The medical transcriptionist role is complex and challenging. Not only do you have to find someone who has excellent language skills, but also someone with good knowledge of medicine. And that’s only the beginning.
They will be familiar with various medical terms, diagnoses, medications and tests. The ideal transcriptionist will also understand common lab values, doctor’s notes, and nuances specific to each physician’s style. Finally, they should be able to learn new information quickly and follow your instructions faithfully. A lot of demands for one person!
Healthcare is complex, and managing your transcription staff can be even more complicated. Co-Sourcing might help.
You’ve probably heard of outsourcing, but have you ever heard of co sourcing?
Co-sourcing is a form of outsourcing that encompasses the financial, operational and strategic issues associated with a particular business function.
Co-Sourcing and Its Benefits
You may think outsourcing is the only way to achieve cost savings and efficiency, but you would be wrong.
Co-sourcing describes the combination of outsourcing and in-house services. It is a relatively new alternative for medical clinics seeking more cost management while maintaining high-quality products without the headaches of in-house assistance. Co-sourced transcriptions can generate as much as 60% in cost savings for an organization, with improved accuracy and turnaround times.
Protect Your Practice from Liability During Medical Errors and Mishaps
First and foremost, medical transcription is a HIPAA compliant service, which means all of your patient’s data are private from unauthorized access. We have access to the latest encryption technology, but we also use it to protect your sensitive information from unauthorized users. The result? Lower risk of liability.
Correcting errors after they occur can also reduce liability. Even if a mistake or disaster happens within your practice, fixing it as quickly as possible will help to minimize the impact on both patients and staff. The best approach to handling a mistake is improving it fast, but this is not always so simple when you have a high volume of documentation or limited resources. It is where co-sourcing with medical transcription services comes in handy. We can help you reduce liability risk by correcting errors before they become issues for legal purposes.
Why?
Reduce Staffing Costs – In business, it’s essential to keep two things in mind: the value of your time and your money. The former is precious but irreplaceable, while the latter is only as valuable as what you can do with it. Outsourcing medical transcription doesn’t just increase the chances that you save yours. It also vastly reduces the cost of both to make sure doing so is worth your while.
Recruiting and training staff is expensive. According to some research, recruiting a new employee costs an organization between $4,000 and $7,000 before working! Add to this costly figure which many businesses pay out more than they need to in terms of holiday and sick pay, and you could find yourself spending thousands more than you bargained for on staffing costs alone.
Outsourcing lets you skip these unnecessary expenses by leaving them to someone else. By outsourcing transcription services, you relieve your practice of many hidden staffing costs—and give yourself more chances to save while getting what you need from each service in return.
How?
- Co-sourcing is a great way to start your outsourcing journey. If you are still unsure about partnering with an HIS vendor and building a long-term relationship, co-sourcing allows you to test the waters without jumping in.
- Co-sourcing helps streamline your workflow by ensuring your transcriptionists are up to speed on what’s happening in the medical field, providing you with accurate information transcripts. Outsourcing and co-sourcing can also assist free up resources and put to better use in other areas of the organization.
You have enough on your plate when you’re a doctor, therapist, or another healthcare provider. You’ll save time, money, and resources when you outsource your work. You can reduce stress and focus on what’s most important: treating patients!