Medical Transcription Statistics 2024 – Everything You Need to Know

by

Are you looking to add Medical Transcription to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Medical Transcription statistics of 2024.

My team and I scanned the entire web and collected all the most useful Medical Transcription stats on this page. You don’t need to check any other resource on the web for any Medical Transcription statistics. All are here only 🙂

How much of an impact will Medical Transcription have on your day-to-day? or the day-to-day of your business? Should you invest in Medical Transcription? We will answer all your Medical Transcription related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Medical Transcription Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 54 Medical Transcription Statistics on this page 🙂

Medical Transcription Market Statistics

  • The U.S. transcription market size was valued at USD 19.8 billion in 2019 and is anticipated to expand at a CAGR of 6.1% from 2020 to 2027. [0]
  • The U.S. transcription market size was estimated at USD 19.8 billion in 2019 and is expected to reach USD 21.5 billion in 2020. [0]
  • The U.S. transcription market is expected to grow at a compound annual growth rate of 6.1% from 2020 to 2027 to reach USD 32.7 billion by 2027. [0]
  • Medical segment dominated the U.S. transcription market with a share of 46.0% in 2019. [0]
  • This industry has no major players with a market share of greater than 5%. [1]

Medical Transcription Latest Statistics

  • Employment of medical transcriptionists is projected to decline 7 percent from 2020 to 2030. [2]
  • The median wage is the 50th percentile wage estimate 50 percent of workers earn less than the median and 50 percent of workers earn more than the median. [3]
  • The value is less than .005 percent of industry employment. [3]
  • Global Medical Transcription Market Size Will Surpass $5.11 Billion at 17.1% CAGR Growth Vantage Market Research Vantage Market Research Vantage Market Research Pune, INDIA WASHINGTON, Feb. 21, 2024. [4]
  • The total Global Medical Transcription Market is estimated to reach USD 5.11 Billion by 2028. [4]
  • Projected Market Size in 2028USD 5.11 Billion CAGR Growth RateCAGR of 17.1% From 2024. [4]
  • The company’s clientele base spans across 70% of the Global Fortune 500 companies. [4]
  • The U.S. Report coverage Revenue forecast, company share, competitive landscape, growth factors, and trends 15% free customization scope. [0]
  • The number of people employed as Medical transcriptionists has been growing at a rate of 5.31%, from 50,152 people in 2018 to 52,816 people in 2019. [5]
  • hospitals employs the largest share of Medical transcriptionists at 37.4%, followed by Business support services with 22.9% and. [5]
  • Gender Composition 77.3% of Medical transcriptionists are Female, making them the more common gender in the occupation. [5]
  • 66.5% of Medical transcriptionists are White , making that the most common race or ethnicity in the occupation. [5]
  • Representing 14.1% of Medical transcriptionists, Asian is the second most common race or ethnicity in this occupation. [5]
  • The 10 year national workforce is projected to grow 3.71%, but Medical Transcriptionists are expected to see a growth of −2.22% over the same period. [5]
  • This profession is expected to grow less than than 3.71%, the average rate of national job growth. [5]
  • Among Medical Transcriptions, 93.9% of them are women compared to 6.1% which are men. [6]
  • Job Title Male Female Pathology Transcriptionist 3% 97% Radiology Transcriptionist 5% 95% Certified Registered Dental Assistant 5% 95% Medical Transcription 6% 94% Dental Officer 79% 21% Donations Attendant 81% 19% Delivery Technician 88% 12%. [6]
  • The most common ethnicity among Medical Transcriptions is White, which makes up 71.1% of all Medical Transcriptions. [6]
  • Comparatively, there are 12.3% of the Asian ethnicity and 9.1% of the Hispanic or Latino ethnicity. [6]
  • White, 71.1% Asian, 12.3% Hispanic or Latino, 9.1% Black or African American, 4.2% Unknown, 3.1% American Indian and Alaska Native, 0.2% Medical Transcription Race Percentages. [6]
  • Using the Census Bureau data, we found out how the percentage of each ethnic category trended between 2010 2019 among Medical Transcriptions. [6]
  • Interestingly enough, the average age of Medical Transcriptions is 40+ years old, which represents 49% of the population. [6]
