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Benefits of Outsourcing your Transcription
The benefits of outsourcing are well documented accross many industries. Subcontracting. Support. Managed services. However you
define it, outsourcing has become the hot, creative solution that
is helping more and more professionals do more
with less. Less money. Less time. Less resources.
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When you outsource your entire transcription process, you
no longer have to own a dictation system or invest in a typing
platform or worry about upgrading to the very latest equipment.
In fact, all your capital expenses for supporting dictation and
transcription are greatly reduced because you no longer have
to own or maintain them. And maintaining these systems
and varying equipment can  really cost you, with the average
maintenance agreement costing upwards of 17% of equipment
costs, annually. Even if you only partially outsource your
transcription, you can still reduce your expenses and make
your budget work harder for you.
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There are some things you just can’t control, no matter how
hard you try. Report volume and staffing are just two of them,
as these variables fluctuate without warning. Having to react
to these challenges at a moment’s notice can bring your day,
department, and transcription process to a screeching halt.
Not to mention how these gyrations can negatively affect your
budget. By outsourcing all of your transcription — or even
just the overflow — you can cost-effectively manage sharp
increases in report volume or a shortage in staffing without
having it impact your turnaround time, workflow, quality,
or compliance.
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Whether you’re a CFO, Health Information Manager, or head
your own physician practice, managing transcription
in-house can be a costly proposition. With so many vast,
overlapping layers to manage — from dictation and routing
to transcription and archiving — there are variables at every
turn, eager to steal your time, attention, and budget dollars.
By outsourcing all or part of your transcription process, you are
free to concentrate on more important priorities and leave all
the headaches and stringent demands to your outsourcing
partner. Outsourcing also reduces the need for robust in-house
staffing which results in additional cost savings for you.
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If you are managing your transcription process in-house, then
most likely you are also carrying direct labor costs that are
putting a strain on your already tight budget. As an integral part
of document creation, transcription specialists
are imperative to the success of your transcription process. Yet,
hiring such staff as Full- Time Employees means not only
having to pay their salaries, but also having to provide them
with benefits. By outsourcing all or part of your transcription
process, you can gain greater control, streamline your staff,
and greatly reduce or eliminate these expenses.
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When you manage transcription in-house, it greatly
impacts your IT department. Not only are they expected
to manage and troubleshoot the various transcription
platforms and technologies you own, but they often inherit the
maintenance of your onsite equipment. In addition, they’re
expected to keep up with the latest technology demands and
updates to keep the system running to the best of its abilities.
By outsourcing your transcription, you not only free up your IT
team to work on more important things, but you also rescue a
vast amount of space on the server that was once dedicated
to supporting your dictation system. It all adds up to a more
efficient, productive IT team and a faster, leaner server.
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One of the easiest ways to shorten the accounts receivable
cycle is to streamline your transcription process. If you manage
your own transcription, you are managing people, technology, turnaround time, and all
the possible variables that come with it. By outsourcing your
transcription, you greatly simplify workflow. What was once
ten steps can be reduced to five. This allows you to better meet
24-hour and even 12-hour turnaround time, but also realize
soft cost savings that can be very meaningful. And ultimately,
shorten your accounts receivable cycle.
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