COMPARISION OF COST SAVING & OTHER BENEFITS :
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YOU BENEFIT 68% ON COST & OTHER SAVINGS
The in-house operational expense for medical transcriptions could cost a hospital or a healthcare provider in CALIFORNIA an approximate US $.53102.24 annually.
IN-HOUSE LABOUR COSTS The major part of the expense incurred, is the wages paid to a medical transcriber, costing the company US $.39832 annually, add to that the other costs in the form of benefit expenses of 5%, the payroll taxes of 2% on the wages, and the sick/ vacation allowances, which will add to the total cost of US $.44134.40 annually.
IN-HOUSE EQUIPMENT COSTS The investment into equipment such as the workman’s computer, dictation and transcription equipment and miscellaneous software will cost another US $.1450, and assuming that such equipment will serve the company for the next three years, the depreciation value of 33% or US $ 478.50 will have to be added to the operational cost annually..
IN-HOUSE ‘OTHER’ COSTS The other add on expenditures is in the form of monthly office rentals, employees training expense on software’s installed, fees paid to the technical experts for maintenance of computers and transcription equipment, and the cost of stationary and other miscellaneous expenditure costing a total .US$ 7,500 annually.
IN-HOUSE ANNUAL EXPENDITURE Thus the estimated total expenditure, that will cost a hospital or a health care provider in operating an in- house medical transcription process in a state like CALIFORNIA can be roughly assessed to cost approximately US$ 52,130.74 annually.
IN-HOUSE COSTS OF A SINGLE TRANSCRIBBED LINE For the purpose of trying to analyze the cost that an in-house transcription process may incur for transcribing a single line of a Medical record, let us first split the annual expenditure of US $52,130.74 by 52 working weeks of a year, the operational cost thus will be US $1002.50 a week, and if a medical transcriber is able to transcribe 4000 linesof medical records a week, a simple math calculation will tell us that a single line of transcription can cost an in-house medical transcription process $ 0.25cents, and when you compare that to the US $ 0.08cents we charge our customers, a hospital or a healthcare provider in CALIFORNIA can save a mammoth 68% of costs by assigning all their medical transcription needs to us
