Medical transcription making the right choice


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Every good businessman regularly considers possibilities of reducing costs and optimizing investments. When creating this document AsterOffice aimed to help healthcare facilities evaluate the options for dealing with
medical transcription tasks they have and therefore allocate their resources in a more beneficial way.

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Medical transcription making the right choice

  1. 1. Medicaltranscription:makingthe right choiceEvery good businessmanregularly considers In this document:possibilities of reducing — Types of medical transcription service providerscosts and optimizinginvestments. When creating — Phenomenon of outsourcingthis document AsterOffice — Outsourcing barriersaimed to help healthcarefacilities evaluate the — Benefits of outsourcing medical transcriptionoptions for dealing withmedical transcriptiontasks they have andtherefore allocate theirresources in a morebeneficial way.
  2. 2. What are the options healthcare facilities have whenit comes to medical transcription?As every organisation, medical centers face numerous non-focus tasks that have to be doneto ensure that the entire process runs smoothly. Information found in patient records playscrucial role in healthcare. With medical transcription being an integral part of patient recordsmanagement, the choice of service provider matters much. Here healthcare facilities couldresort to the help of: 1. In-house staff Opportunity to choose and test a new team member, his complete dedication to your needs, unlimited control over all processes, obligations clearly stated in a labor contract – an in-house medical transcriptionist seems to be a lossless solution. But it is an expensive treat. Firstly, you have to provide such a person with working place and equipment; secondly, you’ll have to pay fixed salary even if you your employee is occupied only 80% of working time; thirdly, when your employee falls ill you will have to look for urgent help to do the job; and finally, it is not only the employee who has obligations: you will have to deal with insurance costs, thick and maternity leaves. So this idea is ok if you have enough resources and workload to hire a dedicated professional. 2. Independent professional This solution would probably be the cheapest but also the riskiest one. It’s vital to understand that these seemingly beneficial deals are fraught with lack of information security and confidence. Independent professionals – or simply freelancers – will hardly observe any obligations in case problems occur. Nothing to say about quality assurance. So if you are ready for that risk, probably independent contractors could be an option for you. 3. Professional service provider When you entrust your medical transcription tasks to a professional service provider you get flexibility and confidence. You pay only for the job that is done, only when you have job to be done and you get quality results on time, with information protection guaranteed by your contract. The majority of healthcare facilities finally arrive to this solution and those who choose the right service provider gain numerous benefits and become industry leaders due to reason- able investment, resource allocation and effective workflow management.It goes without saying that for healthcare centers that do not have a stable amountof medical transcription tasks, professional providers of medical transcription servicesare the optimal way out – beneficial and risk-free. And even large healthcare institutionswith in-house transcriptionists having an escape hatch will help avoid unexpectedcomplications. And while all the aforementioned solutions encompass organizationalaspect of collaboration, adding geographical factor – outsourcing to regions with lowermanpower costs – creates a solution for real strategy experts. But for many companiesnegative stereotypes create an impassable barrier on the way to the numerous benefits.
  3. 3. Outsourcing: myths and factsHave you ever experienced the benefits of outsourcing? Do not hurry to answer.We all know that every cloud has a silver lining and outsourcing of any tasks,whether medical transcription or else, has disadvantages as well as benefits. But let’shave a comprehensive look at the situation.What do the enemies of outsourcing usually complain of? Low quality?...Lack of control?... Risks?...But is it specific to outsourcing only? I’m sure, you can remember a couple of storiesfrom your own experience or those told by a friend of yours when collaboration with localservice providers turned out to be a complete failure due to partner’s dishonesty, letdownsor as the result of mere stinginess. We must admit, there is no need to outsource to learnthat business, just like life itself, is full of pitfalls.Without understanding of the concept of outsourcing people hurry to make up a conclu-sion that outsourcing is about cost reduction only. And with this belief they try hardto squeeze out the maximum choosing the cheapest contractor or even a freelancer.Do you agree, it is funny when they get so surprised at the resultof such collaboration?To reap real benefits it is important to realize that outsourcing is not a mercenaryimpulse but a mature business strategy. Well-weighted outsourcing decision will resultin cost reduction