One of the main considerations in any business decision is the bottom line and the healthcare sector is no different. In fact in the healthcare sector there is a constant struggle to reduce costs and accelerate cash flow. Outsourcing medical transcription can help healthcare facilities in both these areas.
How does outsourcing medical transcription help save on costs?
Medical transcription has been an integral part of healthcare by creating patient records, which serve numerous purposes. Patient records play a vital role in the following:
- Provides the basis of continued care
- Provides information on the progress of treatment
- Acts as evidence in case of litigation
- Forms the basis of coding and billing leading to reimbursement
- Basis for referrals to other healthcare professionals
- Fulfills statutory obligation of maintaining patient records
Though medical transcription is necessary for the smooth running and the financial health of healthcare facilities it is not part of the core business of healthcare facilities. And because medical transcription is the process of creating valuable inputs like patient records it requires time, concentration, investment and skill that could dilute the focus of healthcare facilities from their core business of providing quality healthcare.
Medical transcription needs to be prompt, accurate and secure to ensure the smooth running of healthcare facilities. To ensure this healthcare facilities would have to dedicate a sizable portion of their resources and this would result in medical transcription being very expensive.
Outsourcing medical transcription provides the perfect solution to curb costs and ensures that standards are maintained. A professional medical transcription service provider would ensure:
Accuracy of above 99%: It is important that the information captured in patient records is as accurate as possible. To a large extent accuracy depends on the skills of medical transcriptionists. The skill of medical transcriptionists in turn depends on the service provider having a stringent recruitment policy and a thorough training program. By outsourcing medical transcription healthcare facilities essentially outsource all these activities. The quality of information captured in patient records is high owing to the constant endeavors of the service provider to recruit the best talent and train them to be specialists
Turnaround time of 24 hours: Apart from accurate information, the other main consideration is that creation of patient records should be prompt. This not only helps the healthcare professionals provide quality care but also helps accelerate the cash flow of the healthcare facility, as medical transcription is the foundation for the reimbursement process
Security: Maintaining the confidentiality of patient information is not only mandatory by law but is the basis of the patient-healthcare professional relationship. Outsourcing medical transcription ensures that the service provider provides adequate measures to ensure confidentiality of information during every stage of transcription
Technology that is easy to use: Medical transcription services are aided and enhanced by use of technology. Technology not only speeds up the process and provides for security, it also ensures that healthcare professionals and support staff benefit from numerous features like flexible modes of capturing dictation, automatic uploads & downloads, archiving, HL7 interface, remote printing and faxing etc.
Lower costs: Outsourced medical transcription ensures lowering of costs in two specific ways. Outsourcing ensures that the cost of transcription comes down by 40% to 50% ensuring savings. Outsourcing also ensures that all indirect costs like overheads & utilities etc are also eliminated.
TransDyne, a leader in the outsourced medical transcription industry provides customized solutions to the medical transcription needs of healthcare facilities. TransDyne offers 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!
To avail medical transcription services from TransDyne, click here
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