
Hardware and software costs are falling-reducing break even point.
Benefits
The demand for Medical Transcriptionists is very great. There is currently a shortage of qualified Medical Transcriptionists and demographic trends suggest that the outlook will continue to be favorable for some time to come. Good Medical Transcriptionists typically have no problem obtaining and maintaining employment. Consider the following benefits of becoming a professional Medical Transcriptionist :
In-demand Profession
Excellent Income Potential
Flexible Hours
Growth Industry
Exceptional Home Based Career Opportunities
Potential to get your own Clients and Build a Lucrative Business
Remunerations
As a trainee, a medical transcriptionist can expect to get a stipend between Rs. 2500 to Rs. 3000. Once the training is successfully completed, the person usually would get a starting salary between Rs. 5000 to Rs. 7000 and then it will hike as per their performance means they can earn as much as Rs. 25,000 per month also !
Women Transcriptionists
As is in the west, women find this a great opportunity for employment. Bangalore has seen a lot of house-wives too joining up for courses and doing exceptionally well as transcriptionists.
This field has created an opening for part time job seekers as well, as there is a scope for off-loading jobs to trancriptionists who want to work at home on their PC's
Opportunities in MT
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