The basis of healthcare like any other sector depends on the ability to deliver quality care while remaining profitable. As the revenue flow for the healthcare sector is based on the premise of payments from insurance companies, revenue management in healthcare begins with proper documentation of the care process. This patient medical record forms the basis for not only revenue management but also other important aspects like managing the care provided to patients, risk management, public health & epidemic management etc.
Medical transcription is the service that has been playing a vital role in the process of creating patient medical records. Due to the overburdened nature of healthcare services and the special inputs required by the medical transcription process, outsourcing medical transcription to a professional medical transcription company has been found to be an excellent alternative. Outsourcing medical transcription helps in not only reducing the transcription burden of the healthcare facility in terms of resources and time management but also ensures accurate, timely, secure and economical creation of patient medical records.
What are the obstacles to revenue management and how does outsourcing medical transcription help overcome these obstacles?
Obstacle 1 - Delay in transcription: One of the main obstacles to revenue management is the delay in transcription. This could occur due to many reasons like the inability of the healthcare facility to predict the inflow of patients, unavailability of medical transcriptionists, holiday and weekend transcription needs etc. Outsourcing to a professional medical transcription company can help manage this problem, as the medical transcription company would have access to skilled medical transcriptionists to cope with the varying volumes of transcription.
Obstacle 2 - Inadequate information: Another major factor that adversely affects the coding & billing process thereby the revenue management process is the unavailability of adequate or accurate information. Outsourcing medical transcription helps overcome this problem by ensuring that specialty trained medical transcriptionists transcribe the specialty they are trained in, stringent quality processes involving multiple quality checks are followed to ensure minimization of errors. This ensures that proper coding and billing takes place leading to better revenue management.
Obstacle 3 - Difficult to access information: Another major obstacle for proper revenue management can be the inability of the healthcare professional staff to access proper information at the right time. Outsourcing medical transcription ensures that the delivery of transcripts is done in such a way as to provide access to the right person in a convenient manner
Obstacle 4 - Increasing cost of transcription: The process of revenue management not only involves accelerating receivables but also cutting down costs. Outsourcing medical transcription helps in this by reducing the cost of transcription by as much as 40%. Outsourcing medical transcription also ensures that there is no wasted capacity of transcription resources during slack times and overtime payment to medical transcriptionists during busy times.
It can be seen that outsourcing medical transcription can help healthcare facilities and healthcare professionals overcome the obstacles to revenue management. Not only that, medical transcription companies also help pave the path to EMR/ EHR adoption while still enabling healthcare professionals to document the care process in the preferred method of dictation-transcription.
Medical transcription companies offer options like structured dictation, structured transcription, discrete reportable transcription, HL7 interface and editing services for speech recognition software using easy to use technology that not only offers numerous benefits but also HIPAA and HITECH compliant.
TransDyne, a leader in the outsourced medical transcription industry has used their extensive background in information technology and their experience in serving the needs of the healthcare sector to provide affordable and integrated medical transcription solutions.
Among the software and tools offered by TransDyne for transcription, the smart delivery system has a large role to play in easing the path to EMR/EHR adoption The Smart Delivery system, which has features like User defined folder paths to enable easy imports to EMR systems is the suggested mode of document delivery where pre-defined file saving would help import documents to EMR systems. Apart from this TransDyne also offers discounted rates for those healthcare facilities that provide demographic data entered in the EMR rather than through other modes.
Along with medical transcription services involving multiple level quality checks to ensure accuracy, the use of the right technology for ease of use, turnaround time and security, at reasonable rates, TransDyne also provides discrete reportable transcription for adoption of EMR/ .EHR.
To avail complete medical transcription services from TransDyne, click here.
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