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

Starting my own business - Mr. D

Posted: Aug 28, 2012

I am wondering if anyone can give me any advice on how to start my own business. I am tired of working for 5 cents a line. This is below minimum wage. I did get in touch with Transcription Gear and they gave me a lot of insight on the equipment I would need. I am looking for info here on what is a fair price per line or page fee and also how to market myself the right way. Any advice would be appreciated.

Own business - long-time MT

[ In Reply To ..]
I'm not sure why you are working for 5 cents a line. Are you a new graduate? If so, you will have a hard time acquiring clients of your own or starting your own business without experience. I haven't seen too many jobs with companies that pay less than 8 cents a line for experience (even though this is still extremely low). I used to have my own clients for many years and then worked for some MTSOs. When I recently tried to go back to obtaining my own clients I found that most offices/hospitals prefer to go with a service so they are covered 24/7. And most (not all) want to pay the lowest rate they can and will drop you in a heartbeat if they get a better offer. I'm not trying to discourage you, but just letting you know having your own MT business in this day and age will be very hard to get up and running. I hope someone on here can give you great advice. I would like to hear some as well. I wish you the best of luck!

Starting my own business - Mr. D

[ In Reply To ..]
I am a new graduate. I graduated in June. I work for StenTel and the pay is so low. I just wanted to acquire some social workers and/or psychiatrists because I love that kind of work. I would take anything I could, but that is my preference. I am discouraged with the pay in this profession and just thought maybe doing it on my own would be more lucrative. I have a friend who wants to do it with me, so we can always have coverage. I would not even know what a competetive rate would be to offer to attract clients.

Suggestion from an IC - Clinics and other ICs

[ In Reply To ..]
I would start with clinics. Clinics are smaller, easier to please and more friendly than hospitals, the work is easier, and you'll have personal contact with the staff. They don't need 24/7 transcriptionists because they have regular office hours.

In my area, the going rate is 16 cents a line, but I personally make 13 cents a line, since I am a subcontractor for another transcriptionist (who makes 16).

That brings me to my other piece of advice--I got into my own business by contacting local transcriptionists and asking if they needed backup help or a subcontractor. It's easier, and it's a good way to create a nice support system with other MTs.

Good luck!

Starting my own business - Mr. D

[ In Reply To ..]
That is fantastic advice. How do I go about finding local transcriptionist? I would love to network with them!

Suggestion from an IC - Clinics and other ICs

[ In Reply To ..]
There are a few ways to do it. You could always google your area and "medical transcriptionists" and start sending out emails to companies that come up, but I've found that I've gotten a low response rate that way.

The way that really worked for me was using the phone book or google to find local transcriptionists, then print up a friendly letter introducing yourself and letting them know that you are looking to cover vacations, overflow, or for a permanent position. You can include a business card with the letter (I use vistaprint), and although they may not need anyone right away, they may save your card and call you later, which is what happened to me.

You can also create postcards and send them to other transcriptionists or to local clinics in your area, advertising your company and perhaps offering an introductory rate (I wouldn't go below 12 cents a line), and see if anyone bites.

Starting my own business - Mr. D

[ In Reply To ..]
Ok a few questions:
1. What did you need to purchase when you worked for another MT?
2. What is VistaPrint (sorry might be a dumb question)
3. Did you use your own name or make up a business name when advertising yourself to other MT's?
4. Did you do the postcard? If so what did you put on there?
Thank you so much for the information.

just curious - mtme

[ In Reply To ..]
5 cpl and not making minimum wage? IMO, going into business for yourself might not be your best idea. While it's not (IMO) a livable wage, 200 lph shouldn't be an issue to achieve and that's $10/hr. All things being equal, you won't be making tons more than that with what you have to spend to make more. (You'll make more than 5 cpl, I just mean that once you put out the "extra" money, you're going to end up in the same ballpark, maybe just slightly better seats.)

