Medical Transcription Competition Heats Up in 2009

As a follow up to the 2008 Medical Transcription Vendor Study,  KLAS  released a new report, “Transcription Services: Steady Demand in a Volatile Market” this month. The study’s overall findings point to a heightened level of competition among medical transcription vendors in 2009.

KLAS’ director of financial and services research and author of the new report, Graham Triggs, said: “Sixty-two percent of respondents in this study have switched MTSOs at least once – suggesting that every vendor is vulnerable if performance starts to wane.”

Transcend was ranked #1 in 2008, but the outsourced transcription vendor dropped to fifth place in 2009. Webmedx and Precyse Solutions took the top two spots, followed by Encompass and TransTech.

Factoring medical transcription invoices presents a great opportunity for MTSOs to gain a competitive edge in the MT industry because they can offer extended payment terms to their customers and still have enough cash on-hand to meet payroll.

Click here to read more on the report: KLAS-Medical transcription market is volatile.