Outsourcing is the process of obtaining certain services through an outside service provider. Usually the services that are outsourced are essential services that form part of the costs. Outsourcing is a good method to cut down costs and sharpen focus on the core business.
Medical transcription is the process of creating medical records of the patient -healthcare professional encounter. Though medical transcription is an essential part of the healthcare process and plays an important role in the receivable cycle, it is not part of the core competence of the healthcare facility. Outsourcing medical transcription to professional service provider is a cost effective method of record creation in a timely, accurate and secure way.
Apart from the obvious advantages of outsourcing medical transcription, there is the added advantage of increased cash flow.
How does outsourcing of medical transcription services improve cash flow?
· By restricting cost of transcription: Outsourcing medical transcription limits the cost of transcription to the cost per line of transcription. There is no wastage of idle production capacity during slack times and no extra expenses for medical transcription when the patient influx is high. A professional medical transcription service provider would provide a package deal including weekend and holiday transcription requirements.
· By reducing investment in infrastructure: Outsourcing medical transcription eliminates the need for investment in capital investment like computers, furniture, and servers with regard to medical transcription. The healthcare facility can channel these funds for other purposes.
· By reducing expenses in utilities: In-house transcription would incur a large expense in terms of utilities like power, Internet etc. by outsourcing medical transcription the cost of utilities would be dramatically reduced, thus improving the cash flow.
· By shortening the receivables cycle: It is a known fact that the medical record of the patient is the basis for coding and billing and medical transcription is the process of creating these records. Timely medical transcription accelerates the process of reimbursement, thus improving cash flow.
TransDyne is a professionally managed medical transcription service provider that has been providing outsourced medical transcription services for over a decade. TransDyne provides medical transcription services, which are tailored to suit the specific needs of different healthcare facilities. Apart from increasing the cash flow of a healthcare facility, the advantages of outsourcing medical transcription to TransDyne are:
· Accuracy of above 99%
· Turnaround time of 24 hours with an option of 4-12 hours for STAT reports
· Data transmission through secure channels
· HIPAA and HITECH compliance by use of secure technology, processes, people and infrastructure.
· No dilution of quality and security by use of subcontractors
· Reasonable and fair pricing ensuring enormous savings.
· Flexible modes of dictation
· Technology that not only enables automatic upload of files, download of files, powerful archiving, easy EMR integration, but also easy to use.
· Remote printing and Fax solutions
· 24/7 customer interaction to solve any issues that may arise
· Free trial for a limited period without any obligatory signup
To know more about the advantages of outsourcing medical transcription to TransDyne, please click here.