The Filipino Entrepreneur

Just imagine you are in front of a desktop computer and headphones attached to you and your foot on a pedal. While hearing a doctor’s medical report (diagnosis and healing procedures, etc.) and being recorded via state of the art software recorder and transformed into an file in your computer. Then afterwards encoding the report making sure that you catch every detail loud and clear as well as the prescriptions, with accurate spelling and grammar. You run the audio file frequently to catch up with the words dictated by the just to be certain that everything he said was correctly encoded.

This is not just only secretarial work but a medical transcriptionist job. This job is as critical as that of a nurse whereas the emphasis is more on transferring the doctor’s oral report into text. But nonetheless, a medical transcriptionist still acts an important role, as his or her out turn becomes an important document of every medical practitioner. Majority of the hospitals in the U.S. was obligated that all their data to be in digital format, for that reason, the need for medical transcription.

Medical transcription is not an easy task as training and knowledge is required. Earnings are good like a nurse. Annually, more or less 230,000 medical transcriptionists get the job but still the demand is increasing. The U.S. Department of Labor has forecasted the demand for medical transcriptionist to arrive at 20 billion worldwide. The demand has in fact led numerous companies in the health services sector to outsource their need for medical transcription. Thanks to this most recent approach in the American healthcare industry, countries that are developing in Asia are exceedingly benefiting. Revealed by the research firm IDC, that the U.S. disburses $2.3 billion in 2004 for outsourcing services of medical transcription. It predicts the medical transcriptionist outsourcing market to grow to $4.2 billion in 2008.

Transcription outsourcing demonstrates to be less expensive for most U.S. hospitals than employing secretaries to type out dictations of physicians. Because of the multitasking of secretaries, the transcribing commonly causes backlogs as they have a multiple tasks to do like getting the phone and becoming a receptionist at the same time.

It is now a developing industry in Asia, particularly in India and the Philippines. It is acclaimed that medical transcription is an industry worth $10 billion in the U.S. But with a strong demand and insufficient manpower to satisfy the need, the job is being scattered to Asia where there is low cost of labor. India is the chief beneficiary of this Business Process Outsourcing (BPO) scheme. And Medical Transcription now is considered the fourth largest foreign exchange earner after diamonds, garments and software.

Medical transcription is now in the Philippines. Actuality, it is one of the government’s top 10 prerogative development sectors. Filipinos seems to be very ready in this occupation because of their high literacy rate, English expertise, medical and computer experience and developing foundation on information and technology. DTI (Department of Trade and Industry) has guaranteed the employment opportunities and increasing demand and summons that quality should be a priority to keep up the country’s trustworthiness to its partners in international employment.

[tag]medical transcriptionist[/tag]