Medical transcription is the process of creating records of the patient-healthcare professional encounter. It is a non-profit making but essential part of the healthcare process. It is considered to be one of the cost heads. The aim of most healthcare facilities is to reduce the cost of medical transcription as much as possible. Outsourcing medical transcription helps reduce costs both directly and indirectly.
How does outsourcing medical transcription reduce direct costs?
Outsourcing medical transcription reduces direct costs by reducing the following cost heads:
- Reduce the cost of medical transcriptionist staff on the rolls: One of the main contributors to the cost of medical transcription in-house is the need to maintain the manpower to execute the work. Outsourcing medical transcription needs can bring down not only the salaries paid to the medical transcriptionist but also bring down other costs like taxes, benefits like insurance, down time when work is slow, overtime payments, the cost of weekend and holiday transcription etc.
- Bring down the cost per line of transcription: Outsourcing medical transcription ensures that the healthcare facility ends up paying very less per line of transcription due to benefits like economies of scale, lower cost of living at the outsourcing company location, and the benefits of best practices adopted by the service provider.
- Reduce the cost of medical transcription equipment: For medical transcription to be executed in-house the healthcare facility has to invest in medical transcription equipment like computers, servers, earphones, foot pedals etc. These expenses are eliminated with the outsourcing option.
How does outsourcing medical transcription reduce indirect costs?
Outsourcing medical transcription reduces indirect costs by reducing the following cost heads:
- Reduce the cost of management resources: Managing medical transcription in-house would involve allocation of management staff for activities like recruitment, training, supervision of medical transcription work. By outsourcing medical transcription, management expenses towards managing medical transcription in-house would be dramatically reduced.
- Reduce the cost of utilities: Utilities like power, water, stationery, consumables etc. add to the cost of medical transcription in-house. Outsourcing medical transcription would eliminate all these costs.
- Reduce the cost of real estate: Executing medical transcription in-house would mean allocating space for this purpose. This cost of real estate would add to the cost of transcription. Outsourcing medical transcription would totally eliminate this cost head.
Outsourcing medical transcription needs would make the organization structure leaner by eliminating the need to maintain a huge staff on the rolls, while at the same time bringing down the cost of transcription dramatically. It allows the healthcare facility to take advantage of opportunity costs which would have been lost by allocating essential resources to in-house transcription like investments in capital equipment, space allocation, management resources etc.
Outsourcing medical transcription to TransDyne helps not only eliminate direct and indirect costs of in-house transcription, it also offers advantages like:
- Accuracy level of above 99%
- Turnaround time of 24 hours, with an option of 4-12 hours turnaround time for STAT reports
- Data transmission through secure, HIPAA and HITECH compliant channels.
- Technology that enables easy uploads and downloads, and offers powerful archival facilities.
- Familiar and flexible modes of dictation.
- HL7 integration, which allows for interface with EMR systems.
To know more about the advantages of outsourcing medical transcription to TransDyne, click here