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Serving Over 20,000 US Medical Transcriptionists

They're not making a profit.

Posted By: NCQA on 2007-12-20
In Reply to: Why would it cost $25 to get a paycheck mailed overnight? sm - shocked

I work at Futurenet. I don't mind paying the 25.00. It's guaranteed by 10:30 a.m. It has only been late once and I was reimbursed the cost. It's worth it to me for the peace of mind.

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I think they are making a much larger profit on the backs of MTs...
Think about it. Do you think it is costing the clients any less for their transcription. How would they even know it was VR? If the MTSO charges the same, they are making more money (half of what they used to pay the MT).
If you're in the 37% tax bracket, you're making over
100K per year. Quit complaining.
They're making themselves look bad.
I clicked on jen has a big nose and there's an ad there for OSI.
CMT with only 8 mo exp? I think you're making
If you're referring to your CMT as a certificate in medical transcription for completing your course, you're misrepresenting yourself.

CMT is a certification that can ONLY be obtained through the CMT challenge exam with the AAMT (AHDI).

Please, stop with the CMT for just finishing your course.

No wonder you're not making $25+

an hour.  Give yourself a chance.  You've only been at it 2 years.  It took me almost 10 years to really start making a good hourly wage.  Prior to those 10 years, I worked as a medical secretary doing a little transcription.  I went to college for my Associate's in medical secretarial.  During the 10 years I transcribed, I also worked part-time in an office a couple of days a week, as I am not one who can sit 8 hours a day, 5 days a week and type. 

It has taken me this long to make an *hourly wage* that I am happy with.  However, I must say I am far happier at the fact that I work from home, don't have to pay a babysitter or buy office clothes or put gas in a car to go work.  Give yourself a break.  Two years is not that long in this biz.  7 cpl isn't bad for 2 years either.  When I left my last MT job, I had been there about 9 years and was only making 0.775 (even less for voice recognition).  So, please cut yourself some slack.  You'll get there eventually. 

Try not to focus so much on the money and look at the many other rewards.  The money will come, just try not to focus on it.

If you're making it to the
testing stage but not getting any offers, you might look into how you're doing on the tests. Maybe you could have an experienced fellow MT look over some of your work & see if they can offer you any tips or corrections that might be causing the problem.

I had this happen to me & had 10 yrs experience at the time. I had no trouble with any actual medical content, but I was so used to doing things the way my previous employer wanted that I wasn't as up to date on my BOS as I should've been. Just a thought...
LOL is right...If you're only making 4 cpl at TT
You're grossly inadequate. Anyone who just makes base pay at TT with all of their incentives and bonuses must be in over their heads.

They actually think they're making themselves look GOOD to us!
Nope...they're making more
when they offshore the work. American MTs all want 10-12 cents/line. When they offshore they pay 6 cents/line for transcription, 3-4 cents/line for QA, so they're making more money offshoring than giving it to American MTs at 10-12 cents/line and then having to still do QA at 3-4. See the picture?? Do the math...
Keep in mind you're not making any
money while answering those phone calls and handling tech issues.  Before you know it, you're ordinary 14 hour day turns into a 24 hour day.  It's not as if you take on the client and clear your .14 cpl - it's FAR from that.
You're making me have flashbacks...
I'm going to have to go take a Zantac - LOL :)

Changing jobs is such a nightmare now. It used to be so much easier when we all worked on Word, used our own expanders, etc. They'd basically just send the account rules & turn you loose... We could be up and working full speed in no time. All these weird platforms have really complicated it!
Unless you're secretly making FAR MORE than
I just find it very hard to believe that anyone could feel their paycheck is 'just fine'. If your company is 'in keeping with every other MTSO out there', then I would take that to mean that the pay there sucks, just like it does at every other MTSO out there.

Think about your level of expertise, your knowledge, the skills you have that probably 98% of the U.S. workforce does not have. Believe me, even looking information up on the internet takes a certain level of savvy. I know people who never seem to be able to find what they're looking for on Google, for instance, because they don't know how to search. And how to read between the lines once they find information they think might be accurate.

You make thousands of judgement calls every day as you work. Do you really hear this word, or this drug dosage? Or not? Do I flag this for QA to check, or do I send it through? Your judgement calls can impact patient other people's lives.

Your typing skill, hearing and memory have to be far above average in order to succeed. You have to know prefixes, suffixes, a certain amount of Greek and Latin, anatomy, and your way around a PDR like the back of your hand. And so on and so on.

Imagine if your level of skill were being applied at just about any other line of work out there. Or if you were a legal secretory or a court reporter (2 jobs with similar skill-sets and intelligence requirements). Most of us have probably looked at those careers in the past, and we have a pretty good idea what they pay. And it's far and above what any MT can ever dream of making, even if they work 10-12 hour days, 7 days a week.

I'm 'managing' on my income, too. Just barely. I know how to budget, how to do without most things, and where every penny I own is located. But just 'managing' is a far, far cry from 'thriving' or 'succeeding'.

'Just getting by' is what you do if you sneak into the country and pick lettuce for a living. It shouldn't be what medical transcribers have to settle for.
they're the ones griping about making min wage
and barely making line counts

so they have the qa. so what? they don't have the production.

