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22 Jan 2005
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ADVERTISEMENT:
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Worldtech, a major player in Medical Trancription in India is on
the lookout for people to strengthen their operations in Hyderabad,
Cochin, Bangalore, Guntur, Kolkata, Vizag and Coimbatore. We need
quality MTs and QAs with good background. Remuneration package
linked to skill and productivity. Relocation assistance will be
provided.

Click here for further details:
http://www.mtindia.org/worldtech.html

Initial interviews and screeening will be done in your city itself.

Home based option after initial onsite placement.

Send your resume or speak to:

Venkat Nimmagadda, GM- HR
Worldtech MGR Estates
Saibaba Temple Road, Punjagutta
Hyderabad -500 082
Email: Contactus@...
Phones: 040-2335-2697/2698/2700

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Medical Transcription Outsourcing Services Will Reach $4.2 Billion
in 2008 in U.S.

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Dear Friends,

The medical transcription outsourcing market has had to weather
financial scandals, medical privacy threats, and offshoring trends
that have threatened to decimate the U.S. market. Oddly, none of
these factors has been sufficiently lethal to wreck or even weaken
the transcription outsourcing industry that has grown around this
important back-office task, mainly because it is crucial to the
healthcare industry. In fact, new research published by IDC reveals
that U.S. spending on medical transcription outsourcing services
totaled approximately $2.3 billion in 2004. IDC forecasts that the
market will increase to $4.2 billion in 2008, with a five-year
compound annual growth rate (CAGR) of 16.1%.

"Medical transcription outsourcing is not as high profile, or even
headline demanding, as IT needs around other healthcare issues such
as the electronic medical record," stated Scott Tiazkun, program
manager for IDC's U.S. IT Opportunity, Healthcare research. "What
is important to remember is that information from medical
transcriptions will be valuable in populating many fields of
information in electronic medical records, and in some cases today
acts as a de facto medical record."

IDC's research shows that although much medical transcription is
still being performed with antiquated technology, IT vendors are
springing up to provide this business process with new technology
and more efficient and accurate ways to deliver a quality product
to healthcare providers. A side benefit will also be reduced
medical error rates.

Among the key findings presented in this forecast document are the
following:

* Medical transcription outsourcing in the United States will
remain in high demand due to new initiatives around the electronic
patient record, as well as HIPAA regulations that demand that
certain health records do not make their way overseas.

* Although there is some consolidation among larger players, the
medical transcription outsourcing market is so overpopulated with
smaller providers that consolidation is practically meaningless.
Therefore, IT vendors need to make IT solutions and technology
available at a price point that makes sense to technology companies
that are the equivalent of mom-and-pop operations.

* Ultimately, hospitals and other healthcare providers need
transcription information to be integrated into hospital systems so
it feeds the overall information systems. Therefore, transcription
companies need to embrace technologies (Web-based and otherwise)
that will allow their customers to do so.

http://www.idc.com/getdoc.jsp?containerId=32609

http://www.idc.com/research/viewtoc.jsp?containerId=32609

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To participate in the Coffee Break XXI, click here now:
http://www.mtindia.org/jobs/
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Ciao!

Dr Amit Chatterjee, SM
Strategist / Founder ~ mailto:amit@...
MT India ~ www.mtindia.org
"The Community of MT Professionals"

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NEWS AND VIEWS :
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1) AAMT - Medical Transcription Program Approval Process

The medical transcription program approval process is instituted by
the American Association for Medical Transcription (AAMT) to
encourage adherence to AAMT's Model Curriculum for Medical
Transcription, maintain sound educational programming, produce
competent entry-level medical transcriptionists, and provide
assurance to the public of consistency and quality outcomes for
medical transcription education. Programs must comply with specific
educational and institutional criteria as established by AAMT.
There is no formal accreditation process for medical transcription
programs.

You can download a copy of the Medical Transcription Program
Approval Manual from:

http://www.aamt.org/ScriptContent/Downloads/MedicalTranscriptionProgramApprovalM\
anual.doc

2) Small Business Opportunities For 2005

Currently, over 20% of people working in the profession are
self-employed. According to an AAMT study, self-employed medical
transcriptionists charge 12 cents per standardized line. Top
earners make about $18/hr. Not a high earning potential business
opportunity but a flexible and challenging home business for many.

What does it take to succeed as a self-employed medical
transcriptionist? The AAMT recommends building a medical and
business library, find a local mentor, attend seminars in business
and gain experience or education in areas such as: anatomy,
physiology, English grammar, medical language, and business
practices. Necessary skills can be gained by working for a medical
transcription company and obtaining certification from a reputable
medical transcriptionist educational trainer.

The U.S. Department of Labor Bureau of Labor Statistics states "the
employment of medical transcriptionists is projected to grow faster
than the average for all occupations through 2012." A growing,
aging population will increase demand for medical transcription
services as a result of more hospital visits and medical testing.

http://sbinformation.about.com/od/bizopportunities/a/bizopps2005_3.htm

3) Googling Transcription

There are both advantages and disadvantages to using a search
engine, as opposed to doing site-specific searches. One advantage
is speed: sometimes you can get more quickly to the information you
need by using a search engine. Another advantage is that in using
the search engine you cast your net very wide, and you may end up
catching useful information. And for many searches, you just don't
have a specific site to go to.

In the case of medications, though, you can go directly to one of
several good pharmacy-related sites, like www.rxlist.com. There you
find not only an absolutely reliable spelling, but also other
useful information such as dosages. And Rxlist kindly provides what
they call a "fuzzy" search, so that if you spell the drug wrong,
the site searcher will offer you a group of possible results.

http://health-information.advanceweb.com/common/Editorial/Editorial.aspx?CC=4729\
6

4) MedQuist Receives Subpoena from Department of Justice

MedQuist Inc.announced that it has received an administrative
subpoena for documents from the United States Attorney's Office for
the District of Massachusetts. The subpoena seeks information
primarily about the company's provision of medical transcription
services to governmental and non-governmental customers. The
information has been requested in connection with a government
investigation into whether MedQuist and others violated federal
laws in connection with the provision of medical transcription
services. MedQuist intends to cooperate fully with the subpoena
and continues to cooperate with the Securities and Exchange
Commission (SEC) in connection with the SEC's ongoing
investigation, which was announced previously by the company.

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/01-21-200\
5/0002870017&EDATE=

5) Tiger Team Technologies Forms Group in India for Medical Billing
and Transcription Services

Tiger Team Technologies Corporation has formed a wholly owned group
in India to provide medical billing and transcription services.
Tiger Team will offer these services over its secure servers and
data centers in the United States via VPN (coded security system).
This strategy enables Tiger Team to leverage its HIPA compliant
servers, software, and data centers in the US with the most
competitive cost structure in the industry, thereby giving the
company a leg up on the competition. Tiger Team joins many Fortune
500 companies who have done business in India to provide better and
more efficient service.

http://biz.yahoo.com/prnews/050114/sff040_1.html

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P. S. Would you like to share this newsletter with your friends
or post it on your site? Please do! But also be sure to read
below:

All original content of this newsletter is © Copyright 1998-2005
Mediweb Infotech Pvt. Ltd. All cited articles are copyright of
their authors and/or respective publications. Please feel free to
share this newsletter with your friends or post it on your site
as long as it is left intact with all links unchanged and this
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Thank you for your interest in MT India!

The MTIndia Team
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