A community of 30,000 US Transcriptionist serving Medical Transcription Industry
MTSOs being greedy - Unknown
Posted: Jul 27, 2010
Let's get to the point here on why most MTSOs are greedy. It is not because the MT makes mistakes or should make mistakes. That is not the issue. The real issue is that MTSOs don't pay what a quality MT is worth! That's where the "greedy" comes in. It also shows that the MTSO obviously doesn't really care about the transcriptionist at all. If an MTSO pays really low, this says to me they are treating the MTs as robot "worker bees" working in China for nothing. If that is the case, then MTs have a right to "whine" about the pay. Of course, the MTSO would tell you, "Then don't work for us." I guess this is telling the MTs, don't become an MT unless you don't want to be paid quality pay.
Here is my take - Living large MTSOs in a bad economy
[ In Reply To ..]During the time when the economy was doing very well (artificially, it now appears), I believe the compensation to upper level workers was increased greatly. Now that the economy has bottomed out, rather than return to an income which reflects the state of affairs in this country, they continue to draw their usual compensation by decreasing the lower level workers' income - or replacing them with newer workers, regardless of performance/ dedication.
It is not worth it to be in business anymore. sm - MTSO - Another point of view
[ In Reply To ..]I have been an MTSO owner for the last 20 years. I have always transcribed as much as my employees and hope to continue to do so, although it does not look good right now.
First the State of New York was kind enough to tell me that my IC's were employees, which they were not. They had 48 hours to complete the work, I did not give them a schedule or provide the equipment. The state charged me with penalties of $72,000, which might not seem to be a lot to some of you, but it was a lot to me. I had to take out a loan against my house to pay for it.
My IC's were switched to employees but they would only do so at the same rates that were making as IC's. I agreed because I thought they were all excellent.
Fast forward 3 years, and we are doing very well, growing to just over 80 transcriptionists, nice accounts, everyone making OK money. Not great, but OK.
2008 brings the start of the problems; my bank closed. I still do not have all of the money. This happened the day before payday. I had to take an emergency loan against my house to pay payroll. I was lucky enough to have an open equity loan.
Turns out 5 months later that the bank decides that my house is no longer worth what it was the year before and they cancel my equity line of credit.
The government raises taxes every year. Unemployment in NY, NJ and CT went up over 300% each of the last 2 years. Now I have to provide health insurance in a year and on looking at rates, it will put me out of business.
I have never laid anyone off, have never lowered rates, have never treated anyone unfairly, but the government doesn't play fair and now I am looking to get out. This will put all of my employees out of work, but I really don't have any options left. I lost 2 accounts in the last 18 months to voice recognition, 1 to an offshore group and 2 others have threatened that I either match the offshore rates or they will leave too. I only charge 13 cpl and this is too much for them?
I know that my company will be attacked here in the next few months too as I will be forced to either close the doors or let people go or lower rates. I am already dreading it. I had some bad posts on here when we lost the first account, and I took it personally.
Only the big companies are going to be OK in this new world. I don't envy them the headaches or the stress. Some, like the 2 biggest ones, don't care but I truly believe that others do and this cannot be easy for anyone. Do you honestly think that all MTSO owners are greedy and don't care? You're wrong if you think that. I have met many at MTIA and AHDI meetings, and there are some good ones, including some of those being attacked lately.
I feel sorry for us all. This field is not what it once was and is going downhill fast.
The entire economy is going down the drain fast (sm) - yochana
[ In Reply To ..]I do know that there are some EXCELLENT, caring MTSOs...I used to work for one until they had to lay me off. My account was sent to India because the hospital was "in the red." Yeah, right, wonder if the CEOs had a cut in pay???? My MTSO tried very hard to find another client to sign on, but the economy is bad. The small businesses cannot afford to stay in business. Just like my wireless internet service was owned by a local man....he just didn’t have the capital to operate on and had to sell out to a large internet service. It's always the middle class that takes a beating. The rich get richer and the ones that don’t work get everything handed to them on a silver platter. To the above MTSO owner, I really, really feel for you and hope everything turns out okay for you. We are headed for a dictator ruled country as sure as the world.
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