CITEM sees 90% growth for transcription Malaya, Friday, September 28, 2007 THE PHILIPPINE medical transcription industry is expected to post an annual growth rate of as much As 90 percent per year over the next five years, according to the Center for International Trade Expositions and Missions, International Trade Exhibitions and Missions (CITEM). CITEM said at this rate, Philippine medication transcription industry will outpace growth in the high profile contact center industry~ making it the country's fastest-growing business process outsourcing (BPO) sector. The sector is estimated to have generated revenues' of $75 million in 2006, according to CJTEM. The growth is traced from rising healthcare spending due to aging population in its major market the United States, the increasing demand from health maintenance organizations and medical insurance, as well as the directive of the Health Insurance Portability and Account, ability Act (HIPAA) saddled healthcare providers in the US with, loads of complex documentation requirements. . The CITEM said as the demand for healthcare services increase, the need for dictation and transcription of medical encounters grow 16 percent a year, and resulted to an estimated $12 billion-industry. CITEM said the Philippines guarantees its clients with quality offshore work at reasonably lesser work. Most of the MT organizations in the Philippines operate 24 hours, 7 days a week, with the ability to deliver output in 3 to 6 hours in emergency cases. Different policies and incentive are available for the sector, namely the e-Commerce Law, Intellectual Property Code, Public Telecom Law, and Guidelines for Personal Data Protection. Highly aware of the need to secure their clients' privacy requirements, Philippine MT organizations diligently follow the Health Insurance Portability and Accountability Act (HIPAA) guidelines and the American Association for Medical Transcription (AAMT) standards. The government also supports the industry through a strong industry alliance under the Medical Transcription Industry Association of the Philippines (MTIAPI) and skills development. The Filipino HR base for medical transcription is composed of young professionals in the 20-25 age bracket who are proficient in the English language and familiar with the Western culture. Most of them have medical backgrounds and are able to transcribe 1,000 lines per day with 98-99 percent accuracy rate. Individual companies are also doing their share to answer the rising demand for transcribed health-related documents by using their expertise to train future medical transcriptionists, and ensure a, steady supply of workforce for the industry. To sustain the country's effort in promoting the Philippines as preferred global sourcing destination for health information management services, CITEM, in cooperation with the Medical Transcription Industry Association of the Philippines, Inc. (MTIAPI) will bring five medical transcription companies E link Transcription Academy, Inc., E-Transcribe Global Transcription Services and Training, Inc., GlobalQuest BPO Specialists, Inc., Rapid Data Services LLC, and Top Outsource Performance, Inc. to the American Health Information Management Association (AHIMA) convention and exhibition on October 6 to 11 in Philadelphia. This will create opportunities for Philippine HIM firms to meet new clients, potential partners, as well as find ways to study the global sourcing market, observe trends and best, practices in health information management industry. Top Outsource Performance, Inc. is servicing various hospitals in California and clinics from places like Texas, Houston , Wisconsin , New York , Minnesota , and Alaska for many years. Its expertise is in handling diverse health-related summaries, notes, reports, records, and even correspondence. Rapid Data Services LLC, on the other hand, has headquarters in Florida and major cities in the US will proudly showcase their services in the Philippine booth. Rapid Data performs medical billing and coding and its subsidiary contributed much to the success of its operations in the US.