Costs for small MTSO equipment
Posted By: MoodyJen on 2007-10-07
In Reply to:
This question is directed to our wonderful small MTSOs who participate in the site postings:
I have a question about what extent of expenses you incurred for equipment and related components for the physicians to dictate, i.e., FTP services, server, physician call-in phone services, physician digital dictation uploading/downloading services, and all that related equipment to send and receive dictations (voice files) and send/receive reports, all pertaining to internet and latest advances.
Considering a small MTSO venture of just three small doctor's office accounts, enough for 1-1/2 MTs, with a total physician dictator capacity of 5 physicians, not necessarily at the same time.
I would be also interested in not only cost figures (ballpark) but the types of equipment and software you elected to use (platform if any).
This information would be beneficial to me, and perhaps to other entrepreneurial MTs as well. Thank you in advance for your helpful information.
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There are a lot of things MTSO hidden costs..
MTSO bills for a lot of things to run the business that have nothing to do with line counts, but they may be billling them as line count as opposed to breaking them down individually.
Hard to buy better equipment if MTSO
x
Any small MTSO need PT help? sm
Okay, I have tried the big nationals and that did not work out for me. I would like something for a few hours a day - would love to do family practice SOAP notes again or something where I can just type away and make some decent money. I promise a fast turn-a-round and I am willing to work hard, but no complicated platforms and no set hours.
I had a small MTSO ask that once. sm
As I was heading toward the exit door, she asked me to send her every single one of the normals I used.
So, I sent her the exact ones she had sent me in the beginning, before I refined them to a fine tune, which had taken me hours and hours to do. I'm telling you, I had most tests for every doctor where I could just hop around and fill in the blanks. No way was I giving those hours of work away!
Two small MTSO (nt)
xx
Thanks, Small MTSO
I knew it must be something like that. Thanks for your reply. Molly
Small MTSO
11.5 to 12.5 cpl, put in 30 to 32 hours per week myself now. Went down to part-time this summer to 22 to 24 hours. First time in 18 years and felt good. Just got two new accounts and so back up but will myself after paying IC's make 50K, down from last year but worked less. Next year will be up to 55K+ unless I go part-time again in the summer if my IC's want to make more. Will probably raise rates in January as have not done so in two years. Patti
Especially when the small MTSO
is worth. I'm done.
I did when I worked for a small MTSO sm
and boy, did I live to regret it!  She was, let's just say, um PSYCHO! In a nutshell, my nephew died and she didn't believe me when I asked for a few days off...she had to see the announcement in the paper first! Needless to say, I dumped her shortly after that incident. There were many, many more, but this was the final straw! 
This happened to me too. Small MTSO been with
them for 3 years. check was mailed, but post office put it in wrong box. This has happened 3 times in the last 3 months and every time it was the post office not them.
www.lts-inc.com is it a small MTSO in Richmond, VA-
I have been working PT for them since May 2002 except for a short leave of about 4 months. As far as I know still looking for a few more people, just lost 1 yesterday who could not get the hang of WP5.1 I guess(it's what the hospital they contract for uses). Oh well, their loss will be someone else's gain.
I'm a small MTSO. Here are my thoughts on it
I would determine how much per line the seasoned MT should get. Not sure how much you charge. But I, being a small MTSO, charge my clients 14 cpl and I pay my subcontractors 10. Ideally you would be a bigger MTSO and could pay truly seasoned MTs 12 cpl or something on that order. Otherwise, if they aren't able to make a decent line rate, and they are truly good MTs, they might as well go get their own accounts.
About the pay between the new MTs/mentoring MTs - I would decide what the total you were going to pay for those lines were, and then divide it between seasoned MT and newbie MT. Say it's 12 cpl - pay the newbie 8 cpl and the seasoned MT 4 cpl for the work that the newbie does that the seasoned MT is helping with.
My husband's company does something similar. He works with a partner, but the partner is less experienced. He is basically my DH's helper. DH uses his own truck and the helper doesn't have to use his truck. Each job pays a set amount, and DH gets 70% and his partner gets 30%.
As a small MTSO, I found you had to buy
all I really needed was a few. So I started filling them out online at www.filetaxes.com. It's much easier and they send out the 1099 for me! Price is very reasonable too.
I mean big as in Medquist, little as in small MTSO's
.
I also make 11 cpl as an IC. This also is a small MTSO. nm
nm
For me, a very small local MTSO
doing tapes/office notes.
I have worked for a small MTSO once and
was never afraid of not getting paid. Something in her voice told me I could trust her and just dove in. No contract, either. But I did have to give her my SSN for the 1099.
Never realized I would be setting myself up for trouble but every 2 weeks the check came in the mail.
