How Much Does A Medical Transcription Service Cost?

Medical transcription services have gained large scale following ever since HIPAA Act was implemented in 2003. This Act has set new standards for the healthcare industry and today, transcription services for medicine are better than they were ever before. Regardless of the client, choosing the best medical transcription service is often a difficult task especially in the competitive market of today.

Use Our Free Service and Find Medical Transcription Services Near You

h4>Things to consider when choosing a medical transcription service

Quality

· Accurate transcription every time

· Advanced tools such as speech recognition tool to identify diction

· Pass through a highly qualified medical transcriptionist

Turn-around Time

· A good service ensures fast arrival of documents within 24 hours

· Two areas of medicine where fast turn-around is a necessity- Pathology and Radiology

· Many services offer turn-around time of about 12 hours and can be as fast as 4-6 hours

· Faster services may charge more.

Billing Plans

· Services often come with a one or two years contracts, but a monthly pricing plan can also be used.

· Commonly, a flat rate is charged per transcribed line which is about 65 characters typically

Medical Transcription Service Cost

EMR compatibility

· For practices using EMR software, the transcription service has to be compatible with it

· Transcribed text should be in the form of an MS Word document or Rich Text Format

Hidden Costs

No hidden charges, extra fee should be charged outside of the services rendered. The charged amount should cost per-line rates.

Comparison of different Transcription Services

MedScribe

· Cost Per Line ~ $0.12

· Turn-around time (Maximum) ~ 24 Hours

· SSL Security Encryption ~ 256 bit

Acusis

· Cost Per Line ~ $0.09 - $0.12

· Turn-around time (Maximum) ~ 24 Hours

· SSL Security Encryption ~ 256 bit

World Wide Dictation

· Cost Per Line ~ $0.09 - $0.12

· Turn-around time (Maximum) ~ Next Day

· SSL Security Encryption ~ 256 bit

Same Day Transcriptions

· Cost Per Line ~ $0.07 - $0.15

· Turn-around time (Maximum) ~ 24 Hours

· SSL Security Encryption ~ 128 bit

GMT

· Cost Per Line ~ $0.12

· Turn-around time (Maximum) ~ 1 Business Day

· SSL Security Encryption ~ 128 bit

MModal

· Cost Per Line ~ $0.14

· Turn-around time (Maximum) ~ Next Day

· SSL Security Encryption ~ 128 bit

DoctorDocs

· Cost Per Line ~ $0.09

· Turn-around time (Maximum) ~ Next Day

· SSL Security Encryption ~ 128 bit

VIVA Transcription

· Cost Per Line ~ $0.10

· Turn-around time (Maximum) ~ 1 Business Day

· SSL Security Encryption ~ 128 bit

MD On-Line

· Cost Per Line ~ $0.11

· Turn-around time (Maximum) ~ 1 Business Day

· SSL Security Encryption ~ 128 bit

Other Features of Medical Transcription Services

· Electronic Signature

· Line-Count Reporting

· 24-Hour Support

· Dedicated Transcriptionist

· HL7 Compliant

· Automatic Backup

· iOS& Android Mobile App

· Handheld Digital Recorder

· Speech Recognition

· Web-Based Account

· EMR Integration

· STAT Turnaround Option

· Customizable Templates

· HIPAA 5010 Compliant

· Secure Online Storage

· Toll-Free Phone Line

· Transcription Delivery

Average Cost of Medical Transcription Service

· Average cost per text line (65 chars including spaces) ~ $0.12 to $0.14 per line

· Variation in price ~ $0.07 to $0.20 per line

Factors that contribute to negotiations in prices

· Price agreements are made per report especially for practices that submit short reports in bulk

· Practices that cater to a certain specialty are charged with higher rates

· Greater the volume of transcription, smaller will be the costs applied

· Immediate turnaround means higher cost per text line

Sample Costs (per 65 character line) of MT Services

· GMR National service cost starts ~ $0.08 cents

· Brain Storm Medical Transcription Services ~ $0.06

· The Medical Transcription Company LLC ~ $0.07 to $0.10

Getting the lowest rates requires a lot of research and thorough market analysis. This is why clients are recommended to go for trial runs before finalizing anything. Since there are a lot of medical transcription services in the market, the variation in charges is also more pronounced.