With so many different pricing models available in the market for medical transcription services; it becomes very difficult for medical practitioners to select the best medical transcription company that charges them fairly for their transcription needs. In this blog; I have mentioned chief methods for charging medical transcription services.
With so many medical transcription companies already it becomes very difficult for medical practitioners to select the best medical transcription company that can help them with their transcription needs. But the major problem is that every medical transcription company follows a different pricing model according to their needs hence; it becomes very difficult for medical practitioners to select the best amongst these medical transcription companies. But do not worry as I have written this blog to clear your confusion and help you with important pricing models that are quite common and hold a major importance while determining the transcription contract with an outsourcing medical transcription company. Let me enumerate the advantages and disadvantages of each of these pricing models so that it becomes easier for you to decide which one is better for your medical transcription needs.
- Fixed Cost Model: This pricing model is quite common amongst medical transcription companies. A fixed cost is pre-fixed according to the project undertaken by taking into consideration the number of speakers required, the quality of audio and recording, turnaround time and past working relationship with the medical practitioner. All these things combined together determine the fixed cost of the transcription services for that medical document. Now there is always a standard quote which is put across by the medical transcription company based on fixed price.Advantages of Fixed Cost Model to Medical Practitioners:
- Beforehand knowledge of rates charged by the medical transcription company
- No additional fees are charged for the transcription
- Useful for long term business prospect and longevity of contractual business
- Easy to determine whether the medical transcription company has the capacity to deliver the work before work is given to them
Disadvantages of Fixed Cost Model to Medical Practitioners:
- Very time consuming process to carry out straight orders
- Not ideal for Turn-Around Time (TAT) requirements
- No automated process to reply to queries by medical transcription companies which makes customer feedback slow
- End up paying more for audio work
- Per line cost for typed text: Now this type of pricing is based on a simple principle that one line of transcription is equal to 65 key strokes. Normally a medical transcriptionist charges medical practitioner on the basis of these keystrokes. This is one of the most widely used pricing methods used in medical transcription industry. But for a medical practitioner it becomes very difficult to gauge the number of strokes in the audio sent by them. Hence; they are usually circumspect about this method.Advantages of Per Line Cost for Typed Text to Medical Practitioners:
- A highly reliable method of charging for work performed
- Pay only after the transcription job finishes
- Works for businesses with cash flow situation
Disadvantages of Per Line Cost for Typed Test to Medical Practitioners:
- If there are blank spaces in the audio; they are still chargeable
- Unknown price of transcription until the job is completed
- Due to hard audio sometimes work may not get completed as no initial amount was given to the medical transcription company
- Very bad impact on customer service front
So; after looking very closely at the advantages and disadvantages of both these types of pricing methods for transcription services, I would say Fixed Cost Model is apt for the needs of medical practitioners.
For additional information, please visit www.mediscribes.com.