Starting my own business - Mr. D

[ In Reply To ..]
If the work were there maybe I could make that $10.00 an hour. Also, these companies seem to be making money, even hiring ICs so why wouldn't I wanna try? I like the idea of finding some local transcriptionists and offering to be there backup source. It may or may not work, but I would like to try. 12 cents is certainly better than the 5 cents I am making IMO.

own business - make sure

[ In Reply To ..]
You have to pay your own taxes quarterly out of the $10 an hour you will be making, there are business taxes you need to pay, there may be other overhead money you will have to put out on a regular basis to be an IC so make sure you are aware what that will be and how much of that $10 an hour you will be keeping for yourself.

ICs and own business - just me

[ In Reply To ..]
OK, I live in one of the most expensive locations in the US, but I am unable to achieve near that price with my own clients despite excellent quality; however, most of my work is templated (and completely paid for), so it does add up more, and I ensure my dictators speak CLEAR ENLGISH on a landline. Even injured, I make way more than $10.00 per hour (up to $100 per hour depending on dictator) and am turning down clients because I cannot find a qualified MT. The one hired today was even the worst yet despite the clearest speaking dictator and plenty samples given. WFT, she did not even name the files... or put a period at the end of the sentence, let alone it making sense. It took her over 9 hours to send three 2-minute files that you only have to type at most 1-2 paragraphs.... everything is in there...

I have a new client opportunity right now besides needing assistance with my other clients, so please feel free to email me. A sample of your work would be appreciated with demos removed. If you are serious in starting a business, I can help; however, quality client-ready work is expected and appreciated. especially because they speak so clearly, and I have a lot of clients on the waiting list.

Interested - Mr.D

[ In Reply To ..]
Hi,
Ok I am interested in speaking to you about potentially working with/for you. How can I get a hold of you to talk about this ASAP? I am a good MT and love the fact that you have English speaking doctors.

Be careful, Mr. D - if it sounds too good to be true... - Maggie May

[ In Reply To ..]
it probably is. I would be interested to know how many people from here contact this person, and what the end results are.

Starting my own business - Mr.D

[ In Reply To ..]
You are right. Thank you for caring enough to post.

Long reply (SM) - Indie MT

[ In Reply To ..]
been a transcriptionist for 20 years. I've owned my own company (my own clients) for 5 years. When I decided to go out on my own, I did my own research for months, read The Independent Medical Transcriptionst cover to cover more than once and pounded the pavement as well as mailed out brochures, business cards, etc. that I had professionally printed.

I bought all my own equipment and I would say put nearly $5,000-$10,000 into it.

This is not just an "oh goodie I get to work from home" job. This is a professional business. If you want to be successful be prepared to work your butt off to do so. You can't just come here and expect everyone to rush to help you.

Remember, if you have your own clients you are everything. You're accounting, IT, customer service, etc. You're not just transcribing. You're solving problems on your own time (since they won't pay you for phone calls, reprints, etc) and it can be a 7 day a week job sometimes. It's not unheard of for me to work till 11:00 p.m. 7 days a week.

You will have no time off unless the doctor takes time off unless you find someone to cover for you and then you have to edit, supply equipment, etc. to make sure everything is getting done.

Plus you have to keep impeccible records for the IRS, pay quarterly taxes, pay for your own disability insurance, retirement, medical insurance, equipment maintenance, etc.

It's much easier to work for someone else. Would I change anything? Not in a million years. I love my clients and my job. But realize you're going to be busting your butt so if you're not 100% prepared and serious, don't even consider it.

In reply to long reply - Mr.D

[ In Reply To ..]
Thank you for your most valuable comments on starting my own business. The reason I posted here was to get insight and advice good or bad on the possibilty of starting up a business. I never came to this forum thinking anyone would rush to help me, rather that people would be gracious enough to give me some advice.
I am not sure why so many here are angry/arrogant in their replies when I merely came here for some friendly advice. Thank you for your reply and I wish you good luck in your business and I wish you a better attitude as well. You seem crusty and bitter and if that is what having my own business will do to me, well then your reply proves to be invaluable as it has answered my question.

It was just a question.......

In Agreement!! - Sandygirl

[ In Reply To ..]
I agree with Mr. D. Why be so rude to others who are starting out just looking for some advice? So many out there are so bitter. We are all in this together so why not support each other?

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