Outsourcing transcription services to a third party provider has been made much easier since the advent of new technologies like digital recording equipment, secure online connections, widespread use of mobile technology and a skilled labor pool of self-employed professionals. Audio transcription is an expensive skill set to keep in-house when one considers the wages, benefits and overhead of maintaining an in-house transcription department. The cost benefits of outsourcing transcription services listed below make it an attractive option.
- Only pay for what you need – Most transcription companies charge per line/per page of transcribed work or per minute of audio transcribed, so you only have to pay for what is transcribed. Often when transcription work is done in-house you need multiple trained staff members with the skills to complete the work, since having only one trained person could cause backlog of work in case of increase in volume or the person not being able to
come to work at any given time. Outsourcing can reduce the per line or per page cost by almost 50% due to reduction in extra expenses like overtime pay for high volume or idle time due to low volume.
- Reduce overhead cost by freeing up your staff to work on other tasks that can only be performed in-house – with the electronic demands of businesses in the digital age it would be more efficient for in-house staff to work on and develop the skill set to work on more complex tasks that cannot be outsourced. Transcription is not an easy job and requires a great deal of focus and attention. Using less experienced staff can increase cost due to inaccuracies and delivery delays. The specialized knowledge and expertise of an outsourced transcription provider is available at the fraction of the cost you would pay to in-house staff with the same specialized skill set.
- Reduced labor and capital expenses – There are numerous financial benefits of outsourcing transcription work rather than employing a full-time staff member to complete the work. With the elimination of paid time off, sick leave, medical insurance, maintenance of equipment and other benefits paid, typically by outsourcing you can save more than one-third of the cost of employing a full-time employee. You can also save on recruitment and training expenses, real estate cost, cost of transcription equipment, cost of management and IT. By outsourcing transcription services, all these costs are defrayed to the third party transcription provider.
Outsourcing transcription is an economical solution to your documentation needs and allows more efficient use of your in-house personnel to perform tasks that cannot be easily outsourced.