Outsourcing medical transcription is no doubt a cost-effective way for private hospitals and healthcare systems to save a huge deal of money in their daily business operations. You’ve probably heard this statement if you’ve been in the healthcare field for a while. But how exactly does outsourcing medical transcription manage to accomplish this? What aspects of your business are you improving on with outsourced medical transcription? Found below are some of the ways your business can benefit from medical transcription:
- Cost Advantage. Businesses can save to as much as 40 percent financially by subcontracting medical transcription. How? That’s because hospitals no longer have to invest in equipment and human resources, saving companies millions from turnovers, training and hiring new staff. Besides, hospitals don’t have to pay for their employee or business taxes as well as additional health or hazard insurance. The medical transcription provider will take care of it all. And last but not the least, more often than not, the payment for medical transcription services are based on production output (e.g. the number of lines transcribed, documents) not hours logged at work.
- Fast Turnaround. Your medical facility no longer have to wait for pending transcripts due to employee absenteeism or PTOs. There will always be a staff member available to handle the workload for you and deliver the documents on time.
- Enhanced Productivity. With the weight of transcription no longer bothering your staff, you don’t have to worry about monitoring their daily progress or whether that urgent transcript you ordered has been done already. This also allows your staff to work on much needed items and other more complex operations that demand accuracy and focus such as medical billing and coding. Also, in most cases, medical transcription providers give their clients an option to retrieve documents from a free, easy-to-use and quick document management system. Clients are also given access to other related data processing software that allows them to make edits and assign tasks to the subcontractor.
- Flexible modes of outsourcing solutions. Medical transcription providers offer customized medical transcription packages that fit the client’s budget. These packages vary in terms of data processing volume, control over data flow and exchange, and payment terms.
- Focus more on daily business operations. Medical facilities can save up to over a million dollars in management and operational costs by simply hiring a subcontractor to do the medical transcription job. This is no lip service and a fact proven by three case studies conducted by technology company Nuance. Thus, administrators and company heads can strategize better and focus more on areas that need improvement in their business.
The future of medical transcription is bright for both employees who are looking into breaking into the healthcare information management field as well as healthcare organizations who’d like to make a lot of savings. And outsourcing proves to be a great way for these entities to maintain their competitive edge in this trying economy.