Transcription is an important part of healthcare communication. It includes physician notes that add context and details to a patient’s file. With the right transcription service, all those thoughts, opinions, and observations become part of the official medical record. Transcription services are necessary, but can also be costly. However, high-quality transcription that adheres to a budget is certainly possible. Working together with fellow community hospitals, TPC Members developed a transcription services program that standardized approach, reduced cost, and improved turnaround time.
The TPC Transcription Program
TPC Members first collaborated to address transcription in 2015. At the time, Members were using five different vendors and equally as many strategies – some Members utilized in-house services, while others relied on third-party partners. At least one Member used both in-house and outsourced resources. Because of the diversity in approaches, Members were paying substantially different rates and had varied service level agreements (SLAs). To achieve a better program for all, Members developed a cohesive strategy and agreed to consolidate vendors.
To facilitate the evaluation, an ad-hoc Transcription Taskforce was created which included HIM Directors from each of the Member hospitals. The initiative was also supported by the TPC Supply Chain Council and Executive Steering Committee.
After thoroughly reviewing options and assessing vendors, Members selected two preferred vendors who were able to provide cost savings and improved SLAs. Members benefited from one rate structure, regardless of the turnaround time, for both domestic and/or global services. Furthermore, TPC was able to negotiate additional terms to assist Members in implementing and maintaining effective vendor partnerships. Overall, Members realized a total tangible value of more than $800,000.
TPC Members have not only accessed transcription services at a lower cost, they have also experienced enhanced quality in service and intangible benefits. Turnaround time greatly improved, resulting in faster revenue cycles. By utilizing the TPC transcription program, those Members who had previously relied on in-house resources to support transcription were able to refocus employees to other priorities.
Accurate, timely transcription is critical for your clinical documentation. No matter the environment or application, these services improve and add context to the patient records. Because of the importance and cost associated with transcription, transcription services are just another way TPC Members benefit from working together as one, embodying our vision to be Stronger Together and provide Superior Results. Find out more about purchased services with TPC today.