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

where does the extra money go? - krMT

Posted: Sep 27, 2010

I assume that the MT companies set up a contract with the client for them to pay on a per-line basis. Of course, they charge more than they pay us; that's how they make their money & that's fine. But what I'm wondering is... when we get a report that comes in as VR instead of straight typing, where does the extra money go, since we get paid less for VR. I feel like I work just as hard, if not harder on VR than typing a report. So why don't we make the same amount of money? Any comments out there?

They charge less for VR. It's one reason there is a push by - clients for it. nm

[ In Reply To ..]
nm

MTSO's are clearing profit with VR - MikeD

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Hospitals are being charged by the MTSO's only 1-2 CPL less for VR vs straight typed transcription, doesn't sound like much but to an average hospital/healthcare corporation's budget you can understand a penny difference can go a long way being stretched elsewhere. MTSO's are then paying the MT's to do the VR at half of their original line compensation. This is a very profitable savings to the MTSO, not only pays their software expense of the VR, but understand this is a business and it is about profit. They pay an MT on an average for example 8 CPL for TT (traditional transcription), along comes VR and hospitals can save and + still get the same production and then some MTSOs cut their expense of salaries by half, while still getting the same amount of production + and then some. On an average they figure in a penny for each MT to compensate the VR system implemented, and they are still clearing a hefty profit, it's a very short time in which the VR system has completely paid for itself + and then some. Understand it's the only reason you see all of the other MTSO's that can afford to following suit. The ones that don't have the capital to implement VR and compete with the underbid wars are the one's being absorbed by the larger MTSO's (all the buyouts taking place right & left). It's a monopoly of feast or famine, but the only ones experiencing the famine are the MTs. I regret to say and see it, but I speak from the fountain of facts.

VR Charges - NCalMT

[ In Reply To ..]
At a prior hospital job, when we were being trained on EditScript by a trainer from Nuance, she told us that VR reports are charged more to compensate for the software costs. I don't know if that is true for everyone, but that is what she told us and our manager confirmed it.

VR charges - I wonder...

[ In Reply To ..]
I dont know if they even tell the client they are using VR. They probably dont and still charge them the same, while paying us less, and so they have bigger profit.

No "extra money." The clients know what the going rates are. - BTW, we are in a healthcare funding crisis.

[ In Reply To ..]
Half of our hospitals are struggling to stay on their feet, cutting corners on staff and supplies, lowering standards of patient care. People in healthcare management are mostly all too aware they have no "extra money" to go throwing around and, being professionals, know a great deal on the subject of IT. It's their job.

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