Medical Transcription Competition Heats Up in 2009

As a follow up to the 2008 Medical Transcription Vendor Study,  KLAS  released a new report, “Transcription Services: Steady Demand in a Volatile Market” this month. The study’s overall findings point to a heightened level of competition among medical transcription vendors in 2009.

KLAS’ director of financial and services research and author of the new report, Graham Triggs, said: “Sixty-two percent of respondents in this study have switched MTSOs at least once – suggesting that every vendor is vulnerable if performance starts to wane.”

Transcend was ranked #1 in 2008, but the outsourced transcription vendor dropped to fifth place in 2009. Webmedx and Precyse Solutions took the top two spots, followed by Encompass and TransTech.

Factoring medical transcription invoices presents a great opportunity for MTSOs to gain a competitive edge in the MT industry because they can offer extended payment terms to their customers and still have enough cash on-hand to meet payroll.

Click here to read more on the report: KLAS-Medical transcription market is volatile.

LA Times Puts Temp Agencies Under Fire

Did anyone see the December 6th article in LA Times entitled: Temp firms a magnet for unfit nurses?

Journalists, Tracy Weber and Charles Ornstein painted temporary nurse staffing agencies in a very bad light in the investigative article. The article focused primarily on nurse staffing firms who have been skimping on background checks and staffing unfit nurses.

During a time when hospitals and nursing homes are scrambling to fill staffing gaps, they’re relying on temp agencies more so than in the past. Now, more than ever, temp agency owners need to be taking the proper steps to screen their employees prior to hiring.

Another option which wasn’t as popular when it first came out is for nurse staffing agencies to become Joint Certified.

Q: What is your agency doing to remain competitive and trustworthy in the marketplace?

New CEO for AHIMA

According to AdvanceWeb.com, Alan F. Dowling, PhD was recently appointed as the new CEO of the American Health Information Management Association (AHIMA). He will assume his new role on January 13, 2010.

This statement was release in the official press announcement:

“Dr. Dowling has a deep understanding of the complexity of issues facing our association, our members and our industry, as a whole. His experience in the areas of health information and informatics, as well as healthcare delivery systems, gives him keen insights into what will be vital to the next decade of health information management and technology,” AHIMA board president Vera Rulon said.  “He is the ideal person for the job ahead.”

Click here to read the entire press release: Dr. Alan F. Dowling Names AHIMA’s Next Chief Executive Officer.

Ohio Among Top Three States in Need of Nurses

Ohio’s nursing shortage is projected to reach 23,000 by 2020, which is 29 percent of the projected national nurse shortage of 300,000.

Currently, Ohio reports only a 5 percent vacancy rate for RNs, which is below the national averages. This most likely due to the fact that Ohio nursing schools have been focusing on increasing their nurse graduates at the same time that older nurses are putting off retirement, but these trends won’t last long.

According to a report released this month by the Health Policy Institute of Ohio, nurses and nurse educators said longer hours, increasing case loads and greater physical demands are all straining the current nurse supply. Not to mention, more than 600 beds are slated to be added to central Ohio’s area hospitals in the coming years, which will increase nurses’ workloads in the area.

Nurse educators are needed as well. Ohio’s nurse faculty shortage is expected to hit 3,600 over the next 10 years. In 2009, The Ohio State University’s nursing school turned away three and a half qualified applicants for every one admitted, and three instructors left for higher paying jobs at the OSU Medical Center.

Looks like the state of Ohio is a good place to be if you’re a nurse staffing agency owner looking for new business!

Click here to read the entire article: Nursing stocked, but not for long.

US Senate to Vote on Health Care Reform Bill

As a follow-up from our post last week regarding the House of Representatives health care reform bill, the U.S. Senate has also unveiled their $849 billion health reform bill.

The 2074-page Senate bill is expected to be voted on as early as this Saturday. The proposal now goes to the full Senate, where Republicans have vowed to try to block it.

