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New Applications in Speech Technologies for Health Care Jane Rudov & Scott Robertson August 7, 2006.

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Presentation on theme: "New Applications in Speech Technologies for Health Care Jane Rudov & Scott Robertson August 7, 2006."— Presentation transcript:

1 New Applications in Speech Technologies for Health Care Jane Rudov & Scott Robertson August 7, 2006

2 If you want to succeed in business, avoid “business as usual.” Author unknown

3 The Company and Its Industry

4 Who is Transcend Services? Medical Transcription Service Organization (MTSO) based in Atlanta, GAMedical Transcription Service Organization (MTSO) based in Atlanta, GA Public Company listed on NASDAQ: TRCRPublic Company listed on NASDAQ: TRCR Established in 1987 as a full Health Information Management BPOEstablished in 1987 as a full Health Information Management BPO Focuses exclusively on Medical Transcription for last 8 yearsFocuses exclusively on Medical Transcription for last 8 years Over 800 virtual employeesOver 800 virtual employees Nationwide customer base consisting of health systems, hospitals, clinics and physician practicesNationwide customer base consisting of health systems, hospitals, clinics and physician practices

5 What is Medical Transcription? Medical transcription is the act of translating a recorded patient encounter into a textual transcript.

6 And What is our Mission? Transcend Services commits to providing accurate medical documentation of the patient / provider encounter, on time, every time. Period!

7 The State of the Industry Aging population, high demand for health careAging population, high demand for health care Demand for medical documentation increasing due to stringent payer documentation requirementsDemand for medical documentation increasing due to stringent payer documentation requirements Medical transcription traditionally a “cottage” industry with trend in recent years toward home-based and virtual workersMedical transcription traditionally a “cottage” industry with trend in recent years toward home-based and virtual workers Qualified medical transcriptionists have been hard to find in the U.S.Qualified medical transcriptionists have been hard to find in the U.S. Domestically, market size approaches between $10 and $15 Billion with only $6 Billion outsourcedDomestically, market size approaches between $10 and $15 Billion with only $6 Billion outsourced Market is highly fragmented with a handful of large companies and hundreds of “mom & pops”Market is highly fragmented with a handful of large companies and hundreds of “mom & pops” Offshore production facilities gaining foothold in industryOffshore production facilities gaining foothold in industry Technology advancements slow to take rootTechnology advancements slow to take root Industry standards being developed through ASTM, AAMT and MTIAIndustry standards being developed through ASTM, AAMT and MTIA

8 The Market Demands… Accuracy Expertise Fast Turn Around Low Cost

9 The Problems We Needed to Solve

10 Avoiding Business as Usual Tackling rising costs of productionTackling rising costs of production Improving service quality & turn around time (TAT)Improving service quality & turn around time (TAT) Coping with workforce shortagesCoping with workforce shortages Dealing with demanding customersDealing with demanding customers Feeling the “squeeze” of downward pricing pressureFeeling the “squeeze” of downward pricing pressure

11 Needed a Solution that Would… Lower production costsLower production costs Increase productivity of workforceIncrease productivity of workforce Improve accuracy of medical languageImprove accuracy of medical language Improve turnaround timeImprove turnaround time Improve overall quality and appearance of reportsImprove overall quality and appearance of reports

12 Our Solution:

13 Build it and They will Come Speech Recognition Deemed Best Solution to Address Cost and Production ProblemsSpeech Recognition Deemed Best Solution to Address Cost and Production Problems Speech Recognition Partner SelectionSpeech Recognition Partner Selection Transcend’s Build or Buy DilemmaTranscend’s Build or Buy Dilemma Workflow a “Work in Progress”Workflow a “Work in Progress” Transforming a Service Business’ ServicesTransforming a Service Business’ Services

14 Selecting the Right Speech Recognition Partner M*Modal was the natural choice for Transcend: “Speech Understanding” Technology“Speech Understanding” Technology Built for integrationBuilt for integration Willingness to PartnerWillingness to Partner Synergistic vision regarding Transcription WorkflowSynergistic vision regarding Transcription Workflow

15 Integrating Speech Recognition Integration ChallengesIntegration Challenges The Time FrameThe Time Frame The SolutionThe Solution

