One of the Top industries outsourced to India from America for cost cut and labour intensive is medical transcription. The Medical transcription & medical billing outsourcing was driven by a these important factors:
• Very High labor costs employing Local Medical transcription with high degree of proficiency and skilled labour in USA - the average annual salary for a US medical transcriptionist is about $30,000 to $40,000, while the same job carried out by an Indian medical transcriptionist is about one-fourth to one-sixth of that amount.
• Skill & Salary Advantage- An the average American would find it difficult not only to deliver the job with 99% accuracy levels, it's also very difficult to to manage the overheads and other expenses that comes with this service, which is not viable for running the operations in USA, whereas the over head cost is almost negligible in India (Broadband - Just $20 to $25 per month for 512 kbps, and office expenses can be very minimum comparitively)
• Labour intensive workforce - the average American medical transcriptionist prefer to do more of managing the jobs rather than into delivery and hence they prefer to get the job outsourced to India and Indians are known for dedication and hard work in whatever they do.
• The US government was trying to cut costs on healthcare and hence the demand is surging over the time and the industry reports suggest a 20-30% growth over the next few years.
• India had a high skilled workforce with the largest English-speaking population in the world. A very big advantage compared with any other competing countries in this field.
Overall India is set to capitalize the growth opportunity in healthcare outsourcing and in particular with Medical transcription & Medical Billing serive outsourcing.
~BALA
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