Transcription Group Bags $ 1.4-M American Contract Sunday, December 9, 2007 A consortium of small and medium medical transcription service organizations (MTSOs) recently bagged $ 1.4-million worth of deals from the recent American Health Information Management Association (AHIMA) exhibition in the US. Raoul Sia, president of Rapid Data, said the MTSOs have decided to form a consortium to show to large companies based in the US that the Philippines has the ability to handle their accounts, and has enough headroom for future requirements. AHIMA is a dynamic professional association that represents more than 51,000 specially educated health information management professionals who work throughout the healthcare industry. The organization’s annual convention and exhibition serves as an extensive and focused venue to meet decision-makers in the industry. Consortium members in the AHIMA exhibition were E-Link Transcription Academy, Inc., E-Transcribe Global Transcription Services and Training, Inc., GlobalQuest BPO Specialists, Inc., and Rapid Data Services LLC. The AHIMA is a venue for local MTSOs to meet new clients, potential partners, and providers. It is also where the Philippine MTSOs may undertake focused market study on global sourcing trends, best practices, outsourcing niches and opportunities. The local MT industry’s transcription rate is expected to reach 20 million lines annually translating to $ 1.2 million dollars in annual earnings. MTIAPI projected that the need for medical transcription will reach by US$ 301 million in 2010. The rise in US healthcare spending because of its aging population and increasing demand for health maintenance organizations and medical insurance, coupled with the Health Insurance Portability and Accountability Act (HIPAA) directive require healthcare providers with loads of complex documentation requirements. The Philippine MTSOs’ quality of work, faster turnaround time and assurance of client’s data security have attracted foreign firms to outsource their needs through Philippine service providers. According to Sia, companies who have signified their participation in the consortium are now on the testing stage. It is estimated that the alliance with the US-based companies will be on its full operation in the next few months. Aside from transcription and medical coding, a growing number of US companies are also interested to outsource editing requirements to the Philippines. The industry as well, is targeting to hone its capabilities in voice recognition. The Philippines is now recognized as a viable choice when it comes to outsourcing. Sia also cited the Filipino work ethics as one of the factors that convinced US companies who are working with India for quite some time, to try the Philippine MTSOs. With a stronger market presence in the US, the local medical transcription industry is working to attract countries like Canada, Australia, and United Kingdom in the future. Recently, the Philippines was cited by the National Outsourcing Association (NOA) of the United Kingdom as the Best Offshoring Destination of the year. By 2010, the local BPO industry is expected to corner 10 percent of the world market, with revenues from animation, back office, customer care, digital content, engineering design, software development, legal and medical transcription. The Philippines relies on its manpower resource, government incentives, developed telecommunication infrastructure, low cost office space, and strategic location.