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3 Cost-Saving Benefits of Outsourcing Medical Transcription

3 Cost-Saving Benefits of Outsourcing Medical Transcription

By: sageknox

27 Oct 2017

To operate an internal medical transcription team is to keep and maintain people, records, HIPAA-compliance, equipment, technology, and deadlines - and that’s on top of the day-to-day tasks and stresses of working in the healthcare industry. By outsourcing this vital element of the medical administrative process, medical providers can not only reduce costs, but streamline and improve their medical transcription processes in the following ways:

Advantageous Turnaround Times

With many transcription providers employing overseas transcriptionists, turnaround times can be achieved within 24 hours of receipt. Once recorded materials are received, transcriptionists work with diligence and fervor, checking for accuracy and HIPAA compliance after the initial recording is put to paper. For clientele in the west, this is a significant advantage to in-house transcriptionists. Aside from the overall costs of equipment, salary, HR, benefits, and maintenance and training, the restrictions around working hours can put your crucial materials back between 1-3 business days depending on workload.

HIPAA Compliance and Precision

A HIPAA-certified transcription company can ensure your sensitive materials stay safe, secure, and to specific organizational requirements for data retention and storage. Furthermore, the accuracy and precision required and expected by medical professionals is intact with a qualified third-party provider, ensuring your recorded materials are transcribed with care and accuracy. Perhaps in no other field is this attention to detail so important - the difference between an accurate transcription of record material and a shoddy attempt can be the difference between life and death. Having a transcription partner that can guarantee precision, timeliness, and discretion is a major advantage over a full-time administrative assistant handling an onslaught of incoming transcription jobs. Plus, these firms are able to work with extreme flexibility, providing transcription services as needed, helping your staff deal with a sudden influx or major project that requires more man hours than your organization may be able to handle.

Reduced Infrastructure Requirements

On top of the cost-saving aspects of a third-party medical transcription service, the level of infrastructure, upkeep, and maintenance involved in maintaining a comparable full-time position working through your organization’s transcription needs is substantial. Reducing the costs of Human Resources hiring and background research processes, IT and infrastructure costs, and training and maintaining an in-house transcriptionist can send your overall operating costs through the roof. With a dedicated third-party transcription provider, the benefits outweigh the risks. Cheaper, faster, and more accurate, professional transcription services offer an attractive alternative to an in-house employee, regardless of convenience or skill level.

To learn more about transcription services for your medical or healthcare organization, contact Transcription Hub or begin your project using our self-guided tool, which allows you to upload and submit your recorded file and have the transcribed version delivered to your inbox within a timeframe that works best for your organization and budget. Starting at just $0.75 per minute, there’s no better value in transcription than with Transcription Hub. Try it today!