Posted by on August 15, 2016

FIVE WAYS AN OUTSOURCED TRANSCRIPTION SERVICE INCREASES YOUR PROFIT MARGINIf you’re not utilizing an outsourced transcription service, you’re losing money.

According to a 2016 Deloitte Global Survey, outsourcing increases profits across industries. And outsourcing is expected to see particularly lucrative growth in fields related to IT and HR.

“Our transcription costs have almost been cut in half.” – Alice Kugler, Fayetteville Family Medical Care

Using an outsourced transcription service will increase your cash flow and free up valuable employees to focus on more substantial tasks instead of menial details.

 

The security, connectivity, and accuracy of outsourced transcription services are better than ever.

Outsourced transcription services have advanced a long way. Digital recording equipment and voice recognition engines have made outsourcing your transcription not only viable but affordable.

And we should know. It’s what we do. If outsourcing your transcription didn’t work, we wouldn’t have such happy customers (with happier wallets). So we’ve put together a list of the fundamental ways using an outsourced transcription service will make doctors, hospitals, and the entire medical food chain more money.

Five ways an outsourced transcription service will increase your profit margin:

1: Pay as you go.

With an outsourced transcription service like OneVoice’s, you only pay for what you need when you need it.

Transcription needs fluctuate as your business fluctuates. Yes, every business will have peak times. Normally, you would increase your in-house staffing. But why needlessly raise your overhead and ramp up your costs? Plus, over staffing leads to unproductive staff and decreased efficiency. Having in-house staff that is competent to not only process the work but manages the workflow gets very expensive very fast. Most transcription services now charge by the individual character, so you are truly paying only for what you need exactly when you need it.

Okay, so instead of hiring more staff, you argue, what if you hire more qualified staff?

Having in-house staff who are competent to both process and manage that kind of workflow gets expensive fast.

Instead, by using outsourced transcription services, you’re charged by the individual character. You’re truly paying only for what you need exactly when you need it. Your cost might increase during those peak times, but it’s only due to increased workflow, not increased overhead.

2: Outsourced transcription sources decrease your in-house staffing expenses without losing the benefits of a professional staff.

A full-time staff transcriptionist earns approximately $45,000 per year or more.

But, that cost increases when an in-house transcriptionist is out sick or on leave. Employing a full-time staff is just plain expensive. So, instead of paying a full-time salary, you’re now outsourcing to an entire team of dedicated medical transcriptionists. Their expertise and professional management systems are an enormous benefit to any practice or health care setting.

3: The continuous use of an experienced staff guarantees a consistent, quality product.

Outsourced transcription services have a team of experienced transcriptionists to ensure speed and accuracy. Not only does it save you in-house expenses in both time and training (and don’t forget #2), but it guarantees every client receives a quality product every time.

Plus, OneVoice’s services are based completely in the United States. All of our transcriptionists and editors are native English speakers.

The result?

Better control, accuracy, and management of the product we return to you.


Also Popular: What else should a medical practice outsource?


4: An outsourced transcription service can meet the ever-changing and often immediate needs of the healthcare environment.

It’s essential for your transcription service to have fast turnaround times and the flexibility to adapt no matter what new variable the healthcare industry throws your way.

Healthcare environments change rapidly. A transcription company has to be flexible with its specialty, volume, EHR, and many other variables.

Medical Economics reports, “As if giving your key employees menial tasks isn’t enough to consider outsourcing, the ever-changing landscape of the medical industry should be the deciding factor.”

And this is so important …

Quick turnaround times are part of your transcription service and should not be considered an “extra.”

Your service should be fast because you need your reporting done quickly.

End of story.

5: Outsourcing transcription services free up your in-house transcription staff to develop other skills.

Free up your already limited company resources and maximize your staff’s efficiency.

And we say it time and again, but it’s true.

Increased efficiency saves you time and money.

Good outsourced transcription services will customize, standardize, automate, and integrate the systems necessary for your company to not only work well but to thrive.

We firmly believe that if we can make your practice more productive …

More efficient …

More financially rewarding …

Then we’ve done what we set out to do.

For a free consultation on how OneVoice can help your business turn more of a profit, give us a call at (910) 506-3342. Send an email. We’d love to hear from you. Or drop by one of our social media sites and say hello.

Better yet, leave a comment and let us know how our transcription services are working in your office.

Comments

  1. Raisa Delima
    May 22, 2017

    Leave a Reply

    I love that you said that quick turnaround times are not an ‘extra’ when it comes to outsourced transcription services. Like you said, medical personnel need transcription services to be done quickly at all times, so that makes sense. I’ve been learning about the benefits of these services in my marketing management class, but we haven’t talked about the efficiency part of it yet. I’m glad this article taught me something that I can bring back to my class!

    • Roy Gilbert
      May 23, 2017

      Leave a Reply

      Thanks for the comment. We are always looking for partners who add to our level of service. We do not do translation and at times have the need in order to bid a contract.
      Let us know if you are interested.

      Thanks again

  2. Callum Palmer
    October 4, 2017

    Leave a Reply

    I hadn’t thought about it, but a transcript service could decrease your own staffing expenses at the end of the day. After all, there aren’t many times when a company needs a dedicated transcript writer on the staff unless its an emergency. Because of this it is much easier to hire from a professional transcription service and pay them a one time fee rather than having to hire another employee that will only get used so often.

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