In case you missed it, the April issue of “For the Record” magazine included an article about transcription contracts entitled “And it shall be written – Forging successful transcription agreements.”
Linda Sullivan, CEO of NEMT, was one of the key sources for the story, which includes insider tips on negotiating and verifying contract terms when selecting a transcription vendor.
One of the most important pieces of advice is to compare total costs between vendors. If Vendor A proposes transcription services for 10 cents per line and Vendor B proposes transcription services for 11 cents per line, the obvious choice isn’t necessarily the correct one.
What other costs do the vendors have? Are there implementation fees? Technology set-up fees? Do the vendors provide interfacing? Is there an annual maintenance fee?
If Vendor A’s 10-cent price comes with lots of extra fees and Vendor B’s 11-cent price is all-inclusive, suddenly the higher price is the better deal.
It pays to get all the details early on in the negotiation process. Make sure you understand your total cost before the contract is set in front of you and be sure to compare the cost with that of other vendors so you know you’re getting a reasonable deal.
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