  • 38% of Medical Transcriptions earn that degree. [6]
  • A close second is Bachelor’s Degree with 28% and rounding it off is High School Diploma with 11%. [6]
  • Bachelors, 28% High School Diploma, 11% Diploma, 9% Other Degrees, 14% Medical Transcription Degree Percentages Medical Transcription Wage Gap By Education. [6]
  • < 50 employees 50 100 employees 100 500 employees 500 1,000 employees 1,000 10,000 employees > 10,000 Company Size Percentages Employees with the Medical Transcription job title have their preferences when it comes to working for a company. [6]
  • By looking over 396 Medical Transcriptions resumes, we figured out that the average Medical Transcription enjoys staying at their job for 1 2 years for a percentage of 29%. [6]
  • The most common foreign language among Medical Transcriptions is Spanish at 66.7%. [6]
  • The secondmost popular foreign language spoken is German at 16.7% and French is the third most popular at 16.7%. [6]
  • Spanish, 66.7% German, 16.7% French, 16.7% Foreign Language Percentages. [6]
  • poll Average industry growth 2017–2024 x.x% lockPurchase this report or a membership to unlock the average company profit margin for this industry. [1]
  • That equates to more than 94.63% of the 2021 population of the United States. [7]
  • 2018 was a record breaking year for HIPAA fines and settlements, beating the previous record of $23,505,300 set in 2016 by 22%. [7]
  • An analysis of data breaches recorded on the Privacy Rights Clearinghouse database between 2015 and 2019 showed that 76.59% of all recorded data breaches were in the healthcare sector. [7]
  • The average medical transcriptionist earned a little less than $17 per hour in 2018, according to theBureau of Labor Statistics, so there’s potential to make a living depending on how many hours you choose to work and how many clients you are able to secure. [8]
  • Reputable industry sources put the field average for increased productivity in the range of 30–50%; yet this is still dependent on several other factors involved in the methodology. [9]
  • The number of medical scribes in the country has grown from about 7,000 in 2014 to nearly 17,000 today, according to the American College of Medical Scribe Specialists. [10]
  • At PhysAssist, scribes get 40 hours of training, in which they learn medical vocabulary, privacy law, and how to write charts, according to spokesman Cameron Cushman. [10]
  • 11.6% and 11.1% of the statistical results published in Nature and BMJ respectively during 2001 were incongruent, probably mostly due to rounding, transcription, or type. [11]
  • At least one such error appeared in 38% and 25% of the papers of Nature and BMJ, respectively. [11]
  • In 12% of the cases, the significance level might change one or more orders of magnitude. [11]
  • Benford’s law states that for the first digit the probability of 1 is 30.1% while the probability for 9 is 4.6% [11]. [11]
  • However, the distribution flattens out progressively for subsequent digits and the difference is only 12.0% for 0 and 8.5% for 9 for the second digit (and 10.2% and 9.8% respectively for the third digit). [11]
  • We found that a surprising 11.6% of the computations in Nature were incongruent. [11]
  • A less exhaustive check in BMJ resulted in a very similar percentage (11.1%, 7 of 63). [11]
  • At least one such error appeared in 38% and 25% of the papers of Nature and BMJ respectively, indicating that they are widespread and not concentrated in a few papers. [11]
  • Software deficiencies are usually orders of magnitude less important [8, 9], and would be restricted to specific papers using a certain statistical package, contrary to our findings of over 25% of the papers with errors. [11]
  • The estimate of 11–12% of incongruent statistical results is a conservative one since some cases were not considered errors because they might have been caused by rounding. [11]
  • Apparently, the conclusion would change from significant to nonsignificant in only about 4% of the errors using the arbitrary 5% level. [11]

I know you want to use Medical Transcription Software, thus we made this list of best Medical Transcription Software. We also wrote about how to learn Medical Transcription Software and how to install Medical Transcription Software. Recently we wrote how to uninstall Medical Transcription Software for newbie users. Don’t forgot to check latest Medical Transcription statistics of 2024.