BRAVO!! I'm sure you're making lots of $$$s..sm
But if you were like the rest of us peons who had to run back every few seconds of footage because you can't understand most of what the dictating clown is saying, whether ESL or native train-catcher or sleepwalker or can't-make-up-my-mind-what-I-want-to-say, Ah...Hmmmm...Scratch that!...Let's see, ..uh...where were we.. uh... zzzz (yawn) zzzz.  And then they race through the labs & medications 78 RPM.  But they're God's chosen people while we can't miss a comma...QA gets p..... off if we send too many blanks, well, I hope you see my point. My hat goes off to you!
You're making $400 a day on voice recognition?
How in the heck are you doing that? What kind of rate are you getting? How many lines are you doing a day? I'm just blown away at people making $50,000 a year in this business, much less $104,000. WOW! Congrats! Talk about depress me even more LOL.
QA compensation - anyone happy with what you're making?

I'm sorely tempted to look into a QA position and I was wondering how the compensation compared to transcribing.  I would love to be paid hourly, but it seems most offer by-the-line pay.  I know there are variables (platform, ESL, etc.) but I'm trying to come up with some type of comparable compensation formula just as a jumping-off point for negotiation.  Anyone care to elaborate on what they're earning, how they're paid, and how this compares to their transcribing earnings? 

If you're making yourself sick over no work

why not get another job instead of complaining about no work all the time? No job is worth getting stressed and sick over it.

Don't forget, TT is not the only company that has low/no work. Haven't you read the other posts on the other companies or do you just concentrate on putting TT down all the time?

Find another job, leave TT if it makes you so sick.

If you aren't management & you're making good
money on VR, then why are you so desperate to attack those who don't want to do VR & try to shove it down their throats? A fellow MT wouldn't do that. They'd simply say they like it & how much they make rather than having a meltdown over other MTs not being thrilled about the switch....
You're making mountains out of mole hills. A vindictive
FUNNIEST THING..they all think you're making all this big money (LMAO) -nm

I don't know why you think that's not much profit
Maybe if you only have one employee that's not much of a gain, but if you take the hundreds of employees that some of these MTSOs have, and take into account that their overhead costs are minimal, they're doing pretty good. Frankly, the 10 cpl jobs are few and far between and most run 8-9, which means the company is potentially making what I make. If I had even 5 people funneling that kind of money to me, I would probably be doing pretty good, or at least better than I am now.
MTSO profit????
How does the MTSO make any money? If they pay the MT 9 cents, and the QA 5, the would mean charging the client at least 16 to 18 cents per line to just cover overhead and make a VERY small profit. I don't see a lot of docs paying that kind of money for transcription.
fixing issues/profit
Yeah, guess that is why Transcend had a press release that came out yesterday with a 74% increase in revenue from the prior year quarter. Here is an excerpt from that press release. "Most of the revenue increase of $2,779,000 between the second quarters of 2005 and 2004 is attributable to the acquisition of Medical Dictation, Inc (“MDI”) on January 31, 2005. MDI contributed revenue of $2,294,000 to the second quarter of 2005."
Whatever that means -- I think according to their profit for the year . n/m
Why dont you do the work for 6 cpl and keep all the profit for yourself but
I expect you cant do it so you try to hire people for 6 cpl that can do it.  I bet you didnt get hundreds of applications this time.
It gave D lots of profit?
That's about the only positive I can think for the scenario.

Sorry, I wish I could be more positive but we've been in a losing battle to get our lines and enough money to live for at least 2 months now, and ALL of our cries for help or an explanation were met with dead silence.

The suspicions were indeed 100% correct, which also confirms that they were reading this board and not with any honesty contest that which was being speculated.

Like I said, yeah, really classy, MDI-MD.

Great way to trash all those years and hard work building up that reputation.

I now rank you right up there with Heartland, the Q, Spheris, and those other MTSOs that outsource their work and pizz all over their MTs on their way up.

Classy, guys, really classy.

Up yours...I'm walking. Best of luck on your new 'venture', and I hope you all sleep well at night on your pillows of fresh greenbacks.

