How Medical Facilities Can Establish Reality-Based Turnaround Times

“When it comes to establishing realistic turnaround-time (TATs), clearly defined expectations are crucial.” That’s the mantra of Elizabeth S. Roop’s article in the November 22 edition of For the Record Magazine. Her article discusses the importance for medical transcription service organizations (MTSOs) to achieve an appropriate balance between speed, quality and consistency with their TAT service-level agreements.

Ms. Roop points out a number of things for medical providers to consider when contracting with an outsourced medical transcription vendor, namely:

  1. High quality, ability to meet TATs and affordability are all pieces of the same triangle. Skimping on any of the three will affect the triangle’s properties. For example, if a hospital demands an MTSO have produce high quality and high speed records, then it must be willing to pay a high premium for those services.
  2. Be sure to take into account any unique medical facility characteristics (i.e. type of records, frequency, required skill levels,  etc.).
  3. Prepare and negotiate ahead of time to handle staffing fluctuations and possible overflow situations. Two scenarios where volume fluctuations are hard for MTSOs absorb are: (1) When a hospital chooses to outsource all of its medical transcription, leaving no in-house staff to pick up the slack; and (2) When a hospital uses an MTSO to supplement in-house overflow. (NOTE: Keep in mind, in either of these situations, an MTSOs cash flow can dramatically change. Receivables can take longer to come in even though the work levels are increasing. One way to counter this situation is to use a medical transcription factoring firm.)
  4. Busy clinicians can also alter turnaround times. It’s important for medical facilities to establish proactive relationships with their clinicians to help avoid nasty surprises and ensure that clinicians are aware of how the quality and timeliness of their dictation impacts the speed with which they receive reports.

In addition to the author’s suggestions, medical transcription industry experts suggest the following tips on how to manage TAT:

  1. Establish whether medical transcription work can be outsourced offshore and make any necessary accommodations to ensure TAT can be met if it will not be.
  2. Clearly define penalties for nonperformance  as well as any “cure” period during which service can be brought back up to par. Also consider specific rewards for outstanding performance.
  3. Conduct due diligence, including checking MTSO references with case mix and TATs similar to what will be expected.
  4. Select an MTSO appropriately sized for the expected demand and ensure it has the resources to handle fluctuations.

AHDI’s Vitals eNewsletter Changes to eBrief

Beginning in January 2011, AHDI and MTIA members will begin receiving a weekly eBrief publication instead of Vitals.

The new eBrief promises to deliver the same kinds of medical transcription and healthcare documentation industry news that Vitals did, including:

  • MT industry news and trends
  • Information on regulatory issues
  • Privacy and security updates
  • Mergers and acquisitions announcements
  • Emerging technology updates
  • Much more!

Keep in mind that those medical transcriptionists and MTSOs who are not members of MTIA or AHDI can also freely subscribe to the new eBrief.

AHDI Members Contact Info:
800-982-2182 or ahdi@ahdionline.org

MTIA Members Contact Info:
800-543-MTIA or mtia@mtia.com

Healthcare Documentation – Plexus Announces Best of the Best

From mid-July to mid-August, AHDI released a survey to find out the best of the best in the healthcare documentation industry. The results were printed in the November 2010 issue of Plexus magazine. The medical transcription invoice funding specialists at PRN Funding took the liberty to summarize the findings below:

Best Word Expander Software or Tool:
Instant Text

Best Medical Dictionary:
Stedman’s Medical Dictionary

Best Drug Book or Pharmaceutical Reference:
Quick Look Drug Book

Best Overall Book or Printed Reference:
The Book of Style for Medical Transcription, 3rd Edition

Best Electronic Reference (CD or Web Service):
Google

Best Clinical Medicine Website:
WebMD

Best English Language Website:
Merriam-Webster

Best Online Source for CECs:
AHDI

Best Industry Newsletter:
Vitals n-Newsletter

Best Medical Transcription Community/Social Networking Website:
Facebook

Best Provider of Medical Transcription Equipment:
Transcription Gear

Best Medical Transcription Employer:
ExecuScribe

Question: Do you agree/disagree with the survey results?

Mobile Dictation Tools Gaining Ground in Healthcare

Robert N. Mitchell wrote an interesting article in the November 8th edition of For the Record Magazine in which he discussed the rise of mobile dictation in the healthcare industry.

