Nexus eyes share of $15-billion medical transcriptions market

A local software company, Nexus Technologies Inc., is bent on taking a slice of the $15-billion medical transcription market by enticing foreign companies to tap Philippine technically-skilled personnel to do the job.

Juan Chua, Nexus president, noted that in the US, doctors are required to provide a transcript for medical diagnosis they make on the patients. Such process is normally very tedious since taped conversations have to be encoded to the computers.

The reports form part of the medical records maintained by hospitals and healthcare establishments and are key and essential requirements for patient are, insurance reimbursements, and hospital accreditation, among others.

But cost caps prevailing for health insurance have forced most American hospitals and physicians to out source their medical transcriptions services mainly to small businesses, he said.

Chua said that with the power of the Internet, even countries like the Philippines can close the distance and enter the market.

Thus, he said Nexus plans to launch IntegMT, an Internet-based management and production system that automates the medical transcription process.

The new software product utilizes current Internet technologies to provide doctor and hospital clients fast turnaround, consistent quality, time and cost-effective interactive client services.

The development of the medical transcription business, Chua continued, lends well to optimizing Philippine talents and resources since the job requires fluency in medical terminologies and pharmacology.

Likewise, the business entails highly sophisticated audio and information technology expertise, he added.

"Such medical and technical skills are available locally and human resources can trained to provide for the very stringent US standards for documenting patient care," he said.