Insurance transcription Services is the act of transcribing audio content and documents that are gathered as insurance records. In the insurance industry, a hefty volume of data is gathered in the form of discussions and testimonies given by clienteles and other persons involved in a claim. Insurance data, both medical and non-medical can originate in various forms; including audio-video recordings, and documents. It needs to be transcribed precisely the same way as it was gathered, such that it can be useful in decision making and record keeping. 

Insurance transcription has the following benefits:

Useful for Adjusters – Data verified by independent parties for the sake of a claim by the insurer or due to dispute on an insurance claim can take various forms. Recorded interviews, handwritten notes, and recorded documents are needed to be transcribed to provide a decision on the claim.

Useful for Third Party Administrators – TPA either needs to be provided with transcribed information or may have detailed conversations and data that need to be transcribed (and recorded) for future references.

Helps in identifying fraudulent activities – The total cost of insurance fraud in the U.S. (non-health insurance) is assessed to be more than $40 billion per year. That means Insurance Fraud costs the average U.S. family between $400 and $700 per year in the form of enlarged premiums. Fraud indicators can be easily identified with the use of transcription. Adjusters can easily identify is there is a foul act in the play. Each statement can be recorded, indexed, and searched so that the claim handler can find out discrepancies in the narrative. If any case goes to court, then the transcript is proof of evidence, and helps in mitigating loss and prevents the recurrence of any fraudulent activities.

Medical Data - Health care fraud costs the United States anywhere between $68 billion and $230 billion a year. As mentioned previously, this can be avoided by a careful generation of medical data using the transcription. Transcription creates searchable, indexable, and editable files thus helping to prevent loss.  

Investigator Claims - When a claim is examined, often it necessitates an individual on-site to take notes in audio format or interview other individuals. This data can be correctly transcribed quickly to hasten the claim processing process.

A single misplaced wording – as you can imagine – can lead to a financial blunder. As such insurance transcription should be accurate and place utmost regards to confidentiality. Professional Insurance Transcription Services are here to help you out in this regard.

Human transcribers ensure the transcripts for audio-video files, handwritten notes, and printed documents are transcribed accurately. This helps in identifying as well as remedying any fraudulent activities. Secondly, online transcription should have privacy protocols in place to ensure the security of client data. Insurance claims transcription services must make confidentiality and security a top priority to remain compliant with the Health Insurance Portability and Accountability Act (HIPAA) and other federal regulations. Data encryption and frequent security risk assessment go a long way in preventing loss of data. Besides, quality, cost, turnaround times (TAT), and reliability forms the basic tenet of every transcription services.