The role of accurate and timely information in the process of healthcare is undeniable.
Medical transcription is the process that assists in creation of patient records ensuring that healthcare professionals have the requisite information by converting audio records of the patient-healthcare professional encounter into text format.
However to make the process of medical transcription cost effective and efficient one needs to choose the right option.
There are many options available to the healthcare facility for availing this service, like having a in-house department, Independent contractors or by outsourcing to a professional transcription vendor.
Though other options have some benefits, outsourcing has been found to be best way for the healthcare facility to contain costs and increase efficiency.
How does outsourcing contain costs?

• Reduces cost per line of transcription: It has the benefit of limiting the cost to just the cost per line of transcription.
  There are no hidden charges or indirect costs.
  This makes the cost economical
• Eliminates the need for capital investment: The entire process requires a certain amount of capital expenditure by way of computers, servers, furniture, headsets etc.
  Availing specialist services from an outside entity eliminates the need for investment in capital equipment
• Reduces the cost of utilities: The cost of utilities like electricity, stationery etc towards the transcription process would be eliminated.
  
• Eliminates cost of IT towards medical transcription: Executing the entire process in-house would mean a substantial outlay towards information technology expenses.
  Availing specialty services from an outside entity minimizes this investment
• Reduces cost of weekend and holiday needs: The documentation needs of a healthcare facility are not predictable, outsourcing ensures that the varying needs of the healthcare facility are provided for without incurring any extra expenses

How does outsourcing increase efficiency?

• Streamlining turnaround time: Healthcare professionals would be ensured of a guaranteed turnaround time.
  This would ensure that the information needed by the healthcare professional would be readily available for reference as required.
  This would help increase the efficiency of the healthcare professionals and the support staff
• Increased accuracy: A professional service provider would ensure that patient records are created with maximum accuracy.
  This would ensure that integrity of the information would be preserved thus increasing the efficiency
• Advanced technological features providing added benefits: The technology used this process, affords healthcare professionals and the support staff with innumerable benefits like automatic uploads and downloads, archiving, remote printing and faxing etc adding up to efficient work flow
• Enabling better use of healthcare professional and support staff time: Services that are accurate, timely, secure and technologically advance help the healthcare professionals and support focus more on providing quality healthcare rather than other tasks
• Accelerating the receivables cycle: Availing specialist services ensures that patient records are created on time.
  This in turn ensures that the process of reimbursement takes place on time, thus improving cash flow and the efficient working of the healthcare facility

 Outsourcing to the right medical transcription service provider can reduce costs and improve efficiency.