Looking for ways to cut costs has become a way of life in most medical offices and institutions. One very efficient way to reduce expenditures has been found to be the outsourcing of medical transcription services. Transcription service is the conversion of a spoken language source into written or printed form. A transcription service provider is one who converts the spoken word to type-written format. There are various companies which provide these services to their customers.
In the past medical and business transcription was performed by in-house based employees. This means that the institution not only had to pay salaries, health care benefits, vacation and sick pay for their employees, they also had the expense of the physical space and equipment needs. Hospitals and other institutions have found that outsourcing of their transcription needs eliminates some of these internal management responsibilities and costs.
Most institutions pay on an average of 28 to 36 percent more for their in-house transcription then they would pay for the same if it was outsourced. Studies done in the past have found that a production-based transcriptionist working in her or his home has a cost of nearly 37 percent less per character than an in-house transcriptionist.
Another consideration of outsourcing transcription is the accuracy of work and turnaround time. Even with on-site transcriptionists, many hospitals have physician complaints regarding the quality and accuracy of the transcription and the turnaround time of their dictations. Turnaround time is directly related to the productivity of the worker. It was found that on-site transcriptionists have many more disruptions and a much lower production rate when compared to outsourced transcriptionists.
The on-site transcription production rate is around 39 percent less than production based and home-based transcription production rates. At the completion of a nearly two-year study it was found that hospitals and other institutions could save as much as 33 – 38 percent a year utilizing outsourced transcriptions services.
Nowadays, quality and efficient transcription service are very much needed in many businesses and professions, whether it is medical, business or legal. It is not possible to type as fast as you speak. Even an experienced transcription service provider will have to listen four times before writing a clear one-to-one, good interview.
A transcription service provider’s job is to punctuate the speech rightly, make a sense of what is said and use the homophones (words which sound similar but are spelled differently) correctly. Generally, the duration of a transcription is dependent more on the quality of the recording. The more important thing for any transcription service is editing, where grammar and all mispronounced words are corrected.