In an increasingly challenging business environment it is important for businesses to focus on maximizing revenues and minimizing expenses. The healthcare sector is no different, though strictly speaking healthcare is a service that is aimed at improving the quality of life by managing health issues and a service aimed at saving lives. In spite of the noble objectives of healthcare, it is a business like any other that has to focus on maximizing income so as to be able to continue providing quality services. As healthcare is a sensitive service it is also subject to statutory norms apart from the usual pressures of having to deliver quality services consistently and maximizing profits.
To this end it is important for healthcare facilities to examine every input that forms a part of the entire healthcare process both in terms of quality and cost. One such input to the healthcare process is the information from patient medical records, which play a vital role in the clinical decision-making process, reimbursements and risk management. There are numerous options available to healthcare facilities and healthcare professionals for documenting the care process, however medical transcription the process of converting the dictation of healthcare professionals into text has been proven to be one of the most convenient and efficient methods.
However medical transcription is a process that requires substantial investment in terms of resources, people and technology to be able to meet the expected quality levels, an investment which would result in dilution of focus of the healthcare facilities from the core business. Outsourcing medical transcription to a professional medical transcription service provider has been found to be one of the most effective solutions to ensure total focus of the healthcare facility on their core business of providing quality care. Outsourcing medical transcription not only ensures that quality standards of accuracy, turnaround time and security are met with, but also helps with cost restructuring.
How does outsourcing medical transcription help healthcare facilities in cost restructuring?
Outsourcing medical transcription essentially offers healthcare facility the option of converting their fixed cost of medical transcription to variable costs that is dependent on the volume of transcription required.
Normally the cost of medical transcription would involve the following cost heads:
- Allocation of space for transcription
- Cost of utilities for medical transcription
- Capital investment in software and tools for medical transcription
- Furniture and other expenses for medical transcription
- Cost of recruiting and training medical transcriptionists
- Salaries and other benefits for medical transcriptionists
- Cost of supervision
- Cost of coordinating the medical transcription activities
- Cost of HIPAA and HITECH compliance
- Cost of editing and proofreading for speech recognition software transcriptionIn spite of the enormous commitment of resources towards an in-house medical transcription department, healthcare facilities have no guarantee of the capability of their team to meet increasing volumes of medical transcription without compromising on accuracy or turnaround time. Moreover the cost of idle capacity during slack volumes would have to be included as part of cost of medical transcription making it very unattractive.
Outsourcing medical transcription to a reliable medical transcription service provider essentially enables the healthcare facility to avoid all these expenses, as they would be charged on the basis of volume of services utilized. This will help restructure the fixed cost of medical transcription to variable costs resulting in enormous savings and increased focus on the core business of providing quality healthcare. Moreover outsourced medical transcription service providers also enable adoption of EMR/ EHR using HL7 interface.
TransDyne, a leader in the outsourced medical transcription industry has used their extensive background in information technology and their experience in serving the needs of the healthcare sector to provide affordable and integrated medical transcription solutions.
TransDyne offers quality medical transcription at reasonable prices, executed by experienced and qualified medical transcriptionists with a very quick turnaround time executed through secure HIPAA and HITECH compliant channels, with very high levels of accuracy and all this with technology that is advanced but easy to use!
To avail economical medical transcription services from TransDyne, click here.
