Provider Expectations Drive Evolution of Outsourced Transcription and Technology Development

    OREM, UT, December 07, 2010 /24-7PressRelease/ -- As finances and technology lead many healthcare providers to adjust their reliance on outsourced transcription, medical transcription service organizations (MTSOs) keep themselves marketable by adapting their service offerings and acquiring new technology, according to a new KLAS report.

For the new report, "Transcription Services: Competition, Technology, Consolidation", KLAS interviewed healthcare providers about 16 MTSOs, newly reduced to 12 after a flurry of acquisitions during the past several months. These acquisitions stem from the intent to offer greater flexibility to providers, according to the report.

"Many medical transcription companies are setting themselves up to offer not only transcription, but speech recognition, technology and editing services as well," commented Graham Triggs, KLAS research director and author of the report. "Nuance is the most prominent example; within the past two years, this vendor has acquired at least five speech recognition solutions, two text input platforms, one network scanning solution, and two other transcription companies, Encompass and OSi."

To round out the year's acquisitions, MedQuist beat out Transcend to acquire Spheris, and Transcend acquired Heartland. This consolidation addresses the clash between rising transcription demand and increasing pressure on providers to use technology. Overall, a slightly higher percent of respondents predict less transcription outsourcing in coming years, largely due to increasing use of EMRs.

"In the past, MTSO has been a straightforward process, but with technology comes change, and these service organizations need to be able to evolve," Triggs said. "Technology-aligned vendors appear best positioned to thrive. The future of MTSO will likely rely on the partnerships these vendors are forging now."

In "Transcription Services: Competition, Technology, Consolidation", the MTSO market remains a high-performing, competitive segment. Webmedx earned the top rank with a score of 92.1 out of 100, closely followed by Precyse (91.7), Encompass (91.0), and TransTech (90.9). The report also highlights Acusis, CBay, DTS America, Focus, Heartland, MedQuist, MedQuist (Spheris), OSi, SPi, Sten-Tel, Superior Global, and Transcend.

For more information about the medical transcription service organization market, as well as the strengths and weaknesses of participating vendors, "Transcription Services: Competition, Technology, Consolidation" is available to healthcare providers online for a significant discount off the standard retail price. To purchase the full report, healthcare providers and vendors can visit www.KLASresearch.com/reports.

KLAS is a research firm specializing in monitoring and reporting the performance of healthcare vendors. KLAS' mission is to improve delivery, by independently measuring vendor performance for the benefit of our healthcare provider partners, consultants, investors, and vendors. Working together with executives from over 4500 hospitals and over 2500 clinics, KLAS delivers timely reports, trends, and statistics, which provide a solid overview of vendor performance in the industry. KLAS measures performance of software, professional services, and medical equipment vendors. For more information, go to www.KLASresearch.com, email [email protected], or call 1-800-920-4109 to speak with a KLAS representative. Follow KLAS on Twitter at www.twitter.com/KLASresearch.

# # #