The market for medical transcription services has changed dramatically in the past year, which has raised the bar for vendors in the very competitive space, according to a new report from Orem, Utah-based KLAS.
According to the report —Transcription Services: Steady Demand in a Volatile Market — 62 percent of respondents have switched vendors at least once since the summer of 2008. The top-rated vendor at that time, Transcend, has now dropped to fifth place, despite keeping its performance score steady year over year. Newly rated Webmedx and Precyse Solutions occupy the top two spots in the 2009 report, followed by Encompass and TransTech, both of which saw significant improvement in their performance scores, says KLAS.
The report also states that an increasing number of providers are sending transcription work offshore, with 43 percent of respondents having done so in 2009, up from 35 percent in 2008. Offshoring is attractive for those charged with reducing costs, but is less popular with those who have to deal with the issues such as reduced quality, it says. However, despite the increase in offshore transcription work, onshore services continue to get higher marks for overall quality and turnaround time.