When it comes to medical transcription needs of a healthcare facility, there are various options available to them. They could choose to go in for an in-house transcription team or engage Independent contractors, or engage the services of a medical transcription service provider. Sometimes healthcare facilities choose to have a combination of all three.
However outsourcing medical transcription needs on a turnkey basis to a professional medical transcription service provider has a lot of advantages. Once the expertise of the medical transcription service provider has been evaluated in terms of accuracy, turnaround time, security, technology and the flexibility of services, there are many advantages to outsourcing medical transcription the right way.
Given below are some of the advantages of outsourcing medical transcription:
1. Saving time: By outsourcing medical transcription, the administrative staff of the healthcare facility as well the healthcare professionals can organize their limited time better to focus on the core business; that of providing quality care.
2. Saving resources: Outsourcing medical transcription frees up resources like Information technology, real estate, working capital, management personnel etc. These resources can then be utilized more optimally.
3. Savings on infrastructure: Having medical transcription in-house would require infrastructure like real estate, computers, utilities etc, which would have to be dedicated to medical transcription. By outsourcing medical transcription, investment on this infrastructure could be saved.
4. Saving on efforts: A lot efforts are needed from people at every level, when medical transcription is executed in-house or through the use of independent contractors. Activities like recruitment, training requires a lot of effort. Outsourcing medical transcription makes sure that these efforts are channeled more productively.
5. Less strain on internal resources: Due to increasing costs, decreasing percentage of reimbursements, and limited budgets, it has become increasingly challenging to manage internal resources. Outsourcing medical transcription lessens the strain on internal resources.
6. Gaining from the expertise of the provider: Outsourcing medical transcription has the advantage of the healthcare facility gaining from the expertise of the medical transcription service provider. The experience and expertise of the medical transcription service provider add to the other benefits of outsourcing.
7. High quality of service: As more and more resources of the healthcare facility are freed, the focus on providing quality services would improve, thereby enhancing the quality of service.
8. Flexibility of choice: One of the major advantages of outsourcing medical transcription is the flexibility of services provided. The onus of having to organize medical transcription services for varying influx of patients, holiday transcription and weekend transcription needs is on the service provider.
9. Increase shareholder value: With the minimization of costs, profits are maximized thus increasing shareholder value.
10. Streamlined and improved operations: With one of the vital functions in the healthcare process, being taken care of, the administration of the healthcare facility is free to focus on other areas. This helps streamline and improve operations.
11. Being competitive: The ability to cut costs without affecting the quality and turnaround time of medical reports, gives a competitive edge to the healthcare facility.
12. Improvement and expansion of services: With huge cost saving benefits and improvement in efficiency, by outsourcing medical transcription, the healthcare facility, improvement and expansion plans become a reality.
13. Improvement in cash flow: Medical transcription is the first stage of the receivables cycle. Outsourcing medical transcription ensures that the turnaround time is reduced, thus quickening the receivables cycle. This in turn improves the cash flow.
Apart from all the above strategic advantages, outsourcing medical transcription needs to a professional medical transcription company like TransDyne has benefits like quality medical transcription at reasonable prices, done by expert 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!
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