How Much Does a Medical Transcription Service Cost?
Medical Transcription Service Prices
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Medical facilities and practices, regardless of size and function, require accurately written copies of medical records. Technological advances have come along to assist and simplify the transcription process. Even with electronic files and digital voice tools, it remains a challenging task. In-house transcription can drastically increase overhead costs. Outsourcing is a great way to get professional medical transcription services done on an as-needed basis.
Don’t rely on unreliable voice recognition software or inexperienced administrative employees for your transcription needs. Incorrect information in transcribed medical records is nothing short of dangerous. A professional medical transcription service can offer you carefully edited and accurately transcribed documents in a cost effective and timely fashion.
There are many transcription services. But, what separates the good from the best is important to consider. The way to determine the quality of a medical transcription service is to look at the following:
- Efficient turnaround time (i.e. 24 hours?)
- That they are HIPAA certified
- Security features: Secure and private network, encryption, firewalls, and virus protection
- Quality of customer service
- Outsourcing practices, if any
MT- Medical Transcriptionist
Being a Medical Transcriptionist (MT) requires a special skill set. Ask if you are assigned an MT or if you will have access to a specific MT or team of MTs. Some services can make even more accommodations for your practice by allowing you to request specific MTs for specific notes. Of particular interest to specialty practices are services with “specialist” MTs on staff; they have acquired the knowledge and vocabulary of a certain specialty.
Don’t hesitate to ask for references. You want a transcription service that strives to meet all of your practice’s healthcare documentation needs.
Medical Transcription Service Average Costs
It is standard for medical transcription services to charge per line of text. Although the average cost is usually $0.12 to $0.14 per line, prices can actually range anywhere from $0.07 to $0.20 per line. Many providers will let you do a trial run at no charge. This is a great opportunity to compare vendors.
A line of text is typically defined as 65 characters, including spaces, which is industry standard. However, some services may require fewer characters per line or simply define a new line by each hard line break.
See these other specific factors that can contribute to price negotiations and/or variations:
- Price agreements on per report basis for specialty practices that submit a high volume of shorter reports.
- Specialty practices may charge higher rates for harder to find MTs qualified (i.e. knowledge of that specialty’s terminology/vocabulary)
- Higher volume of transcription often comes with lower rates
- For transcriptions requiring immediate turnaround, higher rates will apply
Medical Transcription Sample Costs
- GMR Medical Transcription - National service with rates starting at $0.08 cents per 65 character line
- Brain Storm Medical Transcription Services - rates start at $0.06 per 65 character line. They offer high volume and template discounts.
- The Medical Transcription Company LLC - $0.07 to $0.10 per 65 character line.