According to estimates, the growth of the medical transcription software market will exceed an annual CAGR of 15% during the next decade. North America will dominate the market with cloud-based web solutions. This growing segment is attractive for healthtech startups. Today, it is hard to distinguish medical transcription software from healthcare speech recognition software because they have essentially become the same, especially for tasks where real-time AI-based voice recognition and transcription are employed, with direct inputs into EHRs and other systems, as well as automatic coding. However, in general, transcription is often considered a subset of speech recognition.
Why Medical Transcription Software Is Needed
Clinical documentation of patient history by doctors (clinicians, surgeons, radiologists, behavioral health therapists, etc.) to retain health information in structured formats is very important because well-documented medical records aid in hassle-free claim processing and capturing of value-based care metrics, required by the government.
However, accurate documentation takes a lot of physicians’ time.
Automated medical transcription and remote dictation software based on voice recognition of audio-recorded medical reports, integrated with EHR, reduces this time in hospitals, diagnostic centers, and clinics.
What Medical Transcription Software Does
By using generative AI to automatically create clinical documentation, modern medical transcription software in the form of AI voice assistants
- listens to patient-clinician conversations,
- generates notes ambiently,
- enables the editing of notes through dictation,
- suggests ICD-10 diagnosis codes, and
- automatically pulls information into applicable HCC codes or any field in the EHR (after review).
The NLP algorithms within transcription tools convert the content of real-time speech into medical terms, increasing the quality of the process.
These AI voice assistants also answer questions by retrieving information (such as patient vitals or medications) from major integrated EHRs, including Epic, Oracle Cerner, athenahealth, and MEDITECH.
How Belitsoft Can Help
As a medical transcription software development company, Belitsoft provides highly experienced cloud software engineers for any platform (iOS, Android, web, desktop) to help the most innovative healthcare technology companies create or customize their enterprise-grade flagship products, medical transcription solutions, and disrupt the market with HIPAA-compliant and SOC 2 Type 2 certified AI voice assistants.
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