Med Transcriptionist Now 2nd Highest-Paid Health WorkersDecember 9, 2007 at 11:45 am | Posted in 1 | Leave a comment
MANILA, Philippines (Mindanao Examiner / Dec. 10, 2007) – Medical transcriptionists are now the second highest-paid workers in the health sector, after medical doctors, according to the Trade Union Congress of the Philippines (TUCP).
Citing the results of the Bureau of Labor and Employment Statistics’ latest Occupational Wages Survey, TUCP spokesperson Alex Aguilar said medical transcriptionists are now earning substantially higher compensation income compared to medical technologists, nurses and even dentists.
According to survey, medical transcriptionists get an average of P10,757 in monthly wages.
This rate is P1,462 or 16 percent higher than the average of P9,295 received by medical technologists; P1,813 or 20 percent higher than the P8,944 received by nurses; and P3,722 or 53 percent higher than the P7,035 received by dentists.
Medical doctors received an average of P18,134 in monthly wages.
The survey covered only compensation income earners in medical, dental and other health jobs, as opposed to those earning professional fees.
Aguilar said employment growth in outsourced medical transcription services is expected to outpace considerably the 25-percent annual jobs expansion in the country’s booming contact centers.
He said medical transcription jobs are projected to increase at an average annual rate of 90 percent through 2010.
“The growth of medical transcription services is assured, as long as we have enough supply of capable human resources,” he said in a statement sent to the Mindanao Examiner.
Aguilar said fresh graduates of nursing, pharmacy, medical technology, public health, physical therapy and other allied medical courses should be encouraged to consider transcription work while they are waiting for higher-paying employment opportunities here or abroad.
“Nursing graduates, for instance, can work part-time or full-time as transcriptionists while reviewing for the licensure examination, or while waiting for an overseas job placement,” he said.
The local medical transcription industry is seen to generate $238 million in revenues this year; $476 million in 2008; $952 million in 2009; and $1.71 billion by 2010.
The industry now employs more than 17,000 medical transcriptionists. This workforce is expected to hit 34,000 by 2008; 68,000 by 2009; and 122,000 by 2010, according to the Medical Transcription Industry Association of the Philippines Inc.
Medical transcription is the process of transforming voice-recorded or hand-written medical reports, such as dictation of physicians and hospital records, to text matter that may be stored as printed or electronic data.
In developed countries, electronic medical records have become the preferred means of data storage, giving medical professionals ready access to information regardless of location.
Aguilar said the U.S. medical transcription services market alone is worth $25 billion annually, and more jobs there are being entrusted to the Philippines, which has ample supply of cost-effective, English-speaking human resources.