Transcription outsourcing: Expenditure – benefits investigation

Any business choice requires a rigorous examination at the options available and a thorough expenditure – advantages analysis to be thriving and profitable. A healthcare provider faces many choices to be made on a daily basis. Several of these are affecting to the most important business and some are towards services that support the main business. Generally these supplementary services do not directly contribute to the bottom-line, but play an essential role in the quickening or slowing down of the revenue flow.

One such service is medical transcription, it does not straightforwardly make an impact to the earnings flow of the hospital, but efficient medical transcription can speed up the receivables management cycle and curtail costs. Therefore it is vital to analyze the expenses and advantages of captive medical transcription versus the expenditure and advantages of medical transcription outsourcing

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

Costs of captive healthcare transcription

· Salaries
· Space costs
· Management expenses
· Expenditure of utilities
· Expenses of in-house software and tools
· Expenditure of overflows medical transcription
· Expenses incurred due to delay in healthcare transcription
· Expenditure of equipment
· Costs of teaching
· Consumables

Benefits of in-house healthcare transcription

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

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

Expenditure benefits investigation for availing transcription services from an expert:

Expenditure of availing transcription services from an expert:

· Expenditure of sourcing the right service provider, like the evaluation method and travel
· Expenditure per line of medical transcription
· Minor expenditure for upgrading the medical transcription outsourcing: systems to work in tandem with the vendor’s systems

Advantages of transcription outsourcing:

· Costs of transcription is limited to the costs per line of healthcare transcription
· Holiday and weekend requirements are covered automatically
· Promised turnaround time
· Correctness of above 99%
· Security 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 medical transcription company

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