With the government urging HIT adoption, there’s been a gradual change in physician documentation habits. Moreover, physicians are being asked more frequently to use electronic health records (EHR) instead of narrative dictation to dictate. However, using an EHR takes twice as long to accomplish because physicians have to “leave the exam room, find a computer, log in to it, load an application, search for the patient, find a template, fill out the template–all the while hoping that the template covers all the information that has to be documented.”

Some physicians combat the lag time by taking notes and entering all of the day’s the information into EHRs at the end of the day. However, when this is done from memory, it increases the risk of incomplete or inaccurate EHRs. Enter mobile dictation apps.

Good Shepherd Medical Center (Longview, TX) recently developed an iPhone app for its physicians to view patients’ clinical and demographic information. Using the app allows doctors to “see which patients need attention and to view lab values, medication lists and radiology reports” all from their smart phone.

3M Health Information Systems developed a mobile app that interfaces with scheduling systems and patient admissions, discharge and transfer systems. Doctors can use their app to “dictate notes, view patient lists…and access current patient information.” In addition, 3M’s app allows physicians to dictate directly into a smartphone during a patient encounter. The completed dictation is then automatically sent for speech recognition and then into the medical transcription system.

Emdat has also developed an app that allow doctors to download their patient schedule and record their dictation directly into an iPhone and/or Windows Mobile platforms. In addition, physicians can review the completed dictation and use electronic signatures from their mobile devices.

Finally, BayScribe has developed mobile dictation apps for the iPhone (both 3 and 4), iPad, Windows Mobile devices, and Blackberry, and Android is on its way.

BayScribe’s IT manager Dean Ganskop,  said: “This takes an entire narrative from a doctor and the engine parses out discrete reportable transcription [DRT] information such as allergies or diagnosis list.”

As exciting as these new mobile dictation technologies are, Claudia Tessier (RHIA, MEd, president of mHealth Initiative and former CEO of the American Association for Medical Transcription) insists that the need to review a dictated report will never go away.

Q: What do you think about mobile dictation devices?

Nuance Launches Speech-Enabled MT Services Offering

According to SpeechTechMag.com, Nuance Communications launched an outsourced medical transcription services offering that expands Nuance’s clinical documentation solutions portfolio.

According to the article, “Nuance Transcription Services combines Nuance’s proprietary eScription speech recognition platform with its global medical transcription and editing services team…[It] also draws upon strengths and resources from two recently acquired leaders in medical transcription outsourcing, Outsourcing Solutions and Encompass Medical Transcription.”

Click here to read the entire article: Nuance Launches Speech Enabled Medical Transcription Service Offering.

Advocacy Summit 2011 Details Released

Attendees are set to speak with key legislative officials and staff about the medial transcription industry’s critical role in healthcare delivery at Advocacy Summit 2011 is set for May 3-4 in Washington DC.

According to the official MTIA Blog, Advocacy Summit 2011 attendees will receive the following:

  • Orientation and training on effective lobbying techniques
  • Appointment scheduling services for legislative meetings
  • Materials to convey a clear, concise, and powerful message
  • AHDI/MTIA staff assistance every step of the way

Additional events are scheduled at the Georgetown University Hotel and Conference Center.

Download Registration Form
Register Online – Full Registration
Register Online – Day Tripper Package

The Hotel

Georgetown University Hotel and Conference Center
3800 Reservoir Rd NW
Washington, DC 20057
Phone: 202-687-3200

The Georgetown University Hotel and Conference center is nestled among the buildings of the university campus in one of the most historic Washington, DC, neighborhoods. Complimentary transportation to two nearby metros—Dupont Circle and Rosslyn—are available along with abundant shopping and restaurants right around the corner in the heart of Georgetown. Single- and double-occupancy rooms for AHDI/MTIA Advocacy Summit attendees are $189 per night.

Online reservations
Reserve by Phone: 1-888-324-2111 (mention you are with AHDI/MTIA)

Room-Sharing Program
Advocacy Summit attendees interested in sharing hotel room costs at Georgetown University Hotel and Conference Center may contact Miranda Youkhaneh at myoukhaneh@mtia.com or 800.982.2182 for roommate pairing.