without sacrificing quality and with a bunch of additional benefits. Turnaround Time 61% Reduced Costs 29% Increased Efficiency 13% 0% 20% 40% 60% 80% 100% Progrès constatés par les entreprises qui externalisent la transcription médicale à des fournisseurs professionnelsThose companies Yes, outsourcing So how to turnfor whom outsourcing is about cutting costs outsourcing from a risky venture intois the source of unique but this is not the main an unalienable factorcompetitive advantage reason to outsource. of success?are not simply luckier Reasonable approachthan others. The secret to outsourcing may The idea is to knowis that from the very be- provide your company the limit for economyginning they sought not with a mix of advantages and be able see othersimply cheap workforce that will leave your com- benefits you get when outsourcing.but efficient collaborative petitors far behind:business model. - Reduced costs - Accelerate business process Lower payroll - expenses - Access talents - Lower - Improve workflow infrastructure costs
  4. 4. Overcoming the barriersAs a matter of fact, the barriers companies Patients keep demanding lower prices, com-face, when it comes to outsourcing are mere- petitors keep trying to win your clientele,ly physiological. Definitely it is difficult to ac- more and more resources are required to staycept that sending important tasks to another the course. In such environment switching tocompany, another country you will not lose a new business model is a must for every pru-control; that paying considerably less than dent business. And there is no crime in out-local vendors charge you will still get ser- sourcing some processes for a company thatvices of good quality; that sending your files creates enough jobs, observes the laws andto some distant place will not affect your in- pays the taxes. Is there really anything evilformation security and that exporting jobs to in trying to develop the business, provideanother country you do not push your coun- patients with better price-quality ratio andtrymen below the poverty line. However it is trying to succeed on the market instead oftrue. becoming bankrupt and making all the employees jobless?Let’s evaluate the situation with our eyes open.The volume of outsourced jobs grows signifi- As for lack of control and security in out-cantly year after year – companies all over the sourcing, this problem is now in times outsource tasks to gain competitive Information technologies of today leave noadvantage, to provide better service for their place for such doubts. Professional outsourc-clients, to get resources for development ing vendors provide their partners with com-in focus directions. Call centers, IT services, plete control over the outsourced operations,accounting, legal processes, medical tran- detailed real-time reporting and monitor-scription – outsourcing of these jobs increases ing functionality. Multilevel data protectionby 40% annually. Impressive number, isn’t it? systems and encoding of security-sensitive elements eliminates the risk of data loss or disclosure. You will definitely get these guarantees from partnership with a profes- sional provider of medical transcription ser- vices, with dedicated IT team and informa- tion security systems maintained at top-level performance.
  5. 5. Getting the most out of medical transcription outsourcingFor those businessmen who consider outsourcing to be a method of cost-reduction only,price is the decisive factor. Choice of a service provider with the lowest prices often endsup with broken expectations and aversion to the concept of outsourcing itself. Howeverability to see other opportunities for business process optimization allows to achievemany strategic benefits: - Right vendor with right team, right technologies, right process Cut expenses will save you about 40%-50% of your current costs without compromising quality - Entrusting your medical transcription to a vendor for whom Accelerating it is the core activity ensures stable quality and turnaround time workflow what will inevitable facilitate your internal processes and planning Reduce - Having a professional and experienced in-house transcriptionist payroll is quite expensive and imposes many obligations on the employer. costs Outsourcing is a chance to avoid this pitfall Cut - In-house specialists require serious investments in space, furniture, infrastructure equipment and training. Avoiding these costs is a great benefit costs for many companies - Professional medical transcription companies hire qualified Access talents specialists and ensure their knowledge base is regularly updated. It means you will have your tasks done by professionals - Reducing your costs you will get extra funds for core investments, Win improved turnaround time will speed up processes, reliable competition partnership will contribute to overall service quality Increase - Reducing your costs you will be able to provide your patients customer with more attractive pricing models, optimization of business satisfaction processes will free resources for improvements in client servicingSo, now think again – have you ever experienced the benefits of reasonableoutsourcing? Probably now you know what to expect and it is the right timeto switch to a mature business model. AsterOffice will be happy to provide you with any additional information and answer your questions.