Starting a Medical Transcription Service Business

Medical transcription is the process of transcribing, or typing an audio version of doctors’ notes and other medical records. You may have noticed at some of your doctor’s appointments the doctor will take out a small voice recorder and record verbal notes of your symptoms, diagnosis, and what type of follow up care will take place. A medical transcriptionist will listen to these audio files and type the information into a report, which will be placed in your medical records.

The first step to starting a medical transcription business would be to complete a medical transcription course at your local college or online. In the course, among other things, you will learn medical terminology, which will be essential for understanding what the doctor is saying.

A good medical transcriptionist will need to be a fast, accurate typist. You may be paid per line or per hour, and if you are being paid by line, the more you type, the more you will earn. Being able to sit for long periods of time is also required.

In addition to those skills, you’ll also need a computer with high speed internet access. You will be receiving audio files, which can be quite large. If you only have dial-up internet, it could take quite a long time to receive the files. Depending on who you work for, you may also be asked to download some software to your computer which will allow you to type the reports. There is also software available that will slow down the audio files you are listening to, enabling you to better understand what the doctor is saying.

Many doctors outsource their medical transcription business to agencies that specialize in hiring MTs that work from home. You can find these companies by searching online. Another option is to approach doctors locally and offer your services to them.

The pay rate will vary depending on who you work for and how much experience you have. As someone who is brand new, you can expect to earn around $10 - $12 per hour. Once you have gained a year or two of experience, you can earn as much as $19 or more per hour.

The Benefits of Starting a Medical Transcription Service Business

Low start up costs - Your biggest investment may be in your education and even that’s reasonable for the return you can make on your investment. Other than that you won’t require much money and your overhead and supplies will be minimal.

Set your own hours - Work evenings, mornings, or during the day. As long as you meet your turn-around-times, it’s up to you when you work.

Low Advertisement Costs - A medical transcription business will grow through word-of-mouth marketing and is also easily marketed with simple flyers and business cards.

Great Earning Potential - A successful medical transcription service can earn anywhere from $20,000 per year (for a part time one person service) to over $200,000 per year for a full medical transcription service. How much you’ll earn will be dependent on a number of factors, but there is potential for a decent income.

Flexibility - Expand and grow the business when you like, hire people to help you, work from home, work mainly online or locally - this business allows you a lot of flexibility and choice.

Exciting Career - You’ll learn medical terms and get a better understanding of how the human body works. You’ll regularly transcribe a variety of reports and learn about diseases, cures, and medical findings. An added benefit for many MTs is that when they go visit their family doctor they feel more able to communicate and understand what all those medical terms mean…this gives you a great sense of empowerment when it comes to your own health.

Prestigious Career - You’ll make great contacts and often become friends with many physicians. This usually comes with many extra perks such as great holiday bonuses. You’ll learn a valuable career skill for life and a lucrative profession you can feel proud of.

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