March 2, 2024

Paull Ank Ford

Business Think different

Starting a Medical Transcription Business

Medical transcription is one of the few hot careers of this decade. With aging population and decreasing workforce, never before has the shortage of medical transcriptionists been so evident. This gives an opportunity to explore medical transcription business to strike it big and to strike at right time. With tough times and economic slowdown, venturing in to any business is a difficult proposition. However, you will be amazed to know how easily you can start your own transcription business without a big hole in your pocket. So what do you require to start a home-based medical transcription business? Well, to be true, not much. With good knowledge of transcription, starting a home-based business should be very simple. Some important things to consider before starting this business are the initial investments, requisite training, marketing, profitability, and time management. Let us know more in details about each of these.

Investment in transcription is not huge. You require a good computer, printer, fax machine, earphones, foot controls, audio recorders and software required for transcription. These include Stedman, drug dictionary, English dictionary, FTP, audio convertors, audio players, office software and some others. Basically, standard office equipment is what you will need to start with. As the business is home based, you again save on the rent and other miscellaneous expenses.

Training in medical transcription usually requires a period of 4 to 6 months with many courses available on the internet these days; some of them available online too. The fee for learning medical transcription is not too high either. By investing around 5 to 6 hours a day for a period of 4 to 6 months, you can easily become a good transcriptionist. Most of the transcriptionists are able to work independently by the time they finish their course and so should you. With proper guidance and knowledge, you should be able to work on all sorts of audio transcription and be ready to start your own business after completion of your course.

Every business requires efficient marketing to propel the revenues and get a strong client base. Though medical transcription business also requires marketing, it is certainly not at the same level, as do most other businesses. Most of the time marketing would involve telephone calls and personal meetings. Being a home-based business, you just require 2 or 3 good clients to support and grow your business. Again, one saves a lot of money in marketing this business as compared to others.

Business without a profit is like a life without a desire. Home-based transcription businesses usually do not run out of business and very unlikely run in to losses if you are efficient and are managing the reports on time. Revenue in medical transcription is charged on the number of lines you transcribe. Usually 65 characters per line is the norm and a good rate should be around 12 cents per line. Most of the transcriptionists easily manage 1000 lines a day and with that productivity, you should easily earn around 120 dollars a day. The more the number of lines you do, the more will be the revenue. On average, a home-based transcriptionist easily earns around 30,000 to 50,000 dollars a year depending on the rates and productivity. Some of them even earn higher to the tune of 100,000 with proper business tactics and by employing others. Thus, with minimum of investment and training, medical transcription business offers a good career from the comfort of your home. You can take care of all your homely needs and at the same time take care of business.

Time management is a skill that every medical transcriptionist has to master. Transcription is a time-bound job. Reports should reach the doctors on time and if they do not, it can eventually lead to loss of business. Transcriptionists usually get a 12 to 24-hour window period where they have to finish the reports and send them back to the doctors. Delays here are not well tolerated by the medical fraternity. However, if you are sincere and efficient, work management under deadlines should not be a major issue. Remember, much of patient care is dependent on the accuracy of the reports that you transcribe and the timeframe within which you send back those reports.

With a little of investment and training, one can easily start and run a medical transcription business. In times of economic recession with people losing jobs each day, medical transcription business offers a smart way of working and earning at the same time without even driving to an office or leaving your home and kids.