The purpose of any business is to make profit at the end of the day. Keeping this in mind all the operations of the business need to focus adequately on the important aspect of easing the revenue flow. Healthcare services are no different; in fact the process of ensuring revenue in healthcare becomes complicated as it is totally driven by insurance. This necessitates several additional steps like documenting the patient encounter, coding and billing to ensure proper revenue flow.
Taking into consideration the revenue flow model of healthcare facilities, documenting the patient encounter can be considered one of the vital steps in revenue generation. There are many options available for documenting the patient encounter; however medical transcription has proven not only to be one of the most healthcare professional preferred methods of documenting but also an efficient and economical method. Moreover outsourcing medical transcription ensures that the medical transcription company provides all the vital elements necessary for ensuring revenue flow.
What are the essentials for ensuring better revenue flow?
The right mode for creating patient medical records: Outsourcing medical transcription ensures that the onus of creating patient medical records is totally on the medical transcription company. Aspects like managing volumes, providing for weekend & holiday transcription, quality of transcription etc is the responsibility of the medical transcription company. Another major advantage of outsourcing medical transcription is that many of the resources required for medical transcription like real estate, utilities, equipment, managerial staff are provided by the medical transcription company freeing up vital resources of the healthcare facility that can be used to concentrate on the core business.
Transcription using the services of a professional medical transcription company also aids in another aspect of revenue flow by creating patient medical records that include the narrative portion. The narrative portion of the patient medical record clearly provides the details of the treatment process providing the basis for coding and billing which is an important aspect of revenue generation.
Manpower: Having the right team for transcription and ensuring the proper working of these teams to produce quality patient medical records is another aspect of revenue generation that medical transcription companies aid in. To ensure proper revenue flow it is important for patient medical records to be created within tight turnaround times without compromising on the accuracy. Medical transcription companies ensure this by recruiting the right team, training them to be domain specialists, allocate work based on their specialization, supervising transcription and ensuring quality by putting each transcript through multiple quality check levels.
Technology: Technology continues to play an increasingly important role in the medical transcription process and thereby the revenue generation process. Technology ensures automatic upload of dictation for transcription, transmission of data through HIPAA & HITECH compliant channels; speedy & convenient document delivery, easy access to records (old & new) and adoption of new technology.
Outsourcing medical transcription ensures that the healthcare facilities and healthcare professionals have access to technology without having to invest time and money. Medical transcription companies have ensured the technology used by them not only meets the needs of healthcare professionals but also remains easy to use. Medical transcription companies also aid in adoption of EMR/ EHR by using HL7 interface, providing editing & proofreading services for speech recognition software generated transcripts and providing discrete reportable transcription.
It can be concluded that medical transcription especially when outsourced has a vital role to play in ensuring revenue flow.
TransDyne, a leader in the outsourced medical transcription industry has used their extensive background in information technology and their experience in serving the needs of the healthcare sector to provide affordable and integrated medical transcription solutions.
Among the software and tools offered by TransDyne for transcription, the smart delivery system has a large role to play in easing the path to EMR/EHR adoption The Smart Delivery system, which has features like User defined folder paths to enable easy imports to EMR systems is the suggested mode of document delivery where pre-defined file saving would help import documents to EMR systems. Apart from this TransDyne also offers discounted rates for those healthcare facilities that provide demographic data entered in the EMR rather than through other modes.
Along with medical transcription services involving multiple level quality checks to ensure accuracy, the use of the right technology for ease of use, turnaround time and security, at reasonable rates, TransDyne also provides discrete reportable transcription for adoption of EMR/ EHR.
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