A community of 30,000 US Transcriptionist serving Medical Transcription Industry

My new MTSO - MTSO

Posted: Oct 04, 2010

Hi, I hope this is the right forum to post this on. I have a few questions pertaining to my new MTSO business. Any input or advice would be helpful. First of all, I need help with pricing. I charge my clients .12 per 65 character line. I believe that is the going rate for my area. I am wondering what to pay my transcriptionists and editors. I originally thought to pay my transcriptionists .08 per 65 character line and my editors .04 per 65 character line but then I wouldn't be making any profit.

Should I up my rates for my clients or just lower the rate I pay my independent contractors. I don't want to underpay my IC's but I also need to profit somewhat or I won't be making any money at all. What do you think I should do? I will probably not be able to pay my IC's as good as most corporate transcription companies. Do you think the benefits of working with me could outweigh the cost that I pay them? The following are the benefits that I can think of right now:

-I'm not a big corporation so I will be more available to my IC's

-I'm flexible

-No set hours, work when you want

-The communication method will usually be IM so I will constantly be available to my IC's when they need me

-They don't have to work on weekends or holidays unless they want to and if they do then they will get paid more

That's all I can think of right now but I'm sure there's more. Please let me know what you think, thanks.

well - looks good on paper...

[ In Reply To ..]
I wouldn't recommend more on holidays if 8 cpl/4 cpl leaves you with no profit. Granted people like more on holidays and weekends, but it just isn't possible these days unless you can charge the client more.

12 cpl does seem pretty standard anymore, but it barely pays the bills unfortunately. I'd really try for 13 at least.

I currently get 8 cpl as IC from my company, having been 10 cpl last year and was 9 cpl until recently as they were losing money paying us. The owner is extremely nice and pretty flexible, and that goes a long ways towards liking the job despite the low pay.

Good luck.

MTSO - medtyper

[ In Reply To ..]
Well you have to make a profit that is a given. I would be willing to work for you for 0.75 a line with no weekends or holidays. Interested in a part-time position to supplement retirement income.

Why aren't you making a profit? - sm

[ In Reply To ..]
You're being paid 12 cpl by the client and paying your MTs 8 cpl. So, that leaves you a 4 cpl difference.

So, for every 100,000 lines per month that you bill out, you are bringing in $12,000 and clear $4000 of that after paying your MTs. And unless you have a very small account, I'm sure you will be billing out much more than 100,000 lines per month. So multiply those figures x2 or x3 or however big your account is in billable lines per month. Also, multiply those figures x2 or x3 or by however many clients you have.

Why aren't you making a profit with that? Or maybe you meant "not as much profit" as you would like?

I used to have my own clients, charged 14 cpl, paid my MTs 12 cpl, and did extremely well with that.

MTSO - MTSO

[ In Reply To ..]
Oh, I meant if I was paying transcriptionists and editors. Did you have any editors? Do you think I should do with out editors?

Thanks for responding.

Not all reports need to be edited - sm

[ In Reply To ..]
If you have good MTs like I did, very few of the reports will need to go in for a QA review. So, unless you have terrible MTs, you won't be paying an MT AND an editor for the same report.

On the other hand, if you have terrible MTs, then all of your reports will probably need to be QA'd before going to the client.

It all depends on the quality of the MTs you hire. And the quality of the MTs that you hire will also be dependent on amount that you are willing to pay them.

But at 8 cpl, I doubt that you're going to be getting the cream of the crop MTs. Even though they say that 8 cpl/4 cpl is the "going rate" now, most of the highly experienced and skilled MTs who I know (including myself) won't work for that, especially as an IC.

I would charge the clients a little more. They can - afford it. ICs cant afford a pay cut. nm

[ In Reply To ..]
nm

Are you an MT or just a business person? - 12 cpl is not enough.

[ In Reply To ..]
I charge 15 cpl and I do the work myself and I make out like a champ. All of the money goes in my pocket and I don't have to put up with the complaints of ICs which are many as you can see from this board.

Although you could hire new grad MTs really cheap and then edit the reports yourself or hire a cheap editor at 3 cpl to get new grad MTs on their own and then you make out like a bandit. Just dump the editor once everyone is up to speed or make them a p.r.n. editor in case someone quits on you.

ICs are entitled to work when they want since they pay their own taxes , so keep some time on hand in case you have to transcribe your own reports or you could get the editor to do it if you don't feel like it. You could also hire a p.r.n. person in case your ICs get tied up with other things and cannot do your work.

How many clients do you have so far?

I'm an MT, not just a business person - MTSO

[ In Reply To ..]
thanks for the reply

MTSO - Old Pro

[ In Reply To ..]
I offer this suggestion with all kindness and respect. It is essential than you take a basic business course. Try contacting any women's business association in your area, or even the SBA. Most of these courses are free. When I started my business, I paid an MBA who specialized in small business to write my business plan. It was the smartest thing I ever did. Today, over 70% of start-ups fail. You need to do everything you can do give yourself the edge. Good business knowledge and savvy can mean the difference between success and failure--between making a profit and hovering on the edge. I wish you all the best and hope you really make a success of your venture!

Editing ... - you do it!

[ In Reply To ..]
It's not rocket science. If editing needs to be done, you do it.

Once you have figured out the business and your profits -- if any -- then you can consider hiring an editor.

If you need 3 or 4 transcriptionists, you might hire 2 or 3 and do the extra work yourself until you figure out the business.

If this means you need to work 16-18 hours a day for a while, well, that's what many of us starting a business had to do.

You keep your costs as low as possible until you are sure you are making a go of it.

Agree with this poster - Want it done right, do it yourself

[ In Reply To ..]
I totally agree with you. In fact, I would hire MTs and make myself the designated QA/Editor who goes through each and every report as it is transcribed before it goes to the client, and do transcription myself in any free time I might have. I'd want to know first-hand how my MTs were doing and to have the final look-see at the reports before they were shipped off to the client. Not only a money saver, but also a way to keep a check on which MTs might not be performing up to par.

Great advice, poster!

Platforms - kb

[ In Reply To ..]
What platforms are you using? Are you just going to do straight typing or VR as well. I am setting up my own MTSO right now. I have my website, business cards etc...just curious as to what you are doing as far as platforms.
Thanks! Good luck to you as well.

RE: Platforms - MTSO

[ In Reply To ..]
I am just doing straight typing, at least for right now. I am actually just going to use sendmefiles.com because they are really cheap and they are HIPAA compliant. You can also put a thing on your website so that your clients can upload from there at no extra charge. I originally looked into a platform called scriberight but they charge by the line and with the one I decided to go with is just a small monthly or annual fee.

What platform did you decide to go with?
Good luck to you also.

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