Cheap Medical Transcription Service – How Affordable is Medical Transcription Service Pricing in 2022?
The cheapest price on a quality Medical Transcription from a trusted company will not likely dip beyond $0.09 per line transcribed. Generally, a contract is not required.
How affordable medical transcription rates are depending on the model that is used by the agency you choose to do business with. One common billing model is “per-line”, which means that for every line of text that is transcribed in a standard document format, you will be charged a set amount. That number usually falls somewhere between a very cheap $0.09 and the somewhat less economical $0.21. An alternative billing model involves being billed per minute of material transcribed, which can start in the $1 range and move up to $3 or more.
One of the factors that affect the pricing of medical transcription services is how quickly you need the transcription turned around. Most companies have a standard turnaround time that they will post based upon their average workflow. If you need a given transcription turned around on an expedited timeline, this is usually an option. However, most services will charge successively higher rates based on how quickly you need the finished product.
The amount of work that you contract a transcription service for will also affect your rates. You can find some bargain pricing structures if you agree to sign an exclusivity agreement or to contract a company for a certain volume of work.
The quality of the audio provided to the transcription service can also affect the rates assessed. Very poor quality audio recordings are quite difficult to work with, and as a result the transcription agency may charge a higher rate for working with recordings of this nature. If you want to use any proprietary software or recording devices provided by the transcription company, there may also be a surcharge.
What is a Medical Transcription Service?
A medical transcription service is a company that can take your dictated and recorded case notes and transcribe them into the commonly accepted formats used by your practice. In most cases in contemporary health care, this means the records will simply be transmitted and stored digitally.
Medical transcriptionists have specialized training in the medical industry so that they can perform medical transcriptions to the level required by the highly regulated field. They learn specific medical terminology and proper documentation methods so that all transcribed notes are in the required form for the preservation of medical records. Given that the accuracy of past records plays a role in future patient care, among other things, these companies take their work extremely seriously. Using an inexpensive transcription company without specific medical expertise would be a mistake.
Medical transcriptionists are also trained in how to properly convert a doctor’s spoken notes into a legible and grammatically correct form. Doctors may use shorthand and speak in a stream-of-consciousness manner when dictating notes. A medical transcription service has employees who are trained at taking those verbal notes and translating them into usable documents for the future.
Modern medical transcription services often have a digital portal that allows the physician’s office to communicate with the transcription company. Electronic records to be transcribed can be uploaded into the portal, and then the transcribed results can be downloaded back to the permanent record-keeping system in the predetermined number of days.
What to Look for in Low-Cost Medical Transcription Services?
The workflow that a medical transcription service has in place should be a key factor in deciding which company to do business with. You want this to be as easy and as seamless as possible. Usually, this has to do with how the medical transcription service’s software integrates with your voice recording methods and your office’s Electronic Health Records (EHR) system. The fewer steps involved in the process of having dictated notes entered as accurate transcriptions into the EHR, the less chance there is for something to go wrong. Common considerations when shopping for Medical transcription include:
- Turnaround Time (generally 1 business day)
- Dedicated Transcriptionist
- SSL Security Encryption (ranges 128 bit -256 bit)
- HIPAA 5010 and HL7 Compliancy
- Dictation Methods (iOS, Android, Digital Recorder, Speech Recognition)
- Transcription Delivery (Web-based, EMR Integration, Fax, Print)
The accuracy of the work produced is another very important factor. It doesn’t matter how low-priced a transcription service is if their work is not up to the caliber that is required in the industry. When interviewing potential providers, ask if there is a prospect for a few sample projects at an agreed-upon rate before signing any sort of a contract. Taking the time to evaluate accuracy carefully at the beginning of a relationship with a transcription service can save you from lots of confusion and headaches further down the road.
Smartphone integration is another feature worth looking for. Since almost every physician now carries a smartphone, it makes sense to take advantage of the recording capabilities of these devices and to integrate that feature into the process used with the medical transcription company.
Finally, you need to make sure that any medical transcription service you do business with is fully HIPAA compliant. This is not a negotiable aspect of the business, as you must ensure that your patient’s privacy and your practice’s legal compliance are protected at all times.
Bargain Medical Transcription Service Companies with Discounted Prices
These companies listed below are two examples of leaders in the industry who are HIPAA compliant, have a proven track record, and offer economical pricing.
MedScribe: MedScribe integrates with over 40 different EHR systems, making the transference of transcriptions to your records simplistic and straightforward. They guarantee a 99.5% accuracy rate, ensuring that your final transcriptions accurately reflect physician notes. They have a wide range of options to accommodate the recording preferences of your practice, and offer specific services geared towards either physician’s clinics or hospitals.
GMT: GMT stands for Global Medical Transcription. GMT has its own app that clients can dictate directly into, allowing GMT to quickly access the notes. If you contact the company directly, they will provide you with a demo of the software and a quote regarding pricing for your firm. The program is easy to use and requires no specialized training to get physicians up and running.
Medical transcription services are an indispensable part of a complete health care practice. Taking the time to find a low-priced provider of medical transcription can help your practice maintain accurate records that are updated in a timely fashion. With electronic integration, the entire process becomes automated, and all you have to do is upload your recordings to the transcription firm’s portal.