What is Medical Transcription in RCM?

Healthcare is a fast-paced, dynamic industry, and therefore, maintaining financial stability becomes a challenge. Successful RCM strategies ensure that the claim moves along and you get paid for the services offered on time in order to maintain a positive account balance. The process of medical transcription plays a dynamic role  in revenue cycle management. The trillion-dollar industry, offering medical assistance to patients round the clock, ensures that summary transfer gets done immediately.  

What is Medical Transcription?  

Medical transcription involves manual processing of a practitioner’s or other healthcare professionals’ notes and audio files into text format. Service seems easy, but there are several strings  attached to the world of healthcare. Medical transcription, also known as MT, is an integral part of ensuring precision-driven documentation with HIPAA compliance is delivered.  

How does the service work?  

Medical transcription is one of the factors of RCM, beyond other accurate and well-timed documentation. For instance, a patient visits his/her practitioner for a sore throat, and the doctor dictates a note about the patient’s health condition. The dictation gets captured electronically through the digital recorder or digital systems ensuring it is legal and within norms.  The payment cycle is effective from the following recorded document.  

Once the practitioner signs off on it, the entire document resides in an electronic medical record. Presently, medical coders interpret the recordings, summaries, notes, patient history, and other reports, and based on the content, successfully assign ICD or CPT codes. To ensure that the diagnosis codes must support the medical necessity of the treatment, the transcribed document gets shared with the billing department, where the patient account managers, patient  account specialists, and patient billing consultants go through the file for further process. As per the guidelines, they submit and follow-up on the claims submitted to insurers. The reimbursement and the quality of care to the patient are the driving forces in the healthcare industry.  

Benefits of medical transcription thereby affecting RCM 

In a field of volatility, any medical document transcribed incorrectly can cause a loss of approximately billions that will not be a good option  for your RCM. Below is the list of benefits of medical transcription : 

• Through the latest monitoring tools, medical transcription services eliminate trivial  errors and limit the hefty penalties thereby bringing positive changes to revenue cycle management.
• They use their learning and experience to detect discrepancies and what needs inclusion or exclusion from the transcribed document. This facility manages the payment, claim processing,  and revenue generation of the practice. 
• All the documents go through a strict quality check to ensure the steps, information, course of action, and processes are accurate to help claims move along for a successful RCM. 
• Medical transcription services alleviate your burnout by taking care of lengthy documents and paperwork, ensuring you save your practice money and time efficiently. 

The professional transcription partners offering the highest quality at affordable prices do not disrupt your claim reimbursement.