Ask the MTSO. That's all you can do.
Small MTSO here - 6 cpl -- ridiculous
I as a small MTSO would be so embarassed to offer 6 cpl to anyone. Could not believe what I read. At the most I take 20 - 25% of what I charge clients and pay the IC the 80%. I even do the pick up, QA, billing and delivery of finished products. But to offer 6 cpl is a slap in the face. Even newbies I offer 7.5 to 8 cpl and start them on the easiest accounts. Hopefully she can sleep at night and look at her face in the mirror.
My opinion as a very small MTSO
I determine what my minimum charge is by figuring out what I would pay an IC to do the work and then add in enough left over to pay my expenses (TASP, insurance, QA, etc.) and then some for myself as account manager. If you get an account that you will be working on yourself, you will make both the salaries for the IC as well as the account manager (you are doing both jobs) and pay your overhead. If you get an account that is bigger than you can handle by yourself, you can easily sub all or some of it out and still pay yourself and your overhead. Sit down and at least do the financial part of a business plan in order to figure out what you need to charge.
I'm a small MTSO - what platforms do MTs like?
Or do you prefer typing in your own Word program and emailing encrypted files? Do you prefer to use C-phone to access the dictation, or wav pedal? I'm seriously thinking it might be better to use a platform where MTs can go online to access the dictation and the platform to type into and I am looking for ones that MTs like and consider MT friendly. So...what have you used and which ones do you like best? I did do a search, but I'm asking again. Obviously, being a small MTSO some of the larger platforms might be beyond my reach, but I'm looking for opinions.
I assume she works for a small MTSO or something, not MQ
x
Re: Post way below about the small MTSO in Suffield, OH.
I posted that I worked for a company, though don't know if it is the same one. I'm just curious if it is. I've included by e-mail if you want to e-mail me.
MTSO needs to pay MTs on time, no matter how small sm
her business is, no matter when (or IF) the MTSO is paid by the client. I would NEVER contract with an MTSO that expected me to wait to be paid until they were paid by their client. Impossible way to do business, very unprofessional.
I used to work for a small MTSO that used gotomypc - sm
I would connect up to her computer and download the voice files to my computer. Then disconnect/log off. Then I would play the voice files on my player (Bytescribe) and go to work. When I was done, then I would just email the work to her. But if email was down for some reason I would just connect back to her computer with the gotomypc and upload the finished work to her that way. Your computer would probably run faster if don't stay connected via the gotomypc. I suppose you can do that of course, just doesn't seem much point to it though to me, unless you only get one voice file every now and then, so you just stay connected to see them come in on the remote computer.
Would be interested in working for small MTSo
I currently am working with a small co and I would like approx 15-20 more hours of work. I mainly do clinic. If you have anything please let me know. I love small MTSOs
I'm glad I work for a small MTSO....
I hope my boss never sells out like my last one did. My old company went down the tubes after that and I see lots and lots of posts about it here talking about how bad it is. These nationals sound awful.
No matter how small an MTSO is, their first obligation is to
nm
Just wait. I work for small MTSO and they have
dg
I work for a small MTSO about 25-30 hours a week
nm
I worked for a small MTSO who gave the client
the client changed to smaller and smaller font sizes, the MTSO let them know the rate would change so the MTSO never lost money just because of the font size. The clients always understood. The client simply wanted less bulk in their charts, not to short change the MTSO.
I only have dial-up, I work for a small local MTSO -sm
that uses a FTP site to send us our work, so dial-up is just fine for that (work is about a 20 hour TAT, so it does not matter how long it takes for me to download my work, and uploads are quick. So obviously a job that has no set hours, etc. is ideal for someone with dial-up. Also get your own accounts, then it doesn't matter does it as you are the boss. I have 1 account of my own and we transfer the files via the internet through an intermediary website (in place of a FTP). Just keep hunting there are dial-up jobs out there.
national/small MTSO are both on-line companies
there is PT and orthopedic work.
Or becuase of dropping rates, the small MTSO
fg
I make very good money at home with a small MTSO
looking for people that used to work for small MTSO in Suffield, OH a few years back.
ss
Beware of ink replacement costs. The more inexpensive the printer, the more the ink costs.
s
No (IC)....but I work for a small MTSO and have set deadline each day for my work
I will not be working on Thanksgiving day, though I will have 120 minutes waiting to be done and turned in by 8:00 a.m. on Monday morning.
small mentality usually means small pocketbook
Still make more than you and I but that is deserved. They've put the effort forward and educated themselves.
costs
I also agree that the cost of vet care has gone way up in the last 10 years, having animal companions is expensive. I think as more and more people are coming to realize their companions are senient beings they are willing to do whatever is necessary for optimum care just as you would do for a human. That being said, it is extremely expensive and where I used to have 5 cats and 2 dogs, I now have 3 cats and 1 dog due to losing some to old age and illness. Although I would love to have more, I know I cannot afford it if one of them gets sick.