Actually, I kinda hope you suffocate in them.
You file a Schedule SE on your profit income.
and you pay social security and medicare tax .  While you have to pay the full amount on the social security tax and medicare you can deduct half that amount to your adjusted gross.  I really need to find out more about this because if I have been paying too much on my social security tax I really want to know.  Does anyone else know about this?  Are there any IC contractors who are not paying social security tax or only paying 7% as you would as an employee and not an independent?  Perhaps it has to do with how you set yourself up.  Thanks for any info....
I get 10-12 cents a line from clients so I can only pay 6-71/2 to make any profit.
There are some clinics/hospital that will pay more but they also want you to do a lot more secretary stuff which the management staff does and you do not see.  I know some of the huge nationals are raking in the profit and not spreading it around to well deserved transcriptionists but us smaller nationals or local companies are not getting those huge accounts that pay 16-20? cents a line.  There is overhead too to pay like your utility bills, dictation equipment and upkeep, long distance phone bills, advertising, paper, printers, ink, faxes, health insurance, etc and then the income for the management team, proofers, and computer techs.  I am not trying to take up for the huge companies that rake it in but if you haven't had your own business in the field then you really can't speak about what goes on after you turn in your work because you have no idea.  Making comments to ad that can't offer more like me does not help anyone.  I find plenty of experience transcriptionists happy with the pay, workload, and TAT.  I wish I could offer more but when you are only making 3-4 cents of profit and still have your overhead that is not greedy.  Your checks are nearly the same as the transcriptionists. If you don't like the pay find your own account - you do the leg work and don't respond to if it does not interests you as it does to a lot of people.
I wasn't rude. All I said was that if I was trying to profit from recruiting people, I would
have left contact information. I didn't get called out and was never rude. How is stating FACTS rude? I'm also not offended because your logic makes no sense to me. I speak the truth. But it doesn't matter. If we have anything negative or positive to say about ANY company whatsoever, we're either recruiters or disgruntled ex-employees. I didn't get called out because there was nothing to call out on. Please, take your senseless accusations elsewhere. The board administrators know exactly who I am, so they can back me up when I say that I'm not a recruiter. I'm (GASP!) a happy employee FINALLY after ages of searching for the right company!!!!
I think you are right. Eliminate cost. Be more competitive. Save profit margin.
Ok - here ya go. I went from making $1800 per pay period to making just under $900.
Is that significant enough for you? Believe us, we are not just being negative with a grudge or anything like that. This is real! A month later, I was gone from there fast!
Hope you're enjoying those slave wages you're earning.
Nobody said MT companies were not for profit companies. (sm)....
As MTs we are an important segment of what it takes for the company to thrive, but we are still just part of the whole structure.

Not trying to be argumentative, just think sometimes we get that "I'm the quarterback" attitude and forget that we can't get anywhere without our line men.
So you guys feel you're getting paid what you're worth with VR?
I'm not trying to be snarky. I've never done VR, so I'm trying to understand.

You're happy with your paycheck with VR? Do you find the files to be as bad as the original post implied?
So you're telling me, basically, they're bad news?
They offered me 0.095/line and you know - it sounded too good to be true, but I SWEAR the recruiter told me they do not outsource. Oh brother... I just wish they'd be honest. I really don't know what to do.
Not the OP, but they're supposed to take out all the other taxes as you're an employee with th
No, they're not losing money....they're gaining!
If a company charges their clients by the line, I'm sure that line rate does not go down even though the MTs pay does.

ASR pays about 2/3 normal line rate to its MTs. Their ultimate goal is to have the MTs do twice as much work. Therefore, the client is getting their work faster, but paying their normal rate, while corporate gets that money and the MTs get the lower line rate.

Whether the newbies want to realize it or not, MTSOs have not increased MTs' salaries in the past 10 years. They still start out at the same pay as the last century!

This used to be a very lucrative profession. Nowadays, most MTs are considered to be paid at the poverty level. You don't believe me, look it up!
Hey, you're in luck then. They're hiring! (nm)
If they're in Nebraska, they're www.medigrafix.com nm
If you're an IC, you pay all your taxes. Otherwise you're an SE or employee. nm
If you're PT you're required to work

8 of your hours in one weekend day.  There's no extra pay for it though. 

The face we're wising up is exactly why they're
We're not 'so scared' of it. We're trying to help
you to not make a huge mistake, but I guess you're determined to learn the hard way, so good luck with that.
they are making a lot of changes....
This is the first I heard of it also and I found out by logging on and all the sudden have all new work types. When I inquired as to why this happened and was told it was part of the "MQ compliance team" (whatever!). Later on that morning, I received an email stating that the first change made was to rank the MTs by classification: Level 1 - ER/clinic notes, Level 2 - ER, Clinic, Progress notes, H&Ps, DS, Consults, Cardiac notes, PT notes (everything except radiologys and OPs), Level 3 -everything including radiology and OPs.
how much are you making, cpl

what are you making, cpl. ect.

It is b/c OSi is making changes
Positive changes...and that scares the daylights out of everyone else.  Yes, they have made a few mistakes, but who hasn't?  I am with you here.  I never had a single problem with OSi until I came to this board and then I found out just how sucky my job really is.  So, why wasn't my job bad before?  It is a pitty that I had to come here to find out that OSi employs only the worst.  I make a lot of money and I don't leave my home.  I have a wonderful AC too and I love the people that I have actually gotten to talk to on a day-to-day basis.  What more could I ask for?
I'm currently making more than that, but have been
looking around, testing the waters.  I ace the tests, they call 2 and 3 times offering me different things, but never enough money.   I have even been offered 7 cpl as an IC.  My point was that experience doesn't necessarily count for anything these days as no one wants to pay you for it. 
Where are you making $120 a day, can I ask?
That's pretty good.
I will be making 9.5 cpl
They offered me 9.5 cpl right off when I was hired last week for an ER account.
making fun?
saying - Having a laugh - is not making fun - it is a comment - not like are they kidding, could not get a coffee for that etc. They do not belong here.
but I am sure if you are concerned the moderator can give you the information so you can apply.