Overhead costs are nothing new to a medical practice, but balancing budgets enforces the idea there’s little room for error or random infrastructure. Anything new that’s introduced into the practice has to be adjusted for.
Today, the healthcare sector wrestles with various expenses labored by complications of inflation. KaufmanHall reports that overhead costs are the highest they’ve ever been, due to inflation and growing labor costs.
That’s only a small part of healthcare overhead expenses. Some of those other factors include:
- Cost of training/retaining staff + benefits to staff
- Facility cost of building (rent charges, mortgage, occupancy charges)
- Medical and office supplies
- IT infrastructure – network, billing, telecommunications, cybersecurity
Coupled with this, modern practices and medical networks are experiencing a runaway effect where infrastructure and inflation costs are greatly outweighing patient revenue. Coupled with this are growing labor shortages, something we’ve discussed in depth before. Facing burnout, demanding hours, and high stress, it’s harder to train and keep staff due to intense medical circumstances. The report indicates that the first quarter of 2022 saw a continued decline in available labor, placing an emphasis on the need for efficiency.
We also talked about the cost of medical error in the workplace, estimated to be 20 billion a year annually. So, it’s safe to say no healthcare organization wants unexpected costs, just as a patient doesn’t want a high emergency bill or other medical complication. It’s understandable, then, healthcare organizations are wary about introducing new systems into their current infrastructure. The wrong investment can hemorrhage a bottom line, and therefore skepticism is expected.
However, the need for efficient services, systems, and methods to both treat patients and operate is apparent. Healthcare organizations also must account for economic factors such as inflation, which raises cost of care services. But given the challenges we’ve just discussed, what options do they have? What reasonable tools and resources can be utilized for healthcare organizations? There are, fortunately, cost-efficient resources. Nuance’s Dragon Medical One dictation software is one such tool.
Isn’t dictation software expensive?
Naturally, when it comes to dictation software and its respective use, the first thought is cost. That’s because quality, one-to-one accurate tools do incur a cost. Alternate, free, or otherwise cheaper options simply cannot keep pace with professional needs.
Unsurprisingly, better tools are needed. Dragon Medical One is a trusted dictation app widely utilized in the medical industry. But beyond its ease of use with compatible devices and prime accuracy, the biggest point is cost efficiency. Mainly, it’s all about time, or lack thereof.
On average, a doctor or specialist will average 10-15 minutes with their patients. However, before, during, and after, how much of this is spent recording details and patient data? Because of rising administrative demands, professionals find themselves spending hours on documentation. This leaves even less time to see patients and address other medical emergencies.
Consider this Dragon Medical One’s specialty: the value of ROI (return on investment). Check out the Dragon Medical One ROI calculator and see for yourself.
Or, we’ll give you an idea of the ROI (money saved, time saved, patients seen). Firstly, on average, clinicians who take advantage of Dragon Medical One save two hours or more on paperwork and other documentation formats. That’s an average though, and your experience will vary – it’s likely that you could save even more time and money. Essentially, you must consider your current time spent on documentation or time spent by clinicians within the practice.
Therefore, Dragon Medical One slips seamlessly into your budget model, because it saves enormous increments of time and money. You’re not losing out by investing in cost-effective tools and resources like Dragon One, because you save on hours and eliminate redundancies when it comes to the data recording process.
Consider, too, the cost associated with using ineffective dictation apps and software. Making corrections and adjusting errors is time-consuming, and can potentially lead to serious errors in patient care. Those errors could cascade into other serious problems, costing your practice time and money, entirely defeating the point of using dictation software. It’s why you need reliable software like Dragon Medical One to save time and money for critical patient care.
Start your risk-free trial and start saving two or more hours per day after a five-minute install process.
