The Indian rupee has steadily increased in value vis-à-vis the US dollar over the last five years. The dollar, which was worth almost 48 Indian rupees five years ago, is now worth less than 40. The question is whether this appreciation in the value of the rupee has made outsourcing unattractive for businesses wanting to cut costs.One of the industries outsourced to India from the USA in order to cut costs is medical transcription. The outsourcing saga was driven by a lot of factors:• High labor costs in the USA – the average annual wage for a US medical transcriptionist is about $30,000 (www.bls.gov) while that of an Indian medical transcriptionist is about one-fourth that amount.• The unappealing nature of the profession – the average American would find it difficult to manage a family on a medical transcriptionist’s salary.• An aging workforce – the average American medical transcriptionist is 50-plus years of age while the average Indian medical transcriptionist is around 25 years of age.• The turnaround time factor – medical transcriptionists working in Indian companies work around the clock in three shifts, and there is no shortage of qualified manpower. A physician can expect to sign his report within… Read full this story
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