For more details and updated information, visit Advocacy Summit 2011 at www.mtia.com/AdvocacySummit.cfm.

AAPC Welcomes 100,000th Member

Mrs. Carla Peacock was The American Academy of Professional Coders 100,000th registrant to become a part of the medical coding association.

The AAPC is celebrating this triumphant membership milestone by awarding Mrs. Peacock with an all-expense paid trip to the 2011 AAPC Conference, scheduled for April 3-6 in Long Beach, CA. She will also receive a free Certified Professional Coder (CPCA) exam along with a 2011 AAPC webinar subscription to help earn CEUs.

Click here for more details on the 100,000th AAPC member.

Staffing Agencies Name Cash Flow No. 1 Challenge

About two years ago, The Receivables Exchange marketplace opened its doors. It’s a unique factoring service that allows factors to bid on various business owners’ invoices.

The Receivables Exchange recently conducted a survey of 636 executives at companies from the $1-200 million revenue range across 15 different industries. The results of the survey yielded some interesting insights into the cash flow worries at temporary staffing firms:

  1. 2/3 of the executives surveyed listed working capital as their #1 concern, and staffing agency owners were the most worried about cash flow.
  2. Staffing agency owners also listed seasonality and disruptive events (i.e. fluctuations in the market that affect demand for services) as top concerns.
  3. Although extended payment terms were not as big of a capital challenge for staffing agency owners as in other industries, staffing executives still listed it as a general business concern.
  4. 1/3 of all the respondents believed that they were being blocked by traditional financing sources.
  5. Nearly half of the staffing companies were not satisfied with their borrowing capabilities from traditional financing sources.

Given all of these findings, it comes to no surprise that staffing agency owners would benefit greatly by selling their invoices to a factoring firm. Click here to access the complete research report: http://www.receivablesxchange.com/recruiting-staffing.

CBaySystems Sheds Light on Outsourced MT Industry

Last week, the medical transcription invoice funding specialists at PRN Funding blogged about CBaySystem’s IPO. Since then, we learned more details on the company’s plan to go public.

As part of CBaySystems’ IPO, the MT company filed an S-1 Form with the Securities and Exchange Commission.  In it, CBaySytems shared a number of fascinating facts about the company as well as unique insights into the clinical documentation industry as a whole.

CBaySystems is the “leading provider of integrated clinical documentation solutions for the U.S. healthcare system.” The following CBaySystems statistics were calculated over a three-month time-span which ended on June 30, 2010:

  1. CBaySystems processed (on an annualized run rate basis) more than 2.9 billion lines  on its platform.
  2. CBaySystems has more than 14,000 MTs and MEs.
  3. More than 60% of the 2.9 billion lines CBaySystems processed used ASR technology.
  4. Nearly 40% of the 2.9 billion lines CBaySystems produced were done offshore.
  5. CBaySystems serves more than 2400 hospitals, clinics and physician practices throughout the U.S., including 40% of hospitals with more than 500 licensed beds.

Furthermore, the S-1 Form shared a number of interesting facts about the medical transcription and clinical documentation industry, courtesy of research conducted by ValueNotes Database Pvt. Ltd (ValueNotes). Below of some of the market research firm’s key findings:

  1. ValueNotes estimated that the  market for outsourced medical transcription services was $5.4 billion in 2009.
  2. Outsourced medical transcription is expected to grow 8.2% per year over the next five years to $8.0 billion in 2014.
  3. In addition, ValueNotes estimates that the outsourced medical transcription market was 33% of the overall MT market in 2009, and it projects a growth in the market to 38% in 2014.

Click here to read the entire CBaySystems’ S-1 Form.

CBaySystems files for US IPO

According to the Associated Press, the medical transcription services company, CBaySystems Holdings Ltd. filed for an initial public offering worth as much as $115 million yesterday.

Based in Franklin, Tenn., CBaySystems handles medical transcription, billing, and coding services for about 2,400 hospitals, clinics, and practices in the U.S. It did not disclose how many shares it plans to sell or when it plans to complete its IPO. It also did not disclose a proposed ticker symbol for its shares.

Click here to read the article in its entirety:
CBaySystems files for US IPO worth up to $115M.