It’s been almost a year since recession spread a worldwide stress to every large-scale small-scale investor. This whole year has seen the IT sector laying off employees on a huge scale. Not a single IT company was spared by this meltdown all were affected directly or indirectly. But do you know there were some exceptions like the medical transcription industry growing up in economy and recruiting employees on a large scale.
There are few reasons why this industry survived and is still booming in this crisis. Let’s take a look at some reasons:
#Healthcare Industry
Healthcare Industry plays an important role in the economy of a country. Healthcare provides employment opportunities to many individuals directly related with health care sector or other relevant sectors, related to the health care industry in some way or the other. The health care industry consists of doctors, nursing, pharmacies, allied medical, health services and hospitals. Even if the economy goes down this industry is not affected much as it is directly related to human beings i.e. its key product is Human Being. Healthcare industries outsource their work to medical transcription companies. So if healthcare industry is not affected by recession medical transcription will also be not affected by recession.
Rough Graph Of Predicted Medical Transcription Growth#Human being
Human body is vulnerable to diseases and it is mandatory that it will be infected by some or the other microbes. Human beings get sick no matter what's happening to the economy of the country. That is true to an extent for all the pharmaceutical industries, whose medication and drugs are always in demand. But health-care providers might be economic malady. Hence healthcare industry is not always recession proof but what if person is suffering from heart disease or cancer or Alzheimer's disease, and countless other diseases strike with ill regard for economic crisis. So people rush to hospitals, clinics etc. People are concerned about their health nowadays about 70% of educated people have issued health insurance policies. This human nature has helped the medical transcription companies indirectly to grow up in recession times.
#Doctors don’t have time!!
Doctors are busy with patient’s whole day. They dictate patient records or nowadays voice recognition helps them to get text documents of dictations. They don’t have time for writing patient details, updating their records, maintaining every patients record. Hence the best option is to outsource their work to medical transcription companies. This further helps doctors to concentrate on their main work of operating patients.
#Investments..Raw materials required…
You might be wondering what factor is this? When we think of running a industry, company the first requirement is raw materials! In this field requirements are pc’s with good configurations (ok P4 will do..), brand earphones that’s it for people working from home. Companies invest on making their Internet and intranet connections secured, skilled employees, infrastructure cost etc. Eventually all depends on the budget.
#Quality transcription, Quality employees at affordable rates!!
Medical transcriptionists correct the data; transcribe the documents efficiently and accurately. Prepare patient records, which help doctors to properly diagnose the patients in emergency. Medical transcription companies are competing each other to provide best transcription services to healthcare providers. They have improvised their standards to improve quality, turnaround time, and clientele relationship and also they keep on upgrading their technologies.
Medical transcription companies recruit skilled people who have knowledge of medical jargons and who are proficient with English language. Medical transcription companies provide quality transcriptions that are transcribed by skilled people all these and many more services are provided at affordable rates.There are a few companies who also provide Medical Transcription training in India in order to meet the current demand of experienced medical transcriptionists.
If you have more ideas why medical transcription companies were not affected that much by recession let me know your feedbacks.
