COMPARISION OF COST SAVING & OTHER BENEFITS :
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YOU BENEFIT 60% ON COST & OTHER SAVINGS
The in-house operational expense for medical transcriptions could cost a hospital or a healthcare provider in the state of TEXAS an approximate US $. 43,722.10 annually.
IN-HOUSE LABOUR COSTS The major part of the expense incurred, is the wages paid to a medical transcriber, costing the company US $.31,550 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 that will add to the total cost of US $.34,972 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 are 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 finally the cost of stationary and other miscellaneous expenditure costing a total US.$7500 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 TEXAS can be roughly assumed to be US $ 42,322 or more annually, and for the sake 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 $. 42,322 by 52 weeks of a calendar year, which will work out to US $ 814 a week, and if one considers that a medical transcriber is able to transcribe 4000 lines of 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 $ 0.20 cents, and when you compare that to the $ 0.08cents we charge for a single line of transcription, a hospital or a healthcare provider in TEXAS will save a mammoth 60% of costs by outsourcing the medical transcription requirements of the hospital to us.
