This Will Change Your Mind When It’s Time to Outsource Medical Transcription
With a growing elderly population in the United States today, there’s a growing strain on the health care system. One way they’re dealing with this is by outsourcing medical transcription. In fact, the Transparency in Medical Research says the market is predicted to read $60.6 billion USD globally by 2019. As such, there’s a growing need to outsource medical transcription to services like Eyered Transcription.
What is Outsourcing?
Outsourcing is another term for subcontracting. Today, it’s used by many hospitals, doctors, and health information managers as a way of managing their very rapidly growing amounts of paperwork. Although this isn’t a new concept, it may seem like it due to its growing popularity today.
Reasons for Outsourcing Medical Transcription
If you haven’t started outsourcing your transcription work yet, you may wonder why you should do so. There are 10 very good reasons for this:
- You don’t need to invest in a dictation system or typing platform of your own nor is there any need to maintain it, both of which are expensive.
- Report volume can greatly fluctuate without warning and yet you’re responsible for reacting to this volume with only a moment’s notice. Failure to do so can bring your entire operation to a screeching halt. Outsourcing all the work, or even just the overflow, is a cost-effective way to take care of things without negatively impacting things like turnaround time, workflow, quality, or compliance.
- Regardless of what type of medical professional you are it’s expensive to manage your practice’s medical transcription needs in-house. This is because there ar many layers and variables to manage. You’re free to concentrate on the more important things, if you leave the transcription for others to handle.
- When you don’t have to take care of all your outsourcing needs yourself, you won’t pay for staff who sometimes may not have enough work to keep them productive. Since your budget is probably already tight, you don’t need to place an even greater strain upon it. Outsourcing this work streamlines your staff, greatly reducing or eliminating the strain on your budget.
- All your reports will now be online or on your own, private server whereby they’re easy to search for when you need to review, edit, or print them. This isn’t easy to do with older technology, especially considering the powerful search mechanism you’ll now have in your hands thanks to this new technology.
- Since you won’t have to staff this position yourself, you’ll have a company who can accurately type your reports quickly for you. This is because most companies have stringent measures they use to make sure what you receive is of the highest quality. Herein, accord to InHealthCDC.com, you’ll also shorten your account receivable cycle.
Advantages Benefits of Outsourcing Medical Transcription
The reasons for outsourcing your medical transcription needs also coincide with the advantages of doing so. They include:
- Charting is easier than ever before since you can do it right on your smartphone, saving you both time and money. Then in 24 hours you’ll have your notes back.
- Since transcription companies have several quality check measures in place, as well as professional editors so you don’t have to worry about typos, misspellings, or incorrect terminology. You can even find companies specializing in things like dermatology, neurology, or cardiology.
- Outsourcing transcription solves many of your time management issues so you’ll now have more time to spend with your patients and family. This is because you’ll no longer need to spend hours charting your work.
- Since insurance companies want everything perfect, as Top Ten Reviews reminds everyone in the industry, else they won’t process a claim, this often takes up much of your time since they must be near perfect. However, when a transcription company keeps your chart notes in tip-top shape, it won’t take nearly as long and it will go much smoother. Sometimes a transcription company will even win a claim and when that happens it’s as if they paid for themselves.
Once you see just how good this type of service is and how much it really will benefit your practice, you’ll start looking for other services that will do the same thing for you. Two of the other things your medical practice will benefit from outsourcing are:
- Medical billing outsourcing allows you to take control of what you’re owed to make sure patients pay you on time so you can also pay yours on time.
- Medical coding is all about turning your words into medical numbers for insurance purposes. Since it takes a lot of knowledge, it takes a lot of time, so outsourcing it will save both time and money for your practice.
Now that you know more about outsourcing and the reasons why your hospital or clinic should outsource their medical transcription work, isn’t it time you cash in on some of the benefits of doing so? Once you implement this type of program you’ll find yourself wondering what you ever did without it.