Medical transcription is an in-demand profession that offers good remuneration ...
With the rise of the Internet and technology tools, it’s easier than ever to outsource your medical transcription and streamline your internal record-keeping services. Many medical practices and healthcare providers are discovering the benefits of outsourcing their transcription requirements, not least of which are increased efficiency and considerable cost savings. Here, we look at the numerous benefits of outsourcing this vital process for your medical practice.
The internal resources you need to achieve the same accuracy and turnaround times as a professional transcription service can be considerable – much more than you might realise. These resources include staff and salaries, specialised hardware and software, recruitment, quality control measures, and time management.
By outsourcing the entire job to a transcription service, your organisation can free up resources to better concentrate on your core business activities in patient care, or to invest in business expansion. For smaller practices, it can be particularly advantageous to outsource this function, as smaller clinics work to tighter margins and strict overhead constraints.
Whether your practice is large or small, focused allotment of resources, rather than scattering them on a range of non-core functions, lets you narrow in on your overall business objectives. This makes your team more efficient as a whole, and drives better resource management across the practice.
Outsourcing won’t only help you free up time and resources; it can actually help you save more money on overheads. If you calculated what it would cost for you to maintain an internal medical transcription service, it would probably cost you much more than outsourcing. In addition to staff salaries, you are paying for HR and management for recruiting and quality control, equipment and software, IT support, and more.
By transcribing in-house, you are spending extra money to maintain a process that can fluctuate in volume depending on your transcription needs. For example, patient consultation numbers typically peak in winter for most practices. In addition, the transcription industry is associated with higher turnover, which means having in-house transcription staff might require you to take frequent, time-consuming recruitment drives.
Transcription companies offer competitive pricing, because they’re specialised, and can leverage the cost benefits of scale. They’re better placed to explore and take advantage of efficiencies such as offshoring, technology systems, and crowdsourcing work. Usually they can do it more cheaply for you than you can do internally.
Transcription companies can offer savings through lower per line rates, and lower labour costs. They eliminate the need for HR, administrative, and training costs, in addition to helping you save on maintenance and equipment outlays.
Transcription services are scalable because you engage them on the basis of your volume and demand. There’s no need to maintain an internal team that can end up severely underused during low demand, and then overtaxed in peak times.
With an outsourced service, you pay by the minute or line, achieve the same turnaround times regardless of your volume, and still pay the same by-minute or by-line rate, all without the additional costs associated with maintaining a team of staff.
Quality medical transcription companies have systems that are closely aligned with the needs of the medical industry. They can work with you to manage and streamline your document workflow – starting with the point of voice capture and completion at document delivery – to suit your unique requirements.
A great transcription service will collaborate with you to minimise the number of extra steps you need to store files, all the while doing their best to ensure security and confidentiality. Coupled with user-friendly software systems, this can make it much easier for you to capture and store patient records without hassle.
With an in-house team, ensuring high quality medical transcription not only requires you have full-time transcribers; it means you’ll need to invest in specialist equipment and software, along with an appropriate IT infrastructure for safe capture and storage. Your in-house transcribers might not be able to consistently achieve the same high-accuracy results as an outsourced transcription service.
If you outsource your medical transcription, usually all you’ll need is a voice recorder and a computer to upload the voice files. You’ll have access to transcription experts with experience in medical terminology and equipment, and you’ll be able to enjoy the same level of accuracy and high standards without the ongoing costs for maintaining your own team – and usually only at a fraction of what it would cost to pay full-time staff members.
Sometimes you will need patient records transcribed in a hurry. Many transcription services leverage time-zone differences, or have staff on different shifts to ensure quick turnaround times at all hours of the day.
Often these service providers will offer very short turnaround times (at a premium) for urgent tasks. By using an external service, you can access faster turnaround times with high accuracy without the headache of managing your own staff.