Transcription Cost Analysis
Reduce Your Budget & Improve Physician Satisfaction
Do you want to give your physicians back 4-7 minutes per patient?
Today there are several methods that can be utilized to place patient information in the EHR. With each method comes a difference in cost and time spent creating the report. Choosing the most cost efficient option is critical to meeting your departments budgeted goals. For example: What is the cost difference of a typical outpatient visit from an established patient with a radiologist?
With Transcription, a physician dictating a one minute earns an average of $2.98. An average transcriptionist needs approximately 4 minutes to transcribe the note, adding $2.10 to the cost. Since the transcription company only charges $2.10 per dictated minute, the total cost of the transcription is $2.10 + $2.98 = $5.08.
Front-End Speech Recognition
With Front-End Editing, a physician needs an average of 4.45 minutes to dictate because of the multiple drop down menus and point and click menus. In addition, the physician needs an average of 4.25 minutes to edit the report before finalizing it. The total cost of this transcription is 8.7 minutes multiplied by $2.98, which equals $25.93.
With Back-End Editing, a physician needs an average of 4.45 minutes to dictate because of the multiple drop down menus and point and click menus. In addition, the transcription company will charge $0.17 per line (average of 11 lines per minute), for a total of $1.87. The total cost of this transcription is $13.26 physician cost + $1.87 Transcription Cost = a total cost of $15.13.
| Front End
Speech Recognition | Back-End
Speech Recognition | Voice Dictation With
Transcription Service | |
| Physician Time Dictating | 4.45 minutes | 4.45 minutes | 1 minute |
| Physician Time Editing | 4.25 minute | 0 minutes | 0 minutes |
| Total Physician Time | 8.7 minutes | 4.45 minutes | 1 minute |
| Transcription Cost Per Report | $25.93 | $15.13 | $5.08 |