Medical Transcription Outsourcing Benefits Oklahoma :

The in-house operational expense for medical transcriptions could cost a hospital or a healthcare provider in OKLAHOMA an approximate US $.38557 annually.

YOU BENEFIT 58% ON COST & OTHER SAVINGS

IN-HOUSE LABOUR COSTS: The major part of the expense incurred, is the wages paid to a medical transcriber, costing the company US $.26890 annually, add to that the other costs in the form of benefit expenses of 5%, the payroll taxes of 2% on the wages, and the sick/ vacation allowances that will add to the total cost of US $.29810 annually.

IN-HOUSE EQUIPMENT COSTS: The investment into equipment such as the workman’s computer, dictation and transcription equipment and miscellaneous software will cost another US $.1450, and assuming that such equipment will serve the company for the next three years, the depreciation value of 33% or US $ 478.50 will have to be added to the operational cost annually..

IN-HOUSE ‘OTHER’ COSTS: The other add on expenditures are in the form of monthly office rentals, employees training expense on software’s installed, fees paid to the technical experts for maintenance of computers and transcription equipment, and finally the cost of stationary and other miscellaneous expenditure costing a total US.$7500 annually.

IN-HOUSE ANNUAL EXPENDITURE: Thus the estimated total expenditure, that will cost a hospital or a health care provider in operating an in- house medical transcription process in a state like OKLAHOMA can be roughly assumed to be US$ 38,557or more annually, and for the purpose of trying to analyze the cost that an in-house transcription process may incur for transcribing a single line of a Medical record, let us first split the annual expenditure of US $. 37,585 by 52 weeks of a calendar year, which will work out to US $ 723 a week, and if one considers that a medical transcriber is able to transcribe 4000 lines of medical records a week, a simple math calculation will tell us that a single line of transcription can cost an in-house medical transcription process $ 0.18 cents, and when you compare that to the $ 0.08cents we charge for a single line of transcription, a hospital or a healthcare provider in OKLAHOMA will save a mammoth 58% of costs by outsourcing the medical transcription requirements of the hospital to us.

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Medical transcription outsourcing cost benefits

IN-HOUSE BENEFITS ON ASSIGNING TRANSCRIPTION SERVICES TO AN OFF-SHORE COMPANY

Apart from Cost & other savings of 68%, healthcare organizations and providers will be able to direct their full attention to more important activities (patient care) while back-office functions (like transcription and billing) are contracted out or outsourced to organizations such as ours which specialize only in that particular function.

The challenging task of digitizing patient information and retaining them as Electronic Medical Records ( EMR) will put a strain on the time and resources of medical organizations, and with stringent government regulations in force, setting up a full medical transcription process will further add to expensive investments in the form of transcription equipment and expensive human resources. EMR is a computer application with which all of the medical records related to the patient care can be entered and stored. It is a full fledged system that includes all the patient's health care records, such as admission and progress notes, operation notes, anesthesia notes, discharge summaries, and nurses' records.

Assigning medical transcription work to off-shore companies, under such circumstances will prove to be immensely beneficial, saving costs and valuable time. Hospitals and Health care organizations can now divert their valuable time and energies towards research and providing improved standards of healthcare to their patients.

With the federal government urging the health industry to replace paper-based patient files with digital records, and with the administration last year setting a time limit for most Americans to have electronic health records by 2014, off shore companies with low-cost labor and overheads will be in the forefront helping the health industry in the US cut down costs in providing best health care facilities to its citizens, the federal government also estimates that billions of dollars can be saved annually in the United States by digitizing patient information and deploying the IT sector, which can help reduce medical errors, costs, and waste.

In conclusion, it can be assumed that outsourcing non-core functions like transcription and billing can assist health care organizations grow in size and operations enabling them to direct their attention to core activities of patient’s welfare at a fraction of a cost.

Medical Transcription Outsourcing Benefits Texas :

The in-house operational expense for medical transcriptions could cost a hospital or a healthcare provider in the state of TEXAS an approximate US $. 43,722.10 annually

YOU BENEFIT 62% ON COST & OTHER SAVINGS:

IN-HOUSE LABOUR COSTS The major part of the expense incurred, is the wages paid to a medical transcriber, costing the company US $.31,550 annually, add to that the other costs in the form of benefit expenses of 5%, the payroll taxes of 2% on the wages, and the sick/ vacation allowances that will add to the total cost of US $.34,972 annually.

IN-HOUSE EQUIPMENT COSTS The investment into equipment such as the workman’s computer, dictation and transcription equipment and miscellaneous software will cost another US $.1450, and assuming that such equipment will serve the company for the next three years, the depreciation value of 33% or US $ 478.50 will have to be added to the operational cost annually.

IN-HOUSE ‘OTHER’ COSTS The other add on expenditures are in the form of monthly office rentals, employees training expense on software’s installed, fees paid to the technical experts for maintenance of computers and transcription equipment, and finally the cost of stationary and other miscellaneous expenditure costing a total US.$7500 annually.

IN-HOUSE ANNUAL EXPENDITURE Thus the estimated total expenditure, that will cost a hospital or a health care provider in operating an in- house medical transcription process in a state like TEXAS can be roughly assumed to be US $ 42,950 or more annually, and for the sake of trying to analyze the cost that an in-house transcription process may incur for transcribing a single line of a Medical record, let us first split the annual expenditure of US $. 42,950 by 52 weeks of a calendar year, which will work out to US $ 827 a week, and if one considers that a medical transcriber is able to transcribe 4000 lines of medical records a week, a simple math calculation will tell us that a single line of transcription can cost an in-house medical transcription process $ 0.21 cents, and when you compare that to the $ 0.08cents we charge for a single line of transcription, a hospital or a healthcare provider in TEXAS will save a mammoth 60% of costs by outsourcing the medical transcription requirements of the hospital to us.

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