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

Looking for advice on starting my own MT biz... - sm

Posted: Apr 07, 2013

I'm so tired of working for pennies a line, worried about getting laid off, etc., and want to take control of my own destiny. SO...I'm looking at trying to get some clients of my own. I need advice on what I would need to get started. I know I need a business license, a PC of course, got that, business cards, references perhaps, got those. What I really need to know is what is the best way to actually perform the work - do you use old fashioned dictation equipment, tapes, or do you use internet-based technology? Sorry if I sound dumb about this, but I'm literally just now getting into researching this, and I really appreciate any tips.

clients of your own - got the tee shirt

[ In Reply To ..]
will still pay you pennies a line, keep you worried about getting laid off, etc. Throw on top of that no vacation ever again, waiting for people to remember to pay you, paying all your own taxes, going without health insurance, etc. You should probably do a lot of reading of the MTStars archives before jumping out on your own.

I've thought about it too, but why I won't... - MT

[ In Reply To ..]
Agree! No health insurance, no vacations unless every account of yours takes a vacation, but then you'd be making zero salary for a week(s), still at the mercy of an account switching to point and click EMR, another company, etc., with little notice, you would be solely dependent on your dictators retiring, leaving the practice, moving etc., and if you do get "laid-off", no unemployment.

I already don't have health insurance... - sm/OP

[ In Reply To ..]
through my job (can't afford it), could not care less about vacations, can pay my own taxes, etc. I would like to give this a try, even if I have just 1 or 2 docs, or a really part-time thing, just for some extra money while working my regular job. I have an acquaintance on FB who did this for almost 30 years and made a lot of money. She even retired in her 50s. She used tapes though, so that's the main reason for my post -- to anyone who does this, I'm wondering if they also use tapes, or if they're taking advantage of technology to receive dictation and submit jobs, like the "platforms" we use now for the MTSOs. Also, any other advice offered is much appreciated.

I did this for 7 years. sm - me

[ In Reply To ..]
Your acquaintance was in this business in its hay day. I believe she did make good money. A friend of mine who started before I did, used to make $40,000 to $45,000/yr back in the 90s, which was very good money.

When I had my own clients I used tapes and picked up and delivered. I still have a doc I help out once in a while that does that, but he is an older doc who doesn't like change. The digital way is much more convenient for the MT. The doctor's office staff however, needs to know how to upload voice files, download the reports (both from an encrypted server due to HIPAA) and then be willing to print out the reports for filing (if they still do things by hand that is). You can probably make a bit more money with your own clients, but I wouldn't count on much. I started out at 0.14 cpl in 1996, and by 2003, had some docs only willing to pay 0.08/cpl, or they would look elsewhere. There is always someone who is willing to take less just to have the account. I figured for 0.08 cpl, I could do this without the headache of running a business. So I found a small MTSO and have been working with them since 2003.

Getting clients is going to be harder now than it was when I started. You have more of a chance going after the 1 and 2 doc practices. Usually the bigger ones either want a service for more complete coverage or they are hooked to a hospital who manages all the dictation. For every 100 accounts you go after, you may get one response if you're lucky.

I wish you luck. I hope you are able to get your own accounts and it is everything you are looking for. For me, I'm counting the days until I can get out of this business for good. ;-(

Health insurance info - 2bz2sleep

[ In Reply To ..]
You can get your health insurance through your company you own at a better price than individually, about half the cost. Platforms are very expensive, and the clients pay less to individuals or small companies. A dictation system works great. See other message. Good luck!

Starting your own business - Old Pro

[ In Reply To ..]
May I offer a piece of advice? The best and smartest thing you could do for yourself would be to take a basic class on starting a business. I would say this to ANYONE wanting to engage in any kind of start-up. Are you in a large city? If so, many business women's organizations offer such courses/seminars for free. Sometimes banks offer them. I took one many years ago at a large city in California. You need to have a formal business plan. I had mine drawn up by an MBA who specialized in small medical businesses. Then you need to get a good business relationship going with a banker. Look for banks that cater to small businesses. I doubt that the Bank of America or a venture capitalist would be interested. But a smaller bank probably would be. Mine was. Apply for a business line of credit in case there are cash flow problems. Even if you work only by yourself and do not have employees/subs, equipment can crash unexpectedly, etc. Get some technical education. You do not need to become a techie or learn how to build a computer--you will hire someone to do that. But you do need to know the basics around the box. You absolutely do NOT sound dumb. You sound like you want to educate yourself, and that is the smartest thing you could be doing right now. I think you are incredibly brave. In my opinion, now is not a good time, either economically or technologically, to start one's own business. The MT world is shattering. I know many people, from solo MTs to MTSOs, who have been devoured by the large corporate MTSOs who seem to have lost their hearts along the way. I am not saying do not do it--that would be presumptuous and cruel. Each person has the right to pursue her career in any way she wants. Other people do not get to tell them what they "should" do. Who knows, you may be one of the few who starts an MT business today and you would become fabulously wealthy. I truly hope you do. I wish the world were the way it was when I started (in the sixties, I am a dinosaur) and you had the kind of support system that I (and others like me) had. I could not have done it without them. Bottom line: Just be sure you know what you are getting into. I can honestly say that if being an MT as an employee is tough in this economy, being a solo "in it for yourself" in business person will be a yeoman challenge. I wish you all the best, and do hope you will stay in touch and let us know how it works out!