Can you tell us how much this costs?
Have the Martel catalogue but oddly it does not give price. Am hoping it is under $50.
Rx costs
I get 2 of my meds from Canada. Can you get yours that way and save $? Just do a search for cheap drugs or Canadian drugs.
MT Costs
I have been a working MT for 2+ years and I am still buying things. I have a full library of books but there are only a few I use all the time. Still there are days when I find I need the others. I believe I have around 16 total. The Book Of Style is an important one. I would recommend that for sure along with any other specialty books for the type of account you plan on typing. I had my computer prior to training but with books, the MT course, pedals, software (spell checker, expander) I spent over $2,500. This doesn't include a desk, chair or the other things you'll need. I would suggest you buy some 3-ring binders to keep samples in for each account you type. I have a binder for every doctor/client. Every doctor you come to learn to type will have his/her own rules. The binders are my Bibles. At first I went through a ton of legal pads. I always keep one at my desk to jot things down. Now I only need one on occasion. It will be a learning experience and slow going at first, but hang in there. Like some other MTs mentioned, it is not as easy as it sounds, but I do enjoy it. Welcome to the club! 
It costs more than $10 believe me.
They take a percentage of what is sent to you - it's not a flat rate fee. The more you make the more they take.
My costs have actually gone down
This year my property taxes will go from over $2,300 to $800 a year, that is because I have turned that magical number of 65. That is good and yet if I were to die, then the taxes would go right back up for hubby as he is 10 years younger and has not gotten there yet. He better treat me right!
Yes, and that same jug of water costs how much after it's
been paid for with tax dollars, hauled in on trucks, and handed out by National Guardsmen and FEMA workers who are being paid and are away from their own families? That little jug of water costs more to the taxpayers than Perrier.
My son did too. It costs a lot and unless you're
a real people person who can SELL, you won't make any money and you'll spend a bundle. TURN AND RUN, don't walk away unless you're ready to LIVE IT! IT has to be all you think, talk, eat, use, buy, etc....and you won't make a bunch if you don't get people to sign up.
I cut my costs a year ago...
I have noticed very little difference. I get the same speed and the only things that inhibit that are the usual things such as when the ISP is doing an update etc. Everyone I know with different DSL companies have said the same. You can always go back up to the higher speed if it doesn't work well in your case. To me it was worth saving the extra $20/month
AT&T business costs
I pay 230 a month for three lines, unlimited long distance, and DSL on a business plan. The biggest difference is the DSL cost is higher, and they charge per jack on installation. As opposed to 20 per line, i pay a flat rate of 50 for the LD for all three lines.
hidden costs by being an IC
The taxes are more as an independent contractor. period.
you pay the matching that the employer would pay.
Normally your benefits pkg from the hospital or employer of sick days, holidays, insurance, etc is worth about $10,000. Somehow you have to absorb that with what you charge. In addition to losing the matching the employer is paying. Otherwise the company you are contracting with is making out like a bandit -- and you truly are coming out on the short end of the stick -- they know this -- and they are laughing up their sleeve until we wake up out here and start charging so they won't be coming out the winner in this all the time. The very reason they OUTSOURCE is to get rid of those hidden costs and we now have taken on.
And then of course the hidden days down for work on computer, waiting for storms to pass, and the various and asundry responsibilities you take on and absorb that the company you are contracting with gets to turn loose of.
p.s. and oh please don't pop up with ITS WORTH A LOT TO TYPE IN MY JAMMIES. No, we are expected to be professional whether in Gucci or WalMart specials. And we should be paid accordingly. That argument doesn't fly. and being home with the kids doesn't either. Only one thing can be done at one time, and you can watch the kids or you can transcribe but you can't do both simultaneously. The guilt factor may be less when one needs to do errands in the day -- but guess what -- while people are sleeping guess who is up into the night beating the keys. No, this should not be a trade off. It's a business like any other business who does a contract with another company.
phone costs
Hi,
Cell phone runs 89 per month,, that is the whole package, unlimited internet access, free text, nights and weekends, etc,,,,and I was able to do away with home internet altogether. No longer have a land line or DSL at home so the savings there made up the difference
Actually, VR actually costs the client....sm
less money,which is why some are changing to it...to pay less for transcription, which is why WE get paid less. That is how it is with my company. So in essence, the company is taking a cut in pay as well....why else would anyone use it, including the MTSOs??? I'm just sayin'.
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