Expanding Your Medical Transcription Business

I’m always amazed at the number of MTs who routinely struggle to meet deadlines and are swamped in a sea of work with no end in sight. A lot of the times we seem to get used to doing things a certain way and don’t want that to change.

Although change can be difficult in business sometimes it’s necessary. Think about it if you keep struggling to keep up with your work load how will you ever expand your business or have time to dedicate to new clients?

Expanding your medical transcription business doesn’t have to be difficult. You don’t have to rent out office space or pay employment benefits. In fact it couldn’t be easier, you simply hire subcontracted MTs to work for you.

These MTs are independent MTs and will be responsible for their own taxes and business expenses. You just outsource the work to them and pay them for any completed work as agreed. You don’t even need to commit to a certain amount of work. Most MTs understand that this is how the business is run, if you have a large work load you will outsource and if the work load dies down a bit then you won’t be able to outsource.

So when is the right time to outsource?

Any time you feel you have too much work. If you’re work is taking over your life and you’d like a little free time for your family. If you’re looking to expand and grow your business, or just about any time you feel you could use a little extra help.

Try to find a reliable recommended transcriptionist to help you. Usually you pay them several cents per line less than you charge as you will need to make some money for the proofreading and overall management of the account.

A good place to find transcriptionists that are eager to learn is at your local community college or medical transcriptionist school. Often times these MTs will be willing to work for a little less in exchange for training. This is a great way to help out your fellow future MTs and reduce a bit of your work load in the process.

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Medical Transcription Software

As of today, medical transcription is still preferred to be done manually but a lot of effort and research is going on to develop a software program and make transcription a totally automatic process. With our present day technology medical transcription software and other tools can be of great help to the professional medical transcriptionists. It can greatly reduce the work time and also increase the work productivity and efficiency. But the actual transcription and voice recognition has not been perfected, and thus cannot be totally depended upon.. One cannot yet expect the software to recognize words and use logic like a human being to perfectly come up with the right word all the time. However this is a dynamically evolving area and over the years perfection in automated transcription could become a reality.

So how is it that the present day medical transcriptionists use these software products? When audio dictations from doctors and healthcare professionals are recorded and sent to the transcriber the software is used to create a first draft which is then quickly reviewed by the transcriptionist and edited.

Some of the features / functions of MT software include,

* Capture of the voice
* Speech processing
* Speech recognition
* Document formatting
* Support wide range of audio/video formats
* Remote control /keyboard short cuts
* Quick editing
* Electronic signature
* Document distribution
* Support /manage different time frame rates
* Create time codes and navigate to any specific timeline
* Customize media appearance
* Audio playback possible
* Import data with different settings in text or XML
* Integrates with other healthcare systems
* Easy printing
* Exports / insertions made possible


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Medical Transcription: Faster than Average Growth Predicted for Coming Decade

The U.S. Department of Labor has projected that jobs in the medical transcription field will increase faster than average in the next ten years as the health care industry will continue to grow. See details at,
http://www.bls.gov/oco/ocos271.htm#projections_data

What are the main reasons for this expected growth?

* More medical tests /treatment
* Aging population on the rise
* More medical procedures

Many people within the US are expected to get trained and certified to join the medical transcription industry. Also an increase in domestic as well as offshore outsourcing of the medical transcription projects can be predicted. Getting good quality transcription work done at highly competitive rates from Asian countries like India and the Philippines has been a good method to reduce the overall health care expenses. To ensure good quality services from Asian countries International certifications are being made available to the medical transcription, coding and billing professionals in India. So that medical outsourcing can get better.

