When it concerns transcribing the medical records of a healthcare facility, there are several options in front to them. They could opt to go in for a transcription department or contract Independent contractors, or engage the services of an expert medical transcription company. Sometimes healthcare providers decide to have a mixture of all three.
However, outsourcing medical transcription needs on a total basis to a medical transcription company has a lot of benefits. Once the expertise of the service provider has been verified in terms of correctness, turnaround time, HIPAA compliance, technology and the pliability of services, there are many advantages to outsourcing the work
Given here are some of the benefits of outsourcing medical transcription:
Reducing time: By outsourcing, the administrative staff of the hospital as well the healthcare professionals can structure their limited time better to concentrate on the main business; that of providing healthcare.
Conserving resources: Outsourcing transcription liberates resources like technology, office space, working capital, management personnel etc. These resources can then be utilized for maximum benefit.
Savings on overhead: Having transcription in-house would require infrastructure like space, computers, power etc, which would have to be used to perform medical transcription. By outsourcing, outlay on this infrastructure could be saved.
Decreased efforts: A lot of inputs are needed from teams at every level, when transcription needs are executed in-house or through the use of independent contractors. Activities like hiring and training require a lot of effort. Outsourcing ensures that these efforts are used more productively.
Decreased strain on internal resources: Due to raising costs, declining percentage of payments, and constrained budgets, it has become increasingly challenging to manage internal resources. Outsourcing transcription lessens the burden on internal resources.
Leveraging from the knowledge of the provider: Outsourcing has the advantage of the hospital gaining from the skills of the service provider. The know-how and expertise of the service provider add to the other advantages of outsourcing.
High level of service: As more and more resources of the healthcare facility are liberated, the focus on delivering quality services would get better, thereby enhancing the quality of service.
Flexibility of choice: One of the major advantages of outsourcing medical transcription is the adjustability of services provided. The responsibility of having to arrange medical transcription services for varying influxes of patients, holiday transcription and weekend transcription needs is on the service provider.
Enhance shareholder value: With the decrease of expenses, gains are maximized thus enhancing shareholder value.
Streamlined and improved operations: With one of the vital contributors in the healthcare process being taken care of, the administration of the clinic is free to focus on other areas. This helps streamline and enhance operations.
Staying competitive: The ability to reduce expenses without affecting the quality and prompt delivery of patient records gives a competitive advantage to the healthcare facility.
Enhancement and expansion of services: With enormous cost cutting benefits and improvement in efficiency by outsourcing, the healthcare facility’s improvement and future plans become a reality.
Increase in cash flow: Medical transcription is the primary stage of the receivables cycle. Outsourcing ensures that the turnaround time is quicker, thus quickening the receivables cycle. This in turn improves the cash flow.
Apart from all the above long-term benefits, outsourcing transcription needs to a professional transcription company has benefits like quality services at fair prices, done by expert transcriptionists with a very prompt turnaround time executed through secure HIPAA and HITECH compliant channels, with very superior levels of accuracy and all this with technology that is advanced but simple in usage!
This article was originally posted at http://www.ubscure.com/Art/165575/24/Medical-Transcription-Advantages-of-Outsourcing-it-From-a-Service-Provider.html