Transcription outsourcing: Expenses-benefits investigation

Any business resolution requires a rigorous look at the options accessible and a thorough expenditure - benefits analysis to be thriving and worthwhile. A healthcare facility faces many choices to be made on a daily basis. Several of these are pertaining to the most important business and some are towards services that support the core business. Generally these supplementary services do not directly contribute to the revenues, but play a vital role in the speeding up or slowing down of the revenue flow.

One such service is medical transcription, it does not straightforwardly have effect to the earnings stream of the hospital, but competent transcription can speed up the receivables management cycle and minimize costs. Therefore it is essential to analyze the expenses and plus points of captive medical transcription versus the expenses and advantages of transcription outsourcing

Expenses-plus points analysis for in-house healthcare transcription:

Expenditure of captive medical transcription

· Salaries · Space costs · Administration expenses · Expenditure of utilities · Costs of in-house software and tools · Expenses of overflow medical transcription · Expenses incurred due to delay in transcription · Expenditure of equipment · Costs of preparation · Consumables

Benefits of captive healthcare transcription

· Single level of communication · Familiarity of the medical transcriptionists with the doctors. · Security

It can be seen from the above table that in-house healthcare transcription has hidden costs that dilute focus from the core business. And being reliant on in-house medical transcriptionists can create additional problems for weekend and holiday healthcare transcription requirements. Any delay in medical transcription can in turn affect both the quality of care and the coding and billing cycle.

Expenses-benefits investigation for transcription outsourcing:

Expenditure of medical transcription outsourcing:

· Expenses of sourcing the correct company, like the evaluation method and travel · Costs per line of medical transcription · Minor expenses for upgrading the transcription outsourcing: systems to work in tandem with the vendor's systems

Plus points of transcription outsourcing:

· Costs of healthcare transcription is limited to the expenditure per line of medical transcription · Holiday and weekend requirements are covered automatically · Guaranteed turnaround time · Correctness of above 99% · Confidentiality measures as regards to software and tools, processes and manpower are taken care of by the service provider · There are added benefits like freeing up of resources like real estate, management and utilities · Training of transcriptionists are undertaken to cover the specialties of the healthcare professionals. · Automatic integration with the EMR/EHR systems is the possible. · Flexible and familiar modes of dictation can be retained · Information Technology needs for transcription is taken care of by the vendor

Medical transcription outsourcing can help the availing transcription services from an expert: in conservation ON expenditure per line of medical transcription, hastening the coding and billing cycle, providing excellent health management and freeing up of vital resources, which can then be used of other purposes. However to avail all the plus points of outsourced services it is essential to have a careful procedure of qualifications checking and assessment. The payoff from the lengthy selection process would have long-term advantages.

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