Medical transcription can be a time-consuming and costly task for medical practices. Outsourcing your transcription to a professional transcription services company can help you to save money in a number of ways. Here are four specific ways outsourcing your medical transcription needs will save you money every year.
1: You will no longer need to pay the salaries and benefits of in-house transcriptionists.
Hiring and retaining qualified transcriptionists can be a challenge, especially in small and medium-sized medical practices. Transcriptionists typically have specialized training and experience, and they can command a competitive salary. In addition to their salary, which can exceed $60,000 in some cities, medical practices must also provide transcriptionists with benefits such as health insurance, paid time off, and usually retirement contributions.
By outsourcing your transcription needs, medical practices can eliminate the need to pay salaries and benefits for in-house transcriptionists. This can save medical practices a significant amount of money each year, upwards of $70,000 when everything including their benefits is included.
Example:
A small medical practice with two full-time transcriptionists may be paying a total of $120,000 per year in salaries and benefits. By outsourcing their transcription needs, the practice could save at least $50,000.
2: You will no longer need to invest in transcription software and equipment.
Transcription software and equipment can be expensive, and it can quickly become outdated. Medical practices that choose to transcribe in-house must invest in this software and equipment, as well as the training and support necessary to use it effectively.
Outsourcing transcription eliminates the need for medical practices to invest in more transcription software and equipment. Transcription services companies have the latest software and equipment, and they are responsible for maintaining and updating it.
Example:
A medical practice may need to spend $5,000 on transcription software and equipment, as well as $1,000 per year on maintenance and support. By outsourcing transcription, the practice could save this entire amount.
3: You will no longer need to spend time and energy managing the transcription process.
Managing the entire transcription process from the beginning to the end can be a major burden for HR departments in medical practices. This includes tasks such as hiring and training transcriptionists, distributing audio files, tracking the progress of transcription jobs, and reviewing the completed transcripts for accuracy.
Outsourcing your medical transcription needs can free up HR departments to focus on other important tasks, such as recruiting and hiring new staff, managing employee benefits, and resolving employee disputes.
Here are some of the specific ways that outsourcing transcription can save time and energy for HR departments:
- Hiring and training: HR departments do not need to spend time and resources hiring and training transcriptionists. Transcription services companies have their own experienced and qualified transcriptionists who are ready to go to work.
- Distributing audio files and tracking progress: Transcription services companies are responsible for distributing audio files to transcriptionists and tracking the progress of transcription jobs. HR departments do not need to worry about these tasks.
- Reviewing transcripts for accuracy: Transcription services companies review all transcripts for accuracy before they are delivered to clients. HR departments do not need to spend time reviewing transcripts for accuracy.
In addition to saving time and energy, outsourcing transcription can also help HR departments to avoid the following headaches:
- Vacation and sick days: HR departments do not need to worry about covering for transcriptionists who are on vacation or sick leave.
- Turnover: HR departments do not need to worry about finding new transcriptionists to replace those who leave the company.
Overall, outsourcing your medical transcription needs can be a great way for HR departments in medical practices to save time and energy, avoid headaches, and focus on other important tasks.
Example:
A medical practice may spend two hours per day managing the transcription process. By outsourcing transcription, the practice could save this time and energy, which could be used for other important tasks.
4. How outsourcing transcription can save a medical practice money on office space
Medical transcriptionists need a dedicated workspace to transcribe audio files, which can take up a significant amount of space in a medical practice. In addition to the space required for their desks and chairs, transcriptionists also need space for their computers, transcription software, and other equipment.
For medical practices that are growing or expanding, the need for additional office space can be a major expense. Outsourcing transcription can help medical practices to avoid this expense by eliminating the need to provide office space for in-house transcriptionists.
Example:
A medical practice with five full-time transcriptionists may need to allocate 500 square feet of office space for their workspaces. This space could be used for other purposes, such as patient exam rooms or waiting areas, if the practice were to outsource transcription.
At an average rental rate of $20 per square foot per year, the medical practice would save $10,000 per year by outsourcing transcription.
In addition to the direct cost savings, outsourcing transcription can also help medical practices to save money on indirect costs associated with office space, such as:
- Utilities (electricity, water, heating, and cooling)
- Maintenance and repairs
- Cleaning and janitorial services
- Insurance
By outsourcing transcription, medical practices can free up valuable office space and save money on both direct and indirect costs.
Outsourcing your medical transcription can be a great way for medical practices to save money in a number of ways.
Key takeaways:
- Save on salaries and benefits: Outsourcing your medical transcription can eliminate the need to pay salaries and benefits for in-house transcriptionists. This can save medical practices upwards of $60,000 per year for each full-time transcriptionist position eliminated.
- Save on software and equipment costs: Outsourcing your transcription eliminates the need for medical practices to invest in transcription software and equipment. This can save medical practices thousands of dollars upfront, as well as the cost of ongoing maintenance and support.
- Save time and energy: Managing the transcription process can be a time-consuming and energy-draining task for HR departments. Outsourcing transcription can free up your HR department to focus on other important tasks, such as recruiting and hiring new staff, managing employee benefits, and resolving employee disputes.
- Save on office space costs: Medical transcriptionists need dedicated office space, which can be a significant expense for growing or expanding medical practices. Outsourcing transcription can help medical practices to save money on office space costs by eliminating the need to provide office space for in-house transcriptionists.
Overall, outsourcing your medical transcription can be a great way for medical practices to save money, improve efficiency, and free up resources to focus on patient care.
Additional benefits of outsourcing medical transcription:
- Improved accuracy: Medical transcription services companies have experienced and qualified transcriptionists who are familiar with medical terminology and procedures. This can help to ensure that your transcripts are accurate and complete.
- Faster turnaround times: Medical transcription companies can typically transcribe audio files more quickly than in-house transcriptionists. This can help medical practices to improve their efficiency and reduce patient wait times for reports.
- Scalability: Outsourcing your medical transcription allows medical practices to scale their transcription needs up or down as needed. This can be helpful for practices that experience seasonal fluctuations in patient volume or that are undergoing periods of growth or expansion.
Ditto Transcripts is a Denver, Colorado-based medical transcription company that provides fast, accurate and affordable transcription services for hospitals, clinics, facilities and individual practices of all sizes. Call (720) 287-3710 today for a free quote, and ask us about how your medical practice reduce costs.
