December 20, 2019 | 01.00 PM EDT
MTSOs leveraged the digital transformation in the field of clinical documentation and delivered computerized medical transcription services for independent providers and healthcare organizations from anywhere, anytime. However, the advent of Electronic Health Records (EHR) about a decade ago challenged MTSOs to redefine themselves as Technology-as-a-Service (TaaS) vendors rather than service providers. Currently, clinical documentation excellence is augmented with Artificial Intelligence. AI-driven clinical documentation apps such as CascadeMD have transformed the role of medical transcriptionists and medical scribes into clinical documentation specialists.
In 2009, the HITECH Act was enacted to promote the meaningful use of Health Information Technology, specifically the use of EHRs among healthcare providers. EHRs support the digitization of health records and improve the clinical documentation workflow resulting in better health outcomes. A few of the EHRs were primarily developed as hospital billing and scheduling systems while others were developed as clinical systems to support medical care and medical research. EHRs coupled with speech recognition engines at the front-end pose a huge threat to MTSOs since it reduces the need for traditional medical transcription services among healthcare providers and organizations.
Though the current and new EHRs support interoperability in line with international standards, physicians are continually taxed with data entry and other administrative tasks on a daily basis to update EHR forms. MTSOs can leverage AI-driven clinical documentation applications like CascadeMD to provide value added services and cutting-edge solutions to providers and healthcare organizations.
The hospital industry has transformed significantly in the past 15 years and more dramatically in the past five years. Improvements in technology—the use of voice recognition in particular—has driven down costs,” says John Suender, president of Suender M&A Advisors, a merger and acquisition advisory firm in the health information management industry.
Health IT developers are working closely in collaboration with the healthcare industry to promote cost efficiency and revenue growth while reducing the time and effort spent in clinical documentation. AI-powered clinical documentation applications leverage advanced technologies such as Deep Learning (DL) and Natural Language Processing (NLP) to improve the productivity and efficiency of both providers and medical transcriptionists. Medical Transcription Service Organizations (MTSOs) need to adopt AI technologies to stay ahead of competition from EHRs and other MTSOs in the Healthcare Information Management (HIM) industry.
Eventually, MTSOs can benefit from workforce productivity and addition of new revenue streams with AI-powered clinical documentation applications like CascadeMD. It helps streamline the entire clinical documentation workflow and optimize workforce for better returns.
Clinical documentation powered by AI facilitates hassle-free EHR integration among healthcare institutions and MTSOs in adherence to regulatory standards. The federal regulations aim to regulate how patient data is documented, stored and retrieved from healthcare information management (HIM) systems including EHRs. Consequently, transcription vendors or MTSOs and medical transcriptionists are often required to upgrade and empower themselves to meet the requirements of both clients as well as industry. They can profit from partnering with healthcare technology providers to design and develop AI-assisted clinical documentation solutions for the future.