16 Integration Challenges 3 rd party dictation capture and transcription user workflow platform3 rd party dictation capture and transcription user workflow platform No way to insert necessary speech recognition workflow into this platformNo way to insert necessary speech recognition workflow into this platform No way for existing platform to deliver speech recognized drafts to transcriptionistsNo way for existing platform to deliver speech recognized drafts to transcriptionists Word-Based Transcription PlatformWord-Based Transcription Platform No $$ available for parallel system build – have to add it on to live production system without interrupting productionNo $$ available for parallel system build – have to add it on to live production system without interrupting production Limited Resources – 3 Developers able to devote partial time to projectLimited Resources – 3 Developers able to devote partial time to project Existing Platform has to continue to function and be highly available during transitionExisting Platform has to continue to function and be highly available during transition Short time frame expected for resultsShort time frame expected for results

17 Time Frame Estimated month integrationEstimated month integration Wanted it by April 15 th (it was April 1 st )!Wanted it by April 15 th (it was April 1 st )! Decided on a phased approach to deliveryDecided on a phased approach to delivery –Phase I Delivered first live production Editing work on system inside of 8 months (Phase I)Delivered first live production Editing work on system inside of 8 months (Phase I) –Phase II Full Editing solution with advanced user workflow delivered within 14 monthsFull Editing solution with advanced user workflow delivered within 14 months –Phase III Complete Solution delivered in 22 monthsComplete Solution delivered in 22 months

18 The Solution Build non-Word based transcription desktopBuild non-Word based transcription desktop –Integrate and customize M*Modal editing components and adapt existing desktop components to work with editor (must be backward compatible) Build speech recognition workflow componentsBuild speech recognition workflow components –Submit audio, Retrieve Draft, Render Documents Build back end workflow systemBuild back end workflow system –Allow customizable routing of jobs to the speech recognition system based upon job type –Allow transition from current workflow system to new workflow system Build user workflow and Resource delivery systemBuild user workflow and Resource delivery system –Allow customized user workflow Proper matching of given job type to transcriptionist in the right order at the right timeProper matching of given job type to transcriptionist in the right order at the right time –Allow for existing Word-based platform usage (non-editing jobs) –Allow typing and editing on new transcription desktop system Relax!Relax!

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20 The Effects on our Business

21 Baby Steps…Walk Before You Run Workforce ChangesWorkforce Changes Production ChangesProduction Changes Cost SavingsCost Savings ForecastsForecasts ExpectationsExpectations

22 Workforce Changes New Skill Set Needed in WorkforceNew Skill Set Needed in Workforce Editors Instead of TypistsEditors Instead of Typists Training and Un-trainingTraining and Un-training Hand/Eye CoordinationHand/Eye Coordination Pay Changes: Editing vs. TypingPay Changes: Editing vs. Typing Retention and Recruitment ChallengesRetention and Recruitment Challenges

23 Production Changes Voice Capture Quality Suddenly More Important with Speech RecognitionVoice Capture Quality Suddenly More Important with Speech Recognition New Processes Surrounding Speech to Text TranslationNew Processes Surrounding Speech to Text Translation Workflow and Editor Enhancements for Automated Report ProductionWorkflow and Editor Enhancements for Automated Report Production Staffing Challenges for Editing vs. Typing WorkStaffing Challenges for Editing vs. Typing Work

24 Cost Savings Effort to drive down the cost of production through pay changesEffort to drive down the cost of production through pay changes Corresponding increase in productivity lagging behind pay changesCorresponding increase in productivity lagging behind pay changes Legacy enrollment accelerated to realize savingsLegacy enrollment accelerated to realize savings Savings realized after only 6 months of accelerated enrollmentSavings realized after only 6 months of accelerated enrollment

25 Forecasts & Future Expectations 35% of the volume processed through our Data Center is on Speech Recognition35% of the volume processed through our Data Center is on Speech Recognition Goal is 50% by the end of 2006Goal is 50% by the end of 2006 Goal is 80% by the end of 2007Goal is 80% by the end of 2007 Savings forecasts are dramatic in years 2 and 3Savings forecasts are dramatic in years 2 and 3 Speech Recognition has permanently changed the complexion of our businessSpeech Recognition has permanently changed the complexion of our business

26 Ralph Waldo Emerson Do not go where the path may lead; go instead where there is no path and leave a trail.

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