One of the main considerations in any business decision is the bottom line and the healthcare sector is no different. In fact in the healthcare sector there is a constant struggle to reduce costs and accelerate cash flow. Outsourcing medical transcription can help healthcare facilities in both these areas.

How does outsourcing help save on costs?

The medical transcription process has been an integral part of healthcare by creating patient records, which serve numerous purposes. Patient records play a vital role in the following:

· Provides the basis of continued care

· Provides information on the progress of treatment

· Acts as evidence in case of litigation

· Forms the basis of coding and billing leading to reimbursement

· Basis for referrals to other healthcare professionals

· Fulfills statutory obligation of maintaining patient records

Though it is necessary for the smooth running and the financial health of healthcare facilities it is not part of the core business of healthcare facilities. And because it is the process of creating valuable inputs like patient records it requires time, concentration, investment and skill that could dilute the focus of healthcare facilities from their core business of providing quality healthcare.

The service of creating patient medical records needs to be prompt, accurate and secure to ensure the smooth running of healthcare facilities. To ensure this healthcare facilities would have to dedicate a sizable portion of their resources and this would result in increasing expenses.

Availing specialty services from an outside vendor provides the perfect solution to curb costs and ensures that standards are maintained. A professional transcription vendor would ensure:

· Accuracy of above 99%: It is important that the information captured in patient records is as accurate as possible. To a large extent accuracy depends on the skills of transcriptionists. The skill of the team in turn depends on the service provider having a stringent recruitment policy and a thorough training program. By availing services from an outside transcription vendor, healthcare facilities essentially outsource all these activities. The quality of information captured in patient records is high owing to the constant endeavors of the service provider to recruit the best talent and train them to be specialists

· Turnaround time of 24 hours: Apart from accurate information, the other main consideration is that creation of patient records should be prompt. This not only helps the healthcare professionals provide quality care but also helps accelerate the cash flow of the healthcare facility, as patient medical records forms the foundation for the reimbursement process

· Security: Maintaining the confidentiality of patient information is not only mandatory by law but is the basis of the patient-healthcare professional relationship. During the process the service provider provides adequate measures to ensure confidentiality of information during every stage of transcription

· Technology that is easy to use: Medical transcription services are aided and enhanced by use of technology. Technology not only speeds up the process and provides for security, it also ensures that healthcare professionals and support staff benefit from numerous features like flexible modes of capturing dictation, automatic uploads & downloads, archiving, HL7 interface, remote printing and faxing etc.

· Lower costs: Availing services from a transcription vendor ensures lowering of costs in two specific ways. It ensures that the cost of transcription comes down by 40% to 50% ensuring savings and also ensures that all indirect costs like overheads & utilities etc are also eliminated.