Medical transcription group sees double-digit growth in 2006

By Alexander Villafania, INQ7.net

The Medical Transcription Industry Association of the Philippines Inc. (MTIAPI) is hoping that the medical transcription business will grow by close to a hundred percent in 2006 as the US medical institutions become more open to offshore outsourcing.

MTIAPI President Evelyn Abat said the local medical transcription industry could grow between 16 million US dollars to 20 million US dollars by the end of 2006, double the figures of the industry’s estimated overall growth last year.

Abat added that the organization is continuing to get more companies to join in an effort to market the local industry to the US, the main market for medical transcription.

From 60 members, the MTIAPI is hoping to get 40 new members within the year.

The industry is also expected to hire 2,000 new medical transcribers this year. There was an estimated 6,000 medical transcription professionals hired last year.

Abat said that one of their activities this year is to partner with US-based medical transcription organizations, particularly with the American Association for Medical Transcription, for match-making and pass-through projects.

“The small start up medical transcription firms can find new opportunities by tying up with counterparts from the US. This way, we can continue growing the industry as a whole and not just per company,” Abat said