FOUR VITAL FEATURES FAVORING THE USE OF FIXED COST PRICING MODEL FOR MEDICAL PRACTITIONERS

Medical Transcription companies have different pricing models for transcription services according to the needs of the client.  Some of the pricing models offered by Medical transcription companies include:

• Fixed Cost Model
• Time and Material Model
• Offshore Development Model
• Cost-Plus Model
• Transactional Model
• Milestone and Incentive Based Model

With so many pricing models at the disposal; it becomes very difficult for Medical practitioners to opt for the right pricing model for the transcription services. Each of these pricing models has its own advantages and disadvantages. Let us now look at some of the inevitable features of Fixed Cost Pricing Model, which makes it indispensable for Medical practitioners:

• Pre-defined costs:  Fixed cost pricing model does not involve any hidden cost. Unlike other pricing model where the medical practitioners cannot predict the end cost of the project, in fixed cost pricing model the scope of the work and costs attached with the project are pre-defined. Hence, this feature becomes a decisive criterion in opting for fixed cost pricing model over other pricing models.
• Result-oriented project management:  Unlike other pricing models, fixed cost pricing model is result-oriented, and takes project timeline as an ultimatum. The major objective of fixed cost pricing model is getting favorable results, rather than scrutinize methods of the performance. As a result, it is widely used for government projects, because it provides more conviction over the final result.
• No question of cost escalation:  During inflation, medical transcription companies face the risk of cost aversion, which is completely negated with the implementation of fixed cost pricing model. Hence, there is no question of cost escalation in fixed cost pricing model.
• Ideal for small projects:  Fixed cost pricing model is ideal for small projects or projects with pre-determined requirements, where the output needs to be delivered within constrained budget.

Fixed cost pricing model produces a win-win situation for the medical transcription company and medical practitioners. Mediscribes is a renowned medical transcription company that uses fixed cost pricing model for delivering transcription services to the clients. To learn more about our Services, click here.