It’s 8:00 p.m. in New York, and Dr. Smith, the CEO of a healthcare organization, is still in the hospital, hours after all the patients have left the hospital premises.
Instead of going home and spending quality time with her family, why is she here buried under hours of paperwork?
She is making patient notes, and writing reports and transcripts for their patients. This is just a scenario we have created for your better understanding because Dr. Smith’s case isn’t unique. Healthcare professionals worldwide face the same sort of struggle. They have to balance their time between patient care and endless administrative tasks.
Such overwhelming tasks often take valuable time away from patient interaction. This is where Medical Transcription services come in as a powerful solution that allows doctors like Dr. Smith to reclaim their time while ensuring that patient care isn’t compromised.
But what exactly are medical transaction services and how do these services help professional healthcare service providers in real life? Let’s start with the facts and some interesting stats about the medical transcript specialist by the Market Research Future.
The Growing Demand for Medical Transcription Services
Knowing the importance of medical transcription services for healthcare, the demand is rising rapidly with every passing day.
According to a report by Market Research Future, the global medical transcription services market is expected to grow at a compound annual growth rate (CAGR) of 6.5% from 2020 to 2027. The value will approximately reach a Mammoth value of $96.2 billion by 2027.
This rise in demand in recent years is due to the expanding volume of patient data. The survey from Stanford University In 2022 has highlighted that healthcare data accounted for approximately 30% of the world’s data volume. This is the reason, the healthcare service providers turning to hire remote healthcare transcription experts to handle the load.
The Efficiency Boost for Healthcare Providers
For healthcare professionals, time is one of the most valuable resources. On average, doctors spend 16.4 minutes per patient on electronic health records (EHRs), according to a study published in Annals of Internal Medicine.
So, a busy physician seeing multiple patients per day finds it very hard to get the extra hours for direct patient care.
However, if healthcare transaction medical services tasks are outsourcing, they can reduce the time spent time on documentation by almost up to 50%. This allows doctors and nurses to focus on more pressing clinical duties while ensuring that accurate medical records are still maintained.
Accuracy and Reduced Errors in Documentation
Accurate medical documentation is very critical for healthcare organizations due to the sensitivity of patient care. That is why they can’t afford human errors because they can creep in, especially under time constraints.
A study conducted by Johns Hopkins Medicine found that medical errors are the third-leading cause of death in the United States are almost 250,000 deaths each year.
Aren’t these stats alarming?
But one thing is also sure that not all errors are due to poor documentation, however, incomplete or inaccurate medical records can contribute to miscommunication between healthcare teams that often lead to potential mistakes.
But when you have Medical transaction services remotely, it significantly reduces these risks by providing error-free, professionally transcribed reports. By outsourcing these administrative tasks to trained transcriptionists with expertise in medical terminology, you ensure that every detail is captured accurately, minimizing the chances of documentation errors.
Cost Savings for Healthcare Facilities
For healthcare organizations, hiring in-house staff to handle transcription tasks can be costly because of the additional cost of the recruitment process, and the need for space, equipment, and training.
Therefore, Hiring medical transcriptionists, providing them with benefits, and maintaining the necessary technology can place a strain on a hospital’s budget.
According to a report from Data Bridge Market Research, healthcare providers can reduce transcription costs by up to 60% by outsourcing medical transcription services.
Compliance and Security: Keeping Data Protected
Data security is more important than anything else. To meet the accuracy and cost-effectiveness, the medical transactions service providers are required to meet the stringent compliance and security requirements. Any breaches to the data security can lead to significant fines from HIPPA and reputational damage to the institute as well.
Professional transcription services adhere to these regulations, employing encrypted systems and secure data handling protocols to safeguard patient data. By using HIPAA-compliant transcription providers, healthcare organizations can reduce the risk of data breaches and ensure that their documentation processes meet regulatory standards.
A Real-World Example: How Medical Transcription Streamlines Patient Care
For a moment think about a large hospital system that handles over 500,000 patient visits per year. Prior to using transcription services, doctors were to spend additional hours every day to make sure enough transcribing notes were ready.
Not only did this lead to devastation among the doctors, but it also reduced the quality of patient care as doctors struggled to keep up with the documentation workload.
After implementing a medical transcription service, the hospital saw a 30% increase in physician productivity, with doctors able to spend more time with patients rather than behind a computer screen.
Medical Transcription Services Are a Game-Changer for Healthcare Institutes
For healthcare service providers, the burden of medical transcription often leads to negligence of patient care.
However, with robust and efficient remote Medical Healthcare services integrated with your system, you not only reduce the burden of your administrative tasks but also reduce your cost by almost half.
Don’t let paperwork take away from your time with patients.
Let ScribeRunner handle your medical transcriptions with unmatched precision and security. Contact us today for a personalized solution and start improving your healthcare workflow!