How Much Do Insurance Transcription Services Cost?

How Much Do Insurance Transcription Services Cost?

How Much Do Insurance Transcription Services Cost? Compare Insurance Transcription Price Quotes and Average Costs

How Much Do Insurance Transcription Services Cost?

The insurance industry is incredibly complex, with many moving parts and rules that change depending on your location and (sometimes) the circumstances of the claim. Documenting the different processes of insurance services, such as claims, complaints, and compensation, is a lot of work, which is why many insurance companies turn to transcription services.

What Is Insurance Transcription?

Insurance transcription is the practice of transcribing – creating a written record – of the audio files recorded for insurance statements. A transcriptionist is give an audio file of a claim, interview, etc. and types it into a document, making it easier for the insurance company to assess and review claims or investigations. Transcription is a necessity in the insurance world if for nothing other than the fact that a large amount of work goes into the documentation process, and transcribers ensure enhanced accuracy and workflow.

Importance of Accuracy

A single mistake in an insurance document becomes a substantial issue later down the line, leading to denied or rejected claims. Insurance documents are legally binding, so it is important that insurance transcribers are in compliance with the latest rules and regulations. This allows them to catch mistakes before they become a problem, ensuring that the claims process continues.

Any transcription service you choose should have highly trained employees that fully understand the field they are assigned to. A service provides you with a team of transcriptionists, all of whom should be specialists in your specific type of insurance. With experienced, knowledgeable transcriptionists at the ready, your claims will process as smoothly as possible.

Get Free Price Quotes

How Much Do Insurance Transcription Services Cost?

The price of transcription services is mainly determined by the amount of transcribing you need performed and the way in which the company charges for its services. Here is a general pricing guideline based on industry averages to provide an idea of what you can expect to pay for insurance transcription services:

  • Some transcription services charge by the hour, which can leave you paying more than expected. It is not uncommon for hourly services to quote you for four or five times the length of the tape. With the average hourly cost of transcription services coming in around $40 to $50 per hour, this could mean you would pay between $160 and $200 for an hour long tape.
  • There are also services that charge by the line, which is defined as every 65 characters. This allows you to pay only for the information taken from your recording as opposed to the time it takes the transcriptionist to type it. Transcription services that charge by the line have an average cost of $.21 to $.25 per line.
  • Other transcription services charge by the minute, which is best suited to digital audio files. Services that charge by the minute have a starting cost around $2 to $3 per minute, but can grow between $2.80 and $3.50 per minute.

Transcription services may also charge by the page, which is a little different than other charging methods. Per page pricing is able to be manipulated, as the amount of information that takes up a page depends on your desired format. Costs are hard to come by for this particular method, as it is based on your agreement with a specific company. Typically, the client (you) provides a template for the transcription company to use. Per page charges include half-page rates, as well. You’ll pay $1.25 to $2 per page on the low end, with rates going up to $4 to $6 per page for highly specialized services.

How to Choose a Transcription Service

Before you choose a transcription service, there are some things you need to do. First, you need to know exactly what it is you need. Figure out what acceptable turnaround times are, the format you want your documentation in, and be sure that you look at transcription services that specialize in your field.

As with any other product or service, finding the right transcription service comes with some research. It is important that you not only pick one that works in your specific realm of insurance, but that they have proven their capabilities in the past. Never select a service just because you’re in a hurry, as the wrong choice can cost dearly down the line.

You don’t need to settle on a single vendor right away; make a short list of potential candidates. This allows you to compare the features of different companies, weighing the pros and cons of each one. The goal is to pick the best service for the job, not the first one.

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How Much Do Insurance Transcription Services Cost? Compare Insurance Transcription Price Quotes and Average Costs

How Much Do Insurance Transcription Services Cost?

What Is Insurance Transcription?

Insurance transcription is the practice of transcribing – creating a written record – of the audio files recorded for insurance statements. A transcriptionist is give an audio file of a claim, interview, etc. and types it into a document, making it easier for the insurance company to assess and review claims or investigations. Transcription is a necessity in the insurance world if for nothing other than the fact that a large amount of work goes into the documentation process, and transcribers ensure enhanced accuracy and workflow.

Importance of Accuracy

A single mistake in an insurance document becomes a substantial issue later down the line, leading to denied or rejected claims. Insurance documents are legally binding, so it is important that insurance transcribers are in compliance with the latest rules and regulations. This allows them to catch mistakes before they become a problem, ensuring that the claims process continues.

Any transcription service you choose should have highly trained employees that fully understand the field they are assigned to. A service provides you with a team of transcriptionists, all of whom should be specialists in your specific type of insurance. With experienced, knowledgeable transcriptionists at the ready, your claims will process as smoothly as possible.

Get Free Price Quotes

How Much Do Insurance Transcription Services Cost?

The price of transcription services is mainly determined by the amount of transcribing you need performed and the way in which the company charges for its services. Here is a general pricing guideline based on industry averages to provide an idea of what you can expect to pay for insurance transcription services:

  • Some transcription services charge by the hour, which can leave you paying more than expected. It is not uncommon for hourly services to quote you for four or five times the length of the tape. With the average hourly cost of transcription services coming in around $40 to $50 per hour, this could mean you would pay between $160 and $200 for an hour long tape.
  • There are also services that charge by the line, which is defined as every 65 characters. This allows you to pay only for the information taken from your recording as opposed to the time it takes the transcriptionist to type it. Transcription services that charge by the line have an average cost of $.21 to $.25 per line.
  • Other transcription services charge by the minute, which is best suited to digital audio files. Services that charge by the minute have a starting cost around $2 to $3 per minute, but can grow between $2.80 and $3.50 per minute.

Transcription services may also charge by the page, which is a little different than other charging methods. Per page pricing is able to be manipulated, as the amount of information that takes up a page depends on your desired format. Costs are hard to come by for this particular method, as it is based on your agreement with a specific company. Typically, the client (you) provides a template for the transcription company to use. Per page charges include half-page rates, as well. You’ll pay $1.25 to $2 per page on the low end, with rates going up to $4 to $6 per page for highly specialized services.

How to Choose a Transcription Service

Before you choose a transcription service, there are some things you need to do. First, you need to know exactly what it is you need. Figure out what acceptable turnaround times are, the format you want your documentation in, and be sure that you look at transcription services that specialize in your field.

As with any other product or service, finding the right transcription service comes with some research. It is important that you not only pick one that works in your specific realm of insurance, but that they have proven their capabilities in the past. Never select a service just because you’re in a hurry, as the wrong choice can cost dearly down the line.

You don’t need to settle on a single vendor right away; make a short list of potential candidates. This allows you to compare the features of different companies, weighing the pros and cons of each one. The goal is to pick the best service for the job, not the first one.

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