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

Starting an MT business...any thoughts - keysha

Posted: Dec 24, 2010

I have been an MT and QA for 6 years and have been employee, as well as IC. I am ready to branch out and start my own MT service. Starting with single physicians and then eventually working my way up and hiring other MTs and expanding my business.

Are there any resources out there that I can refer to that will help you to know how to GET CLIENTS!! There are no books out there but one about how to start an MT business but it is sooooooo outdated!!! Any information from any other MTs that have successfully started their own business and how they got their clients, would be very much appreciated. Or any MTs that started an MT service but no longer have their business and why?

I am just tired of the 8 cents per line when the MTSO's charge anywhere from 15 cpl to 22 cpl. I would like to cash in on some of that!!!! I know it will be hard work but I have been doing my research and I already have a TASP company ready to sign me up when I get my clients and they only charge 1.5 cents per line to use their platform.

Thanks to anyone in advance for any info.

My Thoughts - MT

[ In Reply To ..]
Well, you didn't really ask for opinions on whether this is a good idea, but I do have one. I'm thinking the info on how to do this is outdated because small MTSO's are outdated. Clinic doctors rarely use MTs in a big way anymore. You would need a lot of work to cover your business expenses.

That being said, if you find a clinic who uses MTs, one way to get clients is to do a half day's or full day's work for them for free. They don't have much to lose.

Good luck.

From someone who has been doing this for 28 years... - Diana

[ In Reply To ..]
I would suggest you find a more profitable career. Going out on your own in transcription right now, IMO, is a VERY risky thing to do. Most of the doctors that I had as clients have merged with the larger hospital-based practices who use the hospital transcription system. The smaller doctors can't afford to be in practice anymore. It's become a very sad situation. Just my two cents.

Agree - MT Again

[ In Reply To ..]
My family doctor just uses a little electronic thing to punch in the information. Of course, my case isn't all the complicated and it's just Family Practice, but I would recommend just trying it as a side job and see how it goes. The multi-speciality clinics also often use the larger MTSOs.

Diana - Sarah

[ In Reply To ..]
As a retired MTSO, I completely agree with you. IMHO, the downhill slide began with MedQuist and the way they treated not only MTs but also hospitals and other clients. I agree with you completely. I would not allow my daughter to study MT. It's a losing proposition.

Agreed! After my own accounts for many years, - Done

[ In Reply To ..]
I am working on getting out. The account I have had longest has asked me to cut my line rate, so in effect I'm making the same as I was 18 years ago. With no benefits. It's just not worth it anymore. Other accounts have gone to VR and point and click. I have no doubt that the rest will follow before too long. I'm tired of dealing with the favoritism and nepotism and cherry picking. I am just sick to death of the whole thing. I'm going to finish my degree and get a job with benefits and like I should have done 18 years ago. Jump ship before it's too late!

If I were enterprising, at this point in time I'd - Agree this is a very risky period

[ In Reply To ..]
just seek to increase my own income as much as possible, *with as little investment as possible,* by developing a couple of good clients, no employees but (ideally) a backup IC MT for overflow/vacation. At least until I felt I answer my own questions with authority. Good luck.

Yeah. Don't. - nm

[ In Reply To ..]
x

Thanks for the opinions - keysha

[ In Reply To ..]
Thanks for the opinions but would love to hear from someone who has actually started an MT service and have been successful at it, as I don't agree that the smaller physician practices are all using Large MTSOs, as there are so many doctor offices out there and the market is really gettin started as in 2012 it is the law that all records become EHRs, and this should open up more physicians using MTSOs small or large. The large MTSO had to start off small as well and I am going to be positive about it and definitely not quit my day job until I see it being profitable but am willing to take the risk, as the worst thing that could happen is I will not get any clients and the startup is $0 to $100 and the TASP only charges me to use their service by the line. So if no dictations then I don't have to pay anybody anything, except my website and my phone bill. No huge startup costs, so not as risky as some may think especially since I will be keeping my day job while I start out on this venture and hope for the best with hard work and determination. Thanks again and if there is anyone who has done this please reply, would love to hear your opinions positive or negative.

Maybe none have started MTSO and been successful. Will - be interesting to see if get any replies. nm

[ In Reply To ..]
x

Good for you, then, Keysha, and good luck. Please - let us know how you do. NM

[ In Reply To ..]
x

I have started a transcription company and have been successful - Done

[ In Reply To ..]
See my post above starting with "Agreed." MTSOs charging 15 to 22 cpl? Maybe used to be, but that is changing. I have contracts with hospitals, surgery centers and clinics. On one account I was asked to cut my line rate. I have never been above 15 cpl, and now less than that. I subcontract to other MTs. It takes time to answer their questions, fill in their blanks, keep records, do invoices, pay MTs, etc., and all that takes away from time that you actually transcribe. Yeah, I can make $35/hr when I actually transcribe, but most of the time I am doing administrative stuff and am not able to transcribe. I spend a lot of time doing things I don't get paid for, or not paid very well.

Some of my accounts have gone to VR and point and click. Another has asked me to take a line rate cut. I know of this happening with large companies too.

Go for it if you think you can do it, but I'm leaving MT as soon as I can. Wish I'd done it years ago.

keysha - MTSO

[ In Reply To ..]
Take a basic business course. Many local universities and colleges offer them, as do many women's business groups. Good luck!

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