The Growing Medical Transcription Market

Healthcare professional in scrubs inputting data into a computer

Gone are the days of needing to quickly jot down notes when meeting with patients or during research studies. Medical professionals are reaping the benefits of capturing dialogue word-for-word with technology. Now, tools like medical transcription are allowing them to have referenceable accounts of patient visits, meetings with other professionals, guest lectures and much more.

It should come as no surprise that the medical transcription software market reached a whopping $77.8 billion USD in 2022 and is set to grow further. Medical transcription is helping to improve efficiencies and patient outcomes as a result, removing the margin for error and tedious process which came with writing notes manually prior.  

What is medical transcription? 

Medical professional typing on a laptop with a stethoscope on the table next to them

Medical Transcription, also referred to as MT, is the process of converting voice recordings made by medical and healthcare professionals into a text format.  

Medical transcription is used to create an accurate medical record. It is used across a variety of interactions such as operation reports, patient evaluations, consultations and discharge summaries. Dictation by professionals can occur over the phone. Voice recordings can also be uploaded digitally or via dedicated smartphone apps to be transcribed. 

Medical transcribers and editors are typically specialists with experience and knowledge of the healthcare sector. They are required to recognise medical terms and deliver transcripts back with the highest levels of accuracy. 

The benefits of medical transcription 

Boosting efficiency 

Individual in hospital being operated on

It’s much quicker for healthcare professionals to dictate notes rather than write reports. The introduction of medical transcription helps to free up valuable time and boost efficiency. The dictation process can also be hands-free, which is particularly helpful in certain settings, such as operating theatres. Best of all, the technology available to dictate and record notes is widely available, cost-effective and simple to use. 

In addition, typed electronic records are faster and easier to locate, search, decipher and act on. In the past, hand-written records could be hard to read, with paper filing systems adding to the time needed to find and interpret relevant information and make critical decisions. 

With online medical transcription tools and the ability to outsource this work to a secure partner, healthcare professionals can focus more on their patients, as opposed to record writing. With the right tools, they’re able to receive high-quality and highly secure accurate transcripts of patient records and conversations. 

Increasing collaboration 

Accurate digital records make it easier for medical professionals to collaborate on patient care, regardless of their location or shift patterns. Electronic patient records are readily available and can be accessed and shared quickly. Not only does this make processes easier for healthcare professionals, but it also ensures that patients receive the best outcome, as practitioners are able to access a complete medical picture.

Professionals may also have access to the transcripts of others with similar cases to help them make valuable assessments or provide recommendations swiftly.  

Improving patient experiences and outcomes 

Healthcare professional conducting an appointment online

Accurate and complete records ensure that the best decisions and treatment plans are made for patients. The gains in efficiency and collaboration all link to improving patient outcomes. 

Medical professionals can also focus more on engaging with patients, as they no longer need to speedily take notes or miswrite something, delivering a better overall experience.  

What is a medical transcription service? 

Medical transcription services aim to provide a text version of medical and healthcare dictation as accurately as possible. In the past, doctors, nurses and other practitioners would hand-write reports, taking up valuable time and resources. The process evolved over time to healthcare professionals dictating to in-house stenographers. Now, the advancement of technology and the emergence of digital records allows audio recordings to be transcribed by trusted external providers instead.  

A range of audio transcription services exist, including human-based providers, hybrid offerings which rely on AI-based tools and human editing and Automatic Speech Recognition (ASR) only solutions. When choosing a service for medical transcription, it is paramount to consider both the accuracy levels delivered and the security credentials of the service. 

Accuracy is vital when it comes to medical records. Even small errors could lead to a misdiagnosis, the wrong prescription, or treatment plan.  

Medicial professional in hospital wearing a mask and examining a slide


Transcription services that rely solely on automated speech recognition (ASR) technology typically suffer from low accuracy levels and time needs to be spent combing through them to fix issues. Even digital transcription providers who combine ASR technology with a dedicated medical dictionary to help decipher the specialist language, typically do not reach the accuracy standards usually required. For guaranteed accuracy levels, a human or hybrid service should be considered. Professional services, such as Take Note, can deliver transcripts that are trusted for their accuracy and offer additional proofreading options to increase accuracy levels where needed. 

Additionally, due to the personal, sensitive and confidential nature of the content involved in medical environments, ensuring the transcription service you’re considering is secure is of the utmost importance. There are 5 must-haves for secure transcription, which you can read here, that are essential in ensuring that patient data stays safe.  

You may be familiar with the Health Insurance Portability and Accountability Act, more commonly known by its acronym HIPAA. Although many organisations outside of the US decide to obtain HIPAA Compliance, it’s a US regulation and only applies to individuals treated within the US. In the UK, GDPR and data protection laws cover a broad range of information and how personal data should be treated, including healthcare and medical records.   

Therefore, you may find UK medical transcription services are not HIPAA compliant, particularly if they are not encountering data from US patients or healthcare providers However, due to the sensitive and personal nature of medical data it is paramount to seek a secure transcription provider, such as Take Note, which can meet the demands for the data laws in your country or region. 

How much does a medical transcription service cost? 

There is no one-size-fits-all answer. The cost of medical transcription is determined by the high levels of accuracy required for this field and the strict regulations and data security that need to be adhered to. The technical and specialist language used also means that transcription services with expertise in the medical and healthcare field are recommended.  

ASR solutions are typically cheaper than human-based or hybrid ones, but they are unable to deliver the necessary accuracy levels. The cost of an inaccurate transcript and the results it could have in the medical field are indescribable.  

The cost of professional and accurate medical transcription will also be dependent on the length of the audio or video files, the quality of the audio, the number of speakers and any other additional customisation options needed. Perhaps you may need to indicate items such as timestamps for when things were said and speaker identification to note who said what. This can be essential information but can sometimes add to the price tag. Additionally, the turnaround time for the transcript will also be a cost factor. Less urgent requests can usually be provided at a reduced fee. 

If you’re interested in learning more about medical transcription and available options, reach out to Take Note to get a quote today. Our professional medical transcription is highly accurate and secure. Plus, we deliver on agreed upon turnaround times, which are often needed for urgent matters.  

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Kat Hounsell