Medical transcription outsourcing: Leading to better revenue management

The main goals of any healthcare facility would be providing quality healthcare while still maintaining a healthy bottom line. Each of these objectives is mutually dependent on each other.  That is quality healthcare results in profitability and a healthy bottom line enables seamless delivery of quality healthcare. The one support service that has an active role to play in both these aspects is medical transcription.

Medical transcription is the process of creating patient medical records from the dictation of healthcare professionals regarding the patient encounter. It is a known fact that though quality healthcare is the originator of revenues it is quality patient medical records that result in the actual payment and medical transcription has an important role to play in the creation of quality records, which leads to better revenue management. As medical transcription is a complex process requiring the right combination of skilled medical transcriptionists, stringent processes and the right software & tools, outsourcing medical transcription has been proven to be one of the best solutions to ensure quality transcription and better revenue management.

Given below are the aspects of outsourced medical transcription services that result in better revenue management:

Complete documentation:  Using the services of a professional medical transcription company results in complete documentation including the narrative portion of the patient encounter. Complete documentation provides a better picture of the treatment process, which leads to better coding and billing resulting in better reimbursements.

Accuracy: Another aspect of outsourcing medical transcription is that the accuracy of information captured in the transcript is high due to the skill of the medical transcriptionists and stringent quality processes used by the medical transcription company. This results in minimization of errors leading to better coding & billing, which are an important aspect of revenue management

Prompt delivery of transcripts: Outsourcing medical transcription results in quicker creation of patient medical records owing to the skilled medical transcriptionists, processes and the technology used by the transcription company.  Quick medical transcription leads to timely coding and billing resulting in quicker reimbursements.

Indirect savings: Outsourcing medical transcription results in indirect savings, which has a positive impact on revenue management. Some of the indirect savings that are a result of outsourcing medical transcription are:

1.      Lowering cost of transcription

2.      Savings on overheads and indirect costs of in-house transcription

3.      Increased productivity of healthcare professionals

4.      Increased productivity of support staff

5.      Better utilization of resources for the core objective of providing quality care

It can be seen that outsourced medical transcription services have a definite and positive impact on revenue management.

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 complete medical transcription services from TransDyne, click here.