subject: The Value of Medical Transcription Services [print this page] The Value of Medical Transcription Services
Hospitals, healthcare practices, and health systems across the nation utilize medical transcription company service as a primary tool for documenting patient care. Transcription can be performed in varying ways, with transcriptionists located within the facility. Additionally, medical transcription services can be outsourced to a transcription company which handles all of the transcription tasks. However, not all facilities use medical transcription service and are potentially missing out on the benefits it has to offer.
With any business, finding ways to efficiently reduce costs without comprising on effectiveness of work is an on-going task. For large hospitals and medical clinics, maximizing the services from transcription could be the difference between expansion and downsizing. Medical transcription company service affects several different areas in healthcare such as:
1. Time - Time is luxury in a busy medical facility. Proper medical transcription service from a reputable company will offer fast turnaround times, which can result in shorter revenue cycles and improve the duration of time spent sending documents to referring physicians. and better time management, efficiency is increased tremendously which is an improvement to productivity.
2. Costs - In the order to remain in business, healthcare facilities understand that the cost of transcription is important. Many factors affect the bottom line costs such as capital investment for dictation/transcription platforms and the costs for in-house transcriptionist expenses like health benefits, paid time off, and staffing issues.
Many large healthcare facilities that continue to utilize in-house transcriptionists overlook these two important factors when investigating ways to relieve budget constraints. By outsourcing the transcription, large healthcare facilities can experience immediate and long term benefits. Some of the best medical transcription services are even able to perform services that require an interface with their existing health information systems.
Through outsourcing, many of these factors are eliminated. Staffing issues and overhead costs become the responsibility of the company and the healthcare facility transcription company only has to concern themselves with the timeliness and accuracy of reports. By examining the value that current transcription company methods and healthcare facilities can make decisions that have the potential to save themselves up to 20-30% in transcription costs alone.
