Medical Transcription School

What is the Future of the Medical Transcription Industry and Medical Transcription Jobs?

O.K. let’s face it. Most people are not going to be interested in the altruistic aspects of any job. Especially not in this economy! The good news is that medical transcription jobs in high demand as they are a critical component of the most stable and rapidly growing segment of our economy. Healthcare! In fact, healthcare may prove to be the only resilient segment of our economy over the next 4 or 5 years.

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Every day it seems that there are new announcements of bankruptcies and layoffs affecting tens of thousands of people. When was the last time you heard about mass layoffs in the healthcare industry? You don’t and you never will – at least not for the next several decades as the baby boom population flourishes into full blown retirement mode and demands an extraordinary volume of healthcare services. The interesting thing to note – and a fact not readily discussed by many in the medical transcription industry is that the average age of active practicing medical transcriptionists is somewhere in the mid 40’s. That is the average. This means that a very large portion of the medical transcription population is poised to retire and exit the industry in the next 5 – 10 years.
Guess what? Those medical transcription jobs don’t just go away. All of those medical transcriptionists will need to be replaced. What is more, these seasoned medical transcription practitioners are among the most productive asset the medical transcription industry has. They produce an output of medical reports that is sometimes 2 to 4 times the average medical transcription production for new graduates who are just entering the medical transcription career field. This means that the medical transcription industry will need not ONE, but possibly two or three new recent medical transcription school graduates to fill EACH of these positions.This spells medical transcription job opportunities for prospective new students considering entering this fast growing career field. Unfortunately, it could also spell disaster for the healthcare industry if it doesn’t begin to take steps now to attract new talent into the industry. Some of this problem has already begun to materialize and regardless of what your opinion is on offshoring, the offshore production of some of the domestic US medical transcription workload has saved the industry and bought some precious time to find a more permanent solution. However, it will not continue to mitigate the deficit of trained medical transcriptionists in the US healthcare market indefinitely. Medical transcription jobs will have to be filled as older MT’s retire and exit the industry.
The surge of baby boom retirees is simply too large to ignore. What is more, the aging population consumes an exponentially large portion of available healthcare services and resources. Which means, that as the aging population swells over the next decade, every facet of the healthcare industry will be strained – not the least of which is medical transcription and the production of medical records. Medical transcription jobs will be plentiful – but increasingly, medical transcription service providers and healthcare organizations are demanding trained or experienced talent. There simply are not enough resources to train medical transcriptionists on the job.

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