Medical Transcription (MT) is likely to be the fourth biggest foreign exchange earner for India-after garments, diamonds and software. The mainline software actions are reserved almost exclusively for professionals, but Medical Transcription Outsourcing part can be exploited by any sensible entrepreneur.
The entire American MT industry is said to be worth $7 billion has a potential of shifting to India. The industry needs highly talented and well trained personnel. Though, we have millions of unemployed young people with impressive university degrees, hardly 5% of them fit into this Industry. Firstly, the candidate should have good written English, please note, not spoken English. Candidates’ capacity to listen with concentration to pick up every word – not just the idea of the statement – is absolutely essential. With regard to training, American MT industry has prescribed 900 hours of teaching and 300 hours of on job training as the standard. To complete this training it takes 6 months. Since Indians are not familiar with American spoken English, it requires extra coaching. The report comes in different American accounts and the Indian operator has to understand every word of it. Such training has to be essentially given by an American expert.
Teaching of medical terminologies numbering more than 1, 50,000 words is the toughest part of the training. An average Indian youngster has to get coached in complex medical language. We need the same process to be adopted for this industry to make the $7 billion industry to come to India. Identification of the suitable candidates for training is critical for the success of the industry. When so many projects have failed to get a breakthrough, genuine investors keep away from the industry. Lastly and most importantly, the American buyers will be convinced that they can not depend on the Indian sources.