Medical transcription: Understanding cost

Medical transcription is the process of converting audio files of the patient-healthcare professional encounter into text format. These records form a part of the permanent patient record and are used for various purposes, including coding and billing for the purpose of reimbursements. Medical records are a valuable resource to the healthcare professional for providing quality healthcare on a timely basis.

In spite of being an important part of the healthcare process and an accelerant of the receivables cycle, medical transcription is one of the cost factors. To understand the cost of medical transcription it is important to evaluate all options available for availing medical transcription and evaluate the cost components of each method.  A healthcare facility can avail medical transcription services by the following means:

By having an in-house transcription team: To calculate the cost per line of transcription under this method, the healthcare facility needs to include indirect costs like cost of real estate, overheads, utilities, managerial/supervisory costs, cost of training, cost of repairs & maintenance, cost of weekend & holiday transcription, cost of IT along with the direct costs like Salaries and benefits paid to the medical transcriptionists. Factors like cost of overtime and loss of productivity during slack hours also need to be added to arrive at realistic costs.

By having independent contractors working for them: To calculate the costs under this method, apart from the cost per line of transcription, factors like cost of coordination of transcription activities, cost of in-house IT towards medical transcription, server costs for upload & download of files, cost of equipment & software provided to the Independent contractors, cost of security measures, needs to be added to arrive at the actual cost per line of transcription.

By outsourcing to a professional medical transcription service provider: Under this option the cost per line of medical transcription is clearly defined by the service provider. However the medical transcription service provider needs to evaluate on the accuracy, turnaround time, security, technology used and the billing method before arriving at the final costs.

By having a combination of the above methods: Using more than one source to meet medical transcription needs can lead to complexities like different methods of billing, different methods of calculating accuracy, different technology used by different providers, cost of coordination and the additional cost of ensuring security of data. This method could probably create confusion and additional work. 

In conclusion, it can safely be said that outsourcing to a professionally managed medical transcription company can help the healthcare facility curb costs and limit it to the cost per line of transcription. However while doing so, care needs to be taken to evaluate the medical transcription service provider on the following:

·       Billing method

·       Security measures taken by the medical transcription service provider

·       Quality measures to obtain accuracy

·       Turnaround time

·       Technology

TransDyne is a professionally managed medical transcription service provider.

Fair and transparent method of billing: TransDyne uses the character line method of billing. This method is measurable, verifiable, definable, consistent and fair & honest. TransDyne takes care to explain the billing method in detail at the very beginning so that both parties understand all the components of cost.

Secure medical transcription: TransDyne ensures security of confidential patient data by securing technology, infrastructure and people & processes. The methods used by TransDyne to ensure security of data not only meet HIPAA standards but also exceed them.

 

Accuracy of above 99%: TransDyne ensures accuracy levels by training their medical transcriptionists in one or two specialties making them domain experts enabling to transcribe at top quality. TransDyne further adopts a four level quality check method to attain maximum accuracy.

Turnaround time of 24 hours: TransDyne ensures turnaround time using the right technology, the right training method and the right people.

Technology that is advanced but easy to use: TransDyne believes in using the latest technology with features like automatic uploads & downloads, archiving and HL7 integration that is easy to use. 

To know more about low cost quality medical transcription services by TransDyne click here.