As a physician or a doctor, you would often require an experienced medical transcriptionist to transcribe your voice reports into digital texts. This particular requirement has revolutionized the medical transcription service industry and as a result, it has evolved to be one of the most booming domains of the health care industries! This has also resulted in the rise of various medical transcription service providers all across the globe – Most of these providers offer high-quality transcription services at a low cost but how do you know that the pricing for transcribing your voice reports is indeed competitive pricing?
If you are a health care practitioner who constantly requires medical transcription services, you will often wonder the same and in order to determine the competitive pricing for a transcription report, you must take into consideration the various factors that generally influence the pricing of the transcribed report.

Following are some pointers to keep in mind when you are seeking to outsource your voice recordings for transcription into digitized texts:

• Skill level of Medical Transcription Professionals: The very first factor that influences the medical transcription rates is the professional themselves! Medical transcription is a high skill process that requires the medical transcriptionist to first astutely listen to the voice recordings and then assimilate the context of the discussion. If required, the transcriptionist may even perform research on the subject and then accurately transcribe the voice recordings into texts. It is absolutely essential that you are not only getting the best value of medical transcription services but you are also getting the best service for your business! This is a key constituent that must be considered while determining competitive medical transcription rates. Very often, you may be attracted towards the low pricing by various transcription service providers but it is essential to examine and understand the skill level of these professionals so that your transcribed report is not compromised of the expected quality.
• Quality Control and Review Checks: Medical transcription service provider can charge in a variety of ways – It could be either by the minute or through a pre-determined per line transcribed rate. Whatever pattern you choose, you as a health care practitioner must ensure that along with a transcription of your voice recordings into digitized texts, you are also receiving your transcribed reports after thorough quality checks! A professional transcription service provider generally does 2 rounds of quality check to ensure that every detail has been documented for and that the document is spell checked as well as free of grammatical errors. If quality control is skipped or not carried out, it is quite possible that the turned out report may be inaccurate and have some errors. Thus, it is absolutely essential to ensure that the service provider you choose performs thorough quality checks!

• Speech Minutes: The next factor that greatly influences the medical transcription rates is the minutes of the speech! It is crucial to note that though there this is an average speech rate; the speech minute rate is not always equal. The average speech rate is generally 130 words a minute and may go typically up to 170 words a minute but there are times when this average rate fluctuates’ dramatically. If the voice recording is not clear or the speaker’s accent is heavy or difficult to understand, then the medical transcriptionist may take a longer time to transcribe the voice recordings. Similarly, if a speaker is slow with their speech, there is a possibility that the word count may be significantly low. In such cases, the medical transcription rates can often be significantly different than the general quote.
• TAT (Turnaround Time): Medical transcription rates also vary by the expected TAT of the report! If you have chosen a standard turnaround time, then the medical transcription rates will be nominal as opposed to urgent or relaxed delivery.

• Speed of the Medical Transcriptionist: Another factor that influences the medical transcription rates is the speed of the medical transcriptionist. Like the speech minutes, speed of the medical transcriptionist has an average value but it may vary depending upon the context of the recording and the expertise of the medical transcriptionist themselves. Typically, a transcriptionist can type up to 100 words a minute but this should not be used solely to calculate the medical transcription rates. The speed of the medical transcriptionist is often intertwined with the skill level of the professional because a professional medical transcriptionist will not simply document the voice recording into the text but they will stop in between the recordings to conduct research, verify any acronyms or medical terminologies. This can lower their speed but the report delivered to you will be of the highest quality! Thus, if any medical transcription service provider or a freelancer promises an unusually high amount of words per minute, then there are chances that they may deliver the report to you at a low cost but the report may not be of the highest quality.
Although the process of calculating the medical transcription rates may vary from provider to provider but in order to receive the best service at competitive pricing, one must pay attention to the underlying factors that determine the medical transcription rates.

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In addition to the above factors, it is also important that you as a health care provider take into consideration the following details to know the competitive medical transcription rates for your practice:

It is important to analyze the pattern of your health care practice’s workflow and then choose a service provider.
• Though this may seem arduous, It is equally important to also analyze each and every detail of the contract.
• Your service providers’ software’s must be compatible with your practice management’ software’s.
• If you are hesitant about outsourcing right away, you can opt for a short-term contract or a monthly subscription.
The pointers mentioned above will not only help you determine competitive pricing in the industry but they will also help you to analyze and adopt the best transcription service for your practice!