The Business Side of Medicine

Patients are complaining about doctors who hardly have enough time to talk to them; but physicians have a reason to complain too. They feel that the odds are against them, and would give an arm and a leg to avoid administrative and financial hassles.

Physicians’ undergraduate degrees are most likely in biology, not business. Medical schools teach all about the human body and how to provide optimal care to the individual needing it. Yet many are taught little about the business side of medicine, and its enormous impact and influence.

The 2011 Survey of Final-Year Medical Residents found that only nine percent of residents said they’re prepared for the business side of medicine, and 56 percent of residents said they did not receive any formal instruction on contracts, compensation arrangements and reimbursement models during medical training.

“Research has found that fewer than half of graduating medical students in the U.S. receives adequate training to understand healthcare system strategic approach and the economics of practicing medicine.” (

Identifying the strengths and weaknesses of your practice, clinic, or hospital is the first step to mastering the business side of medicine. The second step: letting professionals step in and help. Outsourcing your medical transcription needs is an ideal way to do that.

Some fundamental way quality medical transcription companies can aid:

· Efficiency: Healthcare providers can improve their efficiency by concentrating all their resources and efforts on their core processes, without worrying about transcription responsibilities.

· Reducing workload: Allowing your qualified staff to focus on the daily operations andd other business functionality, while knowing that your transcription needs are being met, results in a reduced workload and better patient care.

· Streamlining workflow and maintaining organization: Outsourcing to reliable medical transcription companies allows you to make your documentation workflow more efficient by simplifying the process. These services ensure you a chance to maintain accurate and updated reports in your practice, which would help to retrieve information quickly on the backend.

· Unparalleled accuracy: 98.5% precision is what you’ll get if you have outsourced to a superior medical transcription service provider. Accuracy in the finished transcripts is something that should not be taken lightly.

· Outsourcing companies are equipped with the latest technology, meaning you don’t have to be concerned with staying on top of the up-to-the-minute transcription equipment for your clinic. This leaves your cost distribution to go to more pertinent items.

· 100% HIPAA compliance: Medical transcriptionists follow HIPAA norms and regulations, while offering guaranteed confidentiality and security of your patients’ health information.

· Timeliness: A frequent problem that in-house transcription staff runs into is backlog. One of the reasons for this is staff shortage. This is not a problem with outsourcing solution specialists.

Freeing yourself of these concerns means more time to care for your patients. 

Isn’t that what led you to medicine in the first place?

Here at Fast Chart, we are committed to only hiring domestically located Medical Transcriptionists that meet our rigorous standards and training. This is why Fast Chart has an accuracy rate > than 98.5%.

Fast Chart prides itself on providing innovative, accurate and affordable clinical documentation solutions to meet each client’s unique needs. Feel free to contact us or call our office toll free at 1-800-334-6606 with any questions.

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