Women's grants - me

[ In Reply To ..]

Visit the US Government's grant site. I have included a link in the resource section. This is a great place to begin your search because you will only find real grants for real people. Be careful when searching for government grants for women because a lot of scams are out there.
2

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Search for government grants for women. You can use the basic search or the advanced search to try to find them. If you use the basic search, just type in "women" in the search box. If you use the Advanced Search page, check the box labeled "Open Opportunities" to search for opportunities that are currently open and not closed.
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Once you find the government grant you looking for, you will need to download a government grant application package. You will need to complete the package and mail it back to begin processing your grant.
5

After you have mailed in your package, you can track your government grant progress by using the US Government Grant's website. Check the status on the Track My Application page.

own MT biz - good worker

[ In Reply To ..]
I would also look into virtual assistance as a work from home business. Thinking about this myself and have done a bit of research. Lots of information by googling. Good luck to you!

Just gave away ortho account... sm - 2bz2sleep

[ In Reply To ..]
You just missed me. I gave away an ortho account, templates, using my dictation system.... Too busy and MT hired was always to busy to work.

A dictation system works the best but can be expensive. Depends on the client. If you only have 1-2, you can use a TASP. If you have surgery centers or lots of dictators, purchasing your own system is the way to go, as they charge by setup and minute (rounded off to the next). Yes, you need a business license in most states, including California and a DBA if using a business name, which is preferred. You will need business class email, website, cards, marketing, the list goes on.

I have over $7000 per month on business expenses not including my 5 computers and IT. MTs working for nationals really make more money when this is considered, especially considering what clients pay in California. Consider all the expenses and total committment of time and money prior to proceeding. You will be tied to your desk.

2bz2sleep - Old Pro

[ In Reply To ..]
What you say is right on! There were many times, in my early years, when I did not make any profit after expenses at all. That is why is so necessary for someone beginning on their own to have a good CPA, a good attorney, and a good business adviser. People invariably say "I can't afford to." I say, "You can't afford not to." I am so glad to be out of the game now, and wish my very best to anyone brave enough to take it on now.

expenses and such - 2bz2sleep

[ In Reply To ..]
I envy MTs working for services sometimes.... they at least get to keep what they make or more of it.

She also needs to figure in the costs of hiring/training/QA if she lands more clients than she can transcribe herself. I gave away the ortho account for that very reason. It was costing me to edit behind while I was kept from making money and accounts becoming severely backlogged. No vacations or time off.... It seems nobody goes on vacation, and they seem to pass my number around, just dictating without informing me.... It does cost a lot of money even to hire and train.

What did you transition to if I might ask?

Good luck!

2bz2sleep - Old Pro

[ In Reply To ..]
I am not sure if you were asking me, but I retired. I am nearly 70. Am spending my time painting and drawing.

Been there, done that - I agree - Another Old Pro

[ In Reply To ..]
Same as both of you, been there and done that, had my own MT service for 10 years. I was tied to the office 24/7, had small children then, husband working rotating shifts, and it was so stressful. I think I got 5 hours of sleep a week, no kidding. It go to be way too much. My client base actually grew too fast too quick and I could not keep up, even with hiring ICs.

I had 2 small hospital accounts and many physician specialty practices. I found it very difficult to find good reliable acute care MTs.

It was so much easier to work for a national service and have no stress and more time for my children.

Looking back now, I would have done so many things differently.

Advice to you is know what you are getting into before you start and if you decide this is what you want to do, then do it. You can not succeed or fail if you never try.

Just do what you say you will do, honor your commitments to your clients, keep your promise of TAT and quality, be honest, and "do not bite off too much than you can chew."

Best of luck to you!

Thank you for your thoughtful replies... - sm

[ In Reply To ..]
I definitely have a lot to figure out. I was hoping to just get a couple of docs on the side to help make ends meet since things are getting very scary where I work right now (MM) and I have 2 kids to provide for. Definitely not looking to start my own business with employees or anything like that. Thanks again for the info.

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