How Medical Transcribing Services Benefits Medical Practices

Medical transcribing services benefit medical practices in a number of ways

. Medical transcribing services improve medical practices cost efficiency, accuracy, productivity as well as their compliance with government regulations. This article will analyze the costs of third-party medical transcription services versus in-house transcription and its increase in productivity and timeliness.

According to a recently released study, hospitals, surgical centers, medical practices and other entities save money on employee benefits, transcription equipment and the overhead costs associated with having additional employees in the office by implementing third-party medical transcribing services. The study indicated that the savings generated by using third-party medical transcription services could total more than $19,000 per year or 41 percent of costs associated with medical transcription.

Medical transcribing services also improve medical practices' productivity and timeliness by ensuring that a skilled transcriptionist is always available and ensuring that medical records are transcribed quickly and accurately.

If an in-house transcriptionist is out sick this means that the medical practice is losing money. Suppose an average medical practice bills $1,730 per day. If the medical practice employs an in-house transcriptionist who is responsible for the transcription of dictations for those daily fees and the medical transcriptionist is sick for two weeks per year, the medical practice has delayed more than $17,000 in reimbursement over the course of a calendar year.

However, if that practice were to employ third-party medical transcribing services, no delays occur due to the fact that most third-party medical transcription services providers have skilled transcriptionists on-hand 24 hours a day, year round, including holidays. By implementing third-party medical transcribing services, practices can continue to create medical documentation and bill their services accordingly, which allows reimbursement to flow into the medical practice.

Medical practices consider medical record productivity to be a major concern and implementing third-party medical transcribing services can improve productivity. Due to the fact that practices that employ third-party medical transcribing services do not have to spend time on training, hiring temporary employees to fill in when their medical transcriptionist get sick or go on vacation, or updating their transcription equipment, they do not have to worry about their productivity lagging. Third-party transcription service providers can increase or decrease the number of medical transcriptionists assigned to a particular medical practice's workload if it fluctuates, which ensures that workflow remains constant and steady at all times.

By implementing third-party medical transcribing services, hospitals, surgical centers medical practices and other entities can save approximately 41 percent over in-house transcribing, according to the study discussed earlier. In addition, using third-party medical transcribing services allows medical practitioners to have their documentation updated constantly because these transcription services offer a pool of highly-trained transcriptionists. This means that medical practitioners do no experience service lags over weekends, holiday or at night and no lost days when an in-house medical transcriptionist is on vacation or sick. Consistent transcribing translates into more billable services, more reimbursement and ultimately more complete documentation.

Medical transcription services benefits medical clinics in numerous ways including improving productivity, timeliness and cost efficiency. These services also improve medical clinic's accuracy and ensure compliance with government regulations. The benefits of medical transcription services are abundant and obvious and medical clinics should be advised to implement these services.

by: Colin Christie

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