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Medical Transcription through Outsourcing

Medical Transcription is one of the numerous activites that have benefitted from outsourced. Medical Transcription refers to the transformation to text of prerecorded physician notes. This activity has long been carried out by transcription services allied to the hospitals. Yet, with the outburst of offshoring, there has been a reposition in the service delivery model adopted for medical transcriptioning. There has been a paradigm shift in the epicenter of medical transcription to India. With more and more companies mushrooming in India to cater outsourced Medical Transcription services to US based clients, it has spelt a windfall in savings for US based medical practices. After the initial resentment against outsourcing, it has grown to be recognised as the de facto way of doing medical transcription primarily as a means to cut costs. No wonder, outsourced transcription services are focussing on cost as their USP. Nevertheless, the tendency has been such that medical practices are prepared to spend more for qualitative service. Also, practices have become more sensible about the data safeguard issues. Patient information handling becomes a essential mark on which medical transcription services are being judged. Also, pricing clarity, quicker turnaroundtime and appropriate pricing criteria are added factors by which a medical transcription services judged. Speech Recognition software has still not become exact enough to be trusted with patient notes transcription. So for few years more, manual medical transcription with the backing of software and equipments will be the chosen mode of transcription. But it is necessary that medical transcription services shall embrace technology to improve efficiency of the transcription operation.

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Why Consider Outsourcing Medical Transcription Services

Medical transcriptionists has become one of the fastest growing sections of the medical field these past few years. Most medical places require the doctor´s words to be put into writing for patients´ files and other documentation purposes. In today´s technological world, most hospitals require it to be in digital format. It is for this reason that the need has arisen for people to translate doctors´oral reports into digital documents. Employed secretaries usually do this job, but because of the high demand and quantity, it is becoming big as an area for outsourcing. The transcription can be done a lot more quickly when outsourcing versus in house transcriptioning. This is because the outsourcing medical transcription services devotes all of its time to this one assignment. A secretary is constantly interrupted by phone calls and patients and other duties. An outsourcing medical transcription service provides adequate services to medical facilities of all types who outsource this kind of activity. Individual home based people can become transcriptionists and you don’t even have to live in close proximity. As long as you have a reliable computer and Internet connection you can do this kind of work. So basically, medical places will send you an audio file and you type it up, making sure each word is clear and spelled correctly. It is critical that it be accurate, as this will serve as the doctor’s documentation. But that is all the job pretty much requires. Many studies have been done on outsourcing medical transcription services. Research has shown that the U.S. spent $2.3 billion in 2004 for medical transcription outsourcing services. That number is expected to grow to $4.2 billion in 2008. Worldwide, the U.S. Department of Labor has projected the demand for medical transcriptionists to reach $20 billion. Clearly, the demand is there. If you’ve always dreamed of your own business and are willing to be trained, go to the Internet and do a search on “outsourcing medical transcription service.” You should research several training courses and choose the best one that will suit you and your situation. You will be your own boss helping out doctor´s while making pretty decent money.

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Medical Transcription Equipment and Technologies

As in many other fields, digital equipment technology forms the backbone of the modern medical transcription industry. The keyword here is “digital”. Over the years most transcription equipment have evolved and digital technology has made it possible for finished medical transcripts to be delivered across the globe in minimal turnaround time. It has also enabled effective outsourcing /offshoring of medical transcription and enabled transcription professionals from other developing countries like India/Philippines to offer their services at competitive rates. Good transcription professionals around the globe can now work even from the comfort of their homes.

Some of the technology/software and gears commonly used in the medical transcription business include,

* Digital microphones
* PC based transcriber software
* Digital transcriber stations
* Speed typing software
* Telephone dictation equipment
* Dictation management software
* Transcription desk reference
* Medical spelling checker
* Micro-cassette voice recorder
* Transcription wrist gloves (fingerless)
* FTP software
* Audio file encryption software
* Conference recorders
* Universal foot pedals
* Stedman’s electronic medical dictionary
* Phone-in dictation system
* Transcriber headset
* Speech mikes
* Storage memory stick
* Document counting/ invoicing software
* Voice recognition software

While a dictation system is the primary requirement from where the physician actually starts the audio recording process, a transcription tracking system can track transcription jobs from the time they are received until they are delivered back to the customer. The system keeps track of all details like the time/date the job was received, transcription date assigned to a transcriptionist, actual date the transcription, date printed, delivery date/time of the transcript, and the delivery mode. A very convenient statistical report lets us to track the propagation time, balance workloads, manage delivery commitments, and provide a multitude of detailed information to the customer - in both paper and electronic form. The most common form of dictation format used today is the .DSS File Extension

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