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

Own business - wannabeboss

Posted: Aug 12, 2011

I'm wanting to start my own MT business, small scale, moving away from these big national companies. Anybody been there, done that, have a good experience, and some advice as to where to start?

Research, research, research - xboss

[ In Reply To ..]
There are books out there about running your own business, buy one or two and read them.

Contact local services and ask what rates they charge. (You're not likely to get this info but you can ask.)

Make sure you are up-to-date on HITECH and HIPAA (including that you need a "security officer" which of course can be you.)

Research methods of capturing and receiving dictation and in what program/application you will transcribe/edit and return to client.

Contact some clinics, doctor offices, etc to see if any of them are still doing straight transcription (Many/most have likely adopted some form of electronic method for implementing the EHR).

Own Business - Old Pro

[ In Reply To ..]
When I started my business I met with the following:
1. A representative of a women's business group in a large California city. This women's group (which was free) offered all kinds of helpful suggestions. Representatives of many banks were there so we could evaluate loans, etc. available.
2. My CPA. He is certainly not free, but was able to give me invaluable advice that paid for itself in terms of tax compliance and tax savings. He was able to set up my small business so that I complied with both state and IRS rules and regs.
3. My business attorney, who drafted my contracts, etc. Yes, this cost money, a couple of thousand dollars, but it also gave me bullet-proof contracts and again, invaluable business advice which I use to this day.
4. My insurance agent.
5. My banker. Because I have excellent credit, I was able to get not only a small business loan but also a business line of credit at the bank.
6. I also read as much about small businesses as I could get my hands on. You might contact the Small Business Administration (SBA) or a group called SCORE, which is made up of retired business executives who volunteer their time (free) to help people just starting out.
7. I read voraciously--books on small business. I subscribed to financial publications such as the WSJ, Money, Smart Money, Kipplinger,Business Week, etc. The goal was to educate myself as much as possible.
8. I hired an MBA who specializes in small businesses to do a market analysis and write my formal business plan. (You will need a written business plan as well as a formal financial statement, certified by a CPA, if you are going to apply for a business loan.)

It has been estimated that over 80% of new businesses fail. I think much of the reason is that people are not only undercapitalized, but also undereducated when it comes to the business world. Don't be afraid to take some introduction to business classes at your local college or university. I do believe that there is still money to be made out there. I think it will be much harder for you now than it was for me then because SOME (not all) of the big nationals do not play by the rules and are very unscrupulous in dealing not only with their MTs but also with anyone else who gets in their way. So do be careful. Never underestimate the competition. Be kind to everyone, even the competition and those who do not like you. ESPECIALLY the competition and those who do not like you. Treating them with kindness leaves you with a clear conscience, plus it will drive them crazy! Good luck to you. I wish you every success, and hope you make as much money as I did!

Own business - wannabeboss

[ In Reply To ..]
Wow, what great responses. While you might be thinking considerably bigger than I am right now, you really gave me some good ideas about where to start...off to the library I go! Think I'll start with some books!

thinking bigger - xboss

[ In Reply To ..]
One of the problems MTs wanna-be-bosses make is thinking the rules change from thinking big to thinking small.

While many MTs ignore the legalities and PROFESSIONAL requirements, it doesn't really matter if you want to be a 1-woman office or a 20-woman office. You still have to adhere to HITECH and HIPAA (including having a security officer). You still have to maintain confidentiality, know the ins and outs of getting and returning work and protecting PHI.

And you have to know how to run a business. A REAL business. Too many MTs just say, "I'm an IC" and think that covers it. It doesn't.

Starting with books is a good place! Happy Reading!

Response - scw

[ In Reply To ..]
I too am in the process of creating an MT business. I did this 20 years ago in another state and made money hand over fist with clients on a waiting list.

Now the technology is so different, and I'm on a steep learning curve now. Just can't seem to get it all figured out yet.

It doesn't appear to me that straight transcription is the answer, at least beyond the next year or two. That leaves editing/managing an EMR system. Anybody have any input about this?

Thanks!

business owner - Aly

[ In Reply To ..]
I also think that services will be editing more so than straight transcribing. There are companies that allow MTSOs to use the software for a certain amount per line. My guess is that you would utilize one of these companies, and take care of all the editing. Of course your rate would not be 12 to 15 cents per line for editing. Seems you would need to ask for half of that.

Reply to I love straight typing - Scc

[ In Reply To ..]
Thanks for your reply. I have since talked to one of the companies, and he painted a fairly grim picture for us. He said that in the near future, everything will go to "point and click" for health care professionals. He thinks the answer is to go into providing consulting for clinics making the transition. Has anyone here done this?

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