Reference

  1. grandviewresearch – https://www.grandviewresearch.com/industry-analysis/us-transcription-market.
  2. ibisworld – https://www.ibisworld.com/united-states/market-research-reports/medical-transcription-services-industry/.
  3. bls – https://www.bls.gov/ooh/healthcare/medical-transcriptionists.htm.
  4. bls – https://www.bls.gov/oes/current/oes319094.htm.
  5. globenewswire – https://www.globenewswire.com/news-release/2024/02/21/2388411/0/en/2024-Statistics-Global-Medical-Transcription-Market-Size-Will-Surpass-5-11-Billion-at-17-1-CAGR-Growth-Vantage-Market-Research.html.
  6. datausa – https://datausa.io/profile/soc/medical-transcriptionists.
  7. zippia – https://www.zippia.com/medical-transcription-jobs/demographics/.
  8. hipaajournal – https://www.hipaajournal.com/healthcare-data-breach-statistics/.
  9. thebalancesmb – https://www.thebalancesmb.com/medical-transcription-business-pros-cons-2951487.
  10. wikipedia – https://en.wikipedia.org/wiki/Medical_transcription.
  11. statnews – https://www.statnews.com/2016/04/25/scribes-emergency-room/.
  12. biomedcentral – https://bmcmedresmethodol.biomedcentral.com/articles/10.1186/1471-2288-4-13.

How Useful is Medical Transcription

One of the key benefits of medical transcription is its contribution to maintaining organized and comprehensive patient records. By converting spoken information into written form, medical transcriptionists help ensure that no crucial details are missed or forgotten. This accurate and detailed documentation is essential for providing quality patient care, serving as a reference for healthcare providers and reducing the risk of errors in diagnosis and treatment. In addition, these records are invaluable for legal and insurance purposes, aiding in the settlement of claims and litigation if necessary.

Moreover, medical transcription plays a crucial role in facilitating communication and collaboration among healthcare professionals. By transcribing important notes from various specialists involved in a patient’s care, transcriptionists help ensure that everyone is on the same page regarding the patient’s condition, treatment plan, and progress. This seamless flow of information is key to providing coordinated and effective care, especially in complex cases where multiple specialists are involved.

Additionally, medical transcription serves as a valuable training tool for healthcare students and professionals. By reviewing transcribed reports, medical students can learn how to effectively communicate medical information in a professional and accurate manner. For practicing healthcare providers, transcription can aid in continuing education and quality improvement efforts by enabling them to reflect on their own documentation practices and identify areas for improvement.

In today’s fast-paced healthcare environment, where electronic health records and documentation systems abound, some may question the relevance and usefulness of traditional medical transcription. However, the human touch and attention to detail provided by a skilled transcriptionist cannot be replicated by automated systems alone. While technology has certainly enhanced the efficiency of transcription services, there is still a need for human intervention to ensure the accuracy and quality of the final product.

Ultimately, medical transcription remains a vital tool in the healthcare industry, contributing to the delivery of high-quality care, efficient communication, and accurate record-keeping. While the landscape of healthcare documentation may continue to evolve with advances in technology, the fundamental role of medical transcriptionists in capturing, organizing, and preserving essential patient information is unlikely to diminish. As long as healthcare professionals continue to rely on accurate and detailed documentation to support their clinical decisions and provide optimal patient care, the value of medical transcription will remain undiminished.

In Conclusion

Be it Medical Transcription benefits statistics, Medical Transcription usage statistics, Medical Transcription productivity statistics, Medical Transcription adoption statistics, Medical Transcription roi statistics, Medical Transcription market statistics, statistics on use of Medical Transcription, Medical Transcription analytics statistics, statistics of companies that use Medical Transcription, statistics small businesses using Medical Transcription, top Medical Transcription systems usa statistics, Medical Transcription software market statistics, statistics dissatisfied with Medical Transcription, statistics of businesses using Medical Transcription, Medical Transcription key statistics, Medical Transcription systems statistics, nonprofit Medical Transcription statistics, Medical Transcription failure statistics, top Medical Transcription statistics, best Medical Transcription statistics, Medical Transcription statistics small business, Medical Transcription statistics 2024, Medical Transcription statistics 2021, Medical Transcription statistics 2024 you will find all from this page. 🙂

We tried our best to provide all the Medical Transcription statistics on this page. Please comment below and share your opinion if we missed any Medical Transcription statistics.




Leave a Comment