How to Start a Medical Transcriptionist Business
Medical
transcription is an exciting career. Not only can you work from
the comfort of your own home, but you can consistently advance
your training to open up the doors to new opportunities,
including building your own home based MT business.
For
the most part, medical transcriptionists will be responsible for
converting patient records and medical files into typewritten
documents, rather than handwritten to avoid misinterpretation.
All transcripts must be grammatically correct and free
of errors as the medical industry requires specific guidelines
be met when transcribing audio files into patient records.
Here's an article that talks about the potential of medical transcription work (or simply click here to get your medical transcription starter guide).
The medical transcription
industry does not require training or specific accreditation in
order to secure employment, however the majority of new
transcriptionists seek out online training as a method of
gaining hands-on training and experience prior to entering the
job market.
Not only will training help equip you with
the knowledge you need, but it will also provide you with
specific skills necessary in the MT job market, including
typing, processing, and medical terminology.
Here are
some of the things every medical transcriptionist needs to know
(and is trained to understand via a MT course):
Knowledge
of disease processes
Knowledge of anatomy and physiology
Basic understanding of medical terminology and punctuation used
Above average typing skills
Ability to work independently,
taking direction.
Knowledge of medical writing style, and
overall grammar.
Ability to work with audio recordings, voice
manipulations and translation.
When it comes to medical
transcription, there are a few things you will need to equip
your office with in order to be able to complete projects for
hospitals and physicians.
To start, you will want to
purchase word processing software, such as MS Word or
WordPerfect. Make sure that you install and configure your word
processing software so that you are familiar with the settings,
and if possible, learn to use macros which will help automate
repetitive tasks, speeding up your productivity.
You will
also need a transcriber machine in the event your clients are
using dictation tapes when creating their audio files.
Transcriber machines play back audiotape files making it
possible for you to transcribe and translate as you listen to
the recording.
Transcriber machines also offer the
ability to slow down the speed so that you can keep the pace as
you type, as well as offer "stop points", where you can
temporarily pause the audio at a specific point to return to it
later on.
These days, you can usually purchase
transcriber machines that will effectively play multiple size
recording tapes, however depending on the size of the tapes that
your clients use, you may need to purchase multiple transcriber
machines.
Certain clients will request that they dictate
via the telephone and in those cases, you will want to look into
setting up a voice system line that will compress voice files so
you can transfer them to your computer.
Other equipment
that may be required can include a copy machine, fax machine,
dedicated phone lines, email addresses, FTP client to upload and
download files, and printer.
There are an incredible
number of MT jobs available, and with health care facilities
continuing to expand, the number of medical transcription jobs
available in the market continue to multiply as well.
There are however, different variations of the MT job
opportunity with in-house positions being offered (where you
work at the physicians office or directly in the hospital) as
well as telecommuting based positions, where you are able to
work from home on your own schedule.
One thing to keep in
mind is that when you work as a MT freelancer, you are
responsible for your own taxes and are not offered the same
employee benefits, as you would be if you worked directly for a
company, on-site. In addition, pay scales will also vary,
depending on the amount of work you take on and the actual
company or doctor hiring you to complete their projects.
For the most part, MT opportunities offer very lucrative pay
options, ranging anywhere from $12-25.00 per hour. You can also
choose to take on projects that pay per line, rather than per
project, although the majority of online companies and employees
hiring telecommuting based freelancers seem to prefer a "per
project" basis.
Another incredibly beneficial aspect of
becoming a medical transcriptionist is in your ability to
consistently expand your business, eventually offering MT
training yourself, consulting, coaching and online-courses.
You could make money providing personal help to new medical
transcriptionists, or in building a freelance team of MTs where
you are responsible for managing incoming projects and client
requests.
The world of medical transcription is a
profitable and exciting one, and can be very rewarding if you
have been interested in becoming a home based worker, or in
building a business of your own.
One of the easiest ways
to land projects is by signing up to medical transcription
community forums, and job boards where you will be able to
communicate with other MT professionals, as well as keep a pulse
on upcoming job offers and opportunities.
You will also
want to create a resume that showcases your skillsets,
experiences and abilities and upload it to the Internet so
that's accessible to potential clients who may want to evaluate
your overall potential.
As you become an experienced medical
transcriptionist, it's likely that you will reach a point where
you are receiving more client requests and project offers than
you can handle. When this happens, it's time to consider
expanding your business by developing your own freelance team of
MT professionals.
Outsourcing work to medical
transcriptionists is easy. You don't have to worry about
in-house meetings, rent out office space, health benefits or
even employment benefits. You can easily form a complete team of
MT freelancers in a matter of days just by following a very
simple strategy.
To start, you will want to place your
listing on the reputable freelance marketplaces, including
www.ELance.com and www.Guru.com
Be very specific with
the types of projects you are offering so that those interested
in bidding on your projects are aware of your expectations,
minimizing wasted time responding to applicants with no real
knowledge of the industry.
When you find a few
freelancers that you are interested in, consider setting up an
online interview prior to hiring them.
Ask them a series
of questions relating to medical transcription, review work
references, and spend some time communicating with each
potential applicant so that you can get a good feel as to
whether they are a good fit for your newly found team.
When it comes to payment, consider paying them in a similar way
that you are used to being paid, either by project, or by line.
You will also have to consider offering payment so that you are
able to generate a profit from each project you outsource.
For example, you could offer them a few cents less per line
than your clients are paying you. After all, you will still have
to proof read their work prior to submitting it to your client.
Apart from online freelance marketplaces, one of the easiest
methods of finding trustworthy, reliable transcriptionists is by
contacting online courses and offering placement for new
graduates, or by contacting your local community college or
training program and offering jobs to new members.
Not
only will you be able to hire medical transcriptionists at lower
rates than you would more seasoned freelancers, but you are
directly helping them gain hands-on experience necessary for
them to eventually go out on their own.