Some of the more interesting aspects of the bill include the following*:

  1. The Medicare payroll tax on individuals earning $200,000 a year and couples earning $250,000 a year would increase by half a percentage point.
  2. Bill would require individuals to purchase health insurance, with a fine for non-compliance of $95 in the first year that would escalate to $750 by 2016.
  3. Parents would be responsible for providing coverage for their children up to 18 years old.

If the healthcare reform proposal passes the Senate, a combined version of the House’s proposal and the Senate’s proposal will need to pass both chambers before it can be signed into law.

Click here to read the Business Standard’s article on health reform: US Senate Unveils $849 BN Health Care Reform Bill.

Two Steps Away from U.S. Health Care Reform

As reported by the National Post on Monday morning, The United States House became the first chamber of congress to pass a comprehensive health reform bill, voting 220-215 in favor of the 10-year Affordable Health Care for America Act on Saturday night.

President Barack Obama was quoted in the article saying, “We are just two steps away from achieving health insurance reform in America,” and he’s confident that the Senate will pass its version of the legislation in the near future.

Most likely, the Senate will have a different version of the health care reform bill, and it will need 60 of 100 votes to pass. If it passes, both the House and the Senate will need to meet to agree on a single package.

Currently, the reform package includes obligatory coverage, tax hikes for the wealthy and a clause to prevent insurers from rejecting customers with pre-existing conditions.

Click here to read the entire article: U.S. health care reform ‘two steps away.’

MTIA Promotes Meaningful EHRs

As members of the Medical Transcription Industry Association  (MTIA), PRN Funding recently received a mailing explaining that dictation and medical transcription is still the most preferred, effective method for documenting healthcare encounters. MTIA listed a handful of other reasons:

    1. At least 1.2 billion clinical records are produced in the United States each year.
    2. 60% of all clinical notes are documented via traditional dictation and transcription.
    3. No documentation method captures complex patient stories better than narrative dictation.
    4. Transcriptionists/editors ensure accuracy of clicnical information and support physicians in risk management.

    For a list of MTIA member companies, visit MTIA’s web site.

      Staffing World 2009 Kicks Off Today

      The American Staffing Association’s annual Staffing World Conference begins today and runs through October 23. Held at the Orlando World Center Marriott Resort, Staffing World 2009 has a slew of opportunities for all kinds of staffing agencies.

      The event kicks off with a Keynote address on Wednesday by Joe Calloway (sales, marketing and branding consultant), in which he’ll share the results of his research and analysis of the staffing and recruiting industry.

      In addition, there will be a multitude of industry-specific workshops, including a healthcare staffing learning track.

      Click here for more information on the 2009 ASA Conference.

      Medical Scribes Help Form EHRs

      While the majority of other businesses started converting to electronic files years ago, hospitals are lagging behind. In fact, only 1.5% of hospitals today have a “comprehensive electronic health record, and 8% have a basic version. The main reason why hospitals have been slow to adapt the technology is the massive price tag ($20 million-$200 million).

      The University of Virginia Medical Center is taking strides to adopt EHRs. The medical center recently started employing medical scribes to help follow doctors in the ER and take down detailed notes on laptops which will form part of each patient’s electronic health record.

      Click here for the entire article: High-tech scribes help transfer medical records into electronic form.

      New Math for Health Care Reform

      An article in today’s Wall Street Journal detailed some promising signs that a bill for the health care overhaul will be passed soon.

      Congressional budget crunchers announced that the latest Senate health bill will cost $829 billion over the next decade, covering 94% of the non-elderly. In addition, the new bill will reduce the federal budget deficit by $81 billion.

      Democrats are still divided over main elements of the new legislation, namely, whether to include a public health insurance plan and how to pay for the overhaul. So far, the bill’s funding comes from $404 billion in cuts to Medicare and two other government programs. Another $201 billion will come from a 40% excise tax on generous health insurance plans levied on insurers. Finally, the remaining funds will come from annual fees on insurers, medical device makers and pharmaceutical companies.

      Click here to read the entire article: New Math Boosts Health Care Plan.

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