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Serving Over 20,000 US Medical Transcriptionists

Sixe of MTSO Market

Posted By: Tom on 2008-01-16
In Reply to:

Does anyone know the size of the MTSO market (how many service providers, how many software co's etc. or a good source for this info?


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the market will pay what the market will bear...sm

just the fact that jobs are posted for this pay means people are taking it. You have to remember - we are in a global marketplace now. We are competing against people from India, Thailand, Cambodia for these jobs. If the Mexicans could figure it out, we would be competing against them too. It's like washing dishes. Washing dishes isn't easy. Why does washing dishes only pay $5.50 an hour? Because they can find people to wash dishes for $5.50 an hour. Not only that, but MT work was getting cost prohibitive for a lot of people. That's why some other really, really smart people said, "let's find a way to make computers do this! Then we can sell the programs so docs can buy programs instead of paying MT's." Then some other really really smart people said, "let's not even have docs dictate. Let's have them point and click!" And so MT's are also competing against VR and EMR.


You may say ..."If a company offers me 7 to 9 cpl, I let them know that it is an insult to expect an experienced, highly skilled Transcriptionist to be offered such low pay and I refuse to work for them." But if your current job goes bye-bye, and you're scrambling out in the market and that's all that's out there....well, you get the picture. If you want the job, you take the job for that pay. Otherwise, yes, it's get a job at WallyWorld. Your choice.


 


Now you know the local job market and my
home situation better than I do.  For your information, I make more working parttime at home doing MT than I would working fulltime for any of the local advertising agencies.  Plus, I don't have to travel or put my kids in daycare.   Thank you so much for your concern about my employment situation, though.  And please, get off your
In the market for a new computer -

I will not buy MS Vista - I hear it's a nightmare. TIA


 


When you market your services with a
business name and a business license, it shows the doctors or hospitals that you are representing yourself as a professional business and are not just a homemaker or housewife trying to make a few extra bucks. They will treat you with more respect and take you more seriously, and in turn will be willing to pay you a fair rate as a respectable businesswoman. Think about any business in your community or town. They all first procure a business name and a business license before they open their doors. You may be working from home, but you can will present yourself in this fashion. I would also suggest obtaining a P.O. Box to use as your business address instead of using your home address. Believe me, this works. I have been running a successful small MT business from home for over 20 years now, and I support my entire family on my earnings.
job market update
If your skills are excellent and your experience and references speak well of you, then I believe the job market is pretty good.

But!!!!

You have to look carefully at the prospective jobs.

Please, I beg of you, for the good of ALL OF US, please please please do not take a job for less than 8.5 cpl! Please!
It's a very tough market right now...sm.
I have 8 years experience and have been testing left and right for the last 3 months. I have passed several tests only to hear about the company being put on a hiring freeze and I am added to their waiting list. I have also tested and done very well and not heard anything back. I finally made the decision that I am going to go to nursing school but right now is not a good time either (my husband has been out of work since April of 2008). He finished his degree and STILL cannot find a job.

Keep faith..it will come through. Maybe instead of having to drive into town, you could send your resume to all the local doctors, dentists, veterinarians, eye doctors, anyone who maybe has been thinking they are too busy to do their own notes. I have heard that this has worked for many people. It is always worth the effort. If you are a good general Transcriptionist too, don't just stop at medical. Send you resume to insurance businesses, lawyers, whatever might be there.

Good Luck and God Bless.
Money Market accounts
MM accounts do have checks, but you are limited to the number of checks that you can write per month - no more than 3 checks to a third party. Rates are usually tiered based on your balance - the more you have deposited, the more interest you will earn.

Start here:
http://www.bankrate.com/brm/rate/mmmf_home.asp

Are you worried about possible MT job market glut then? I am...
nm
My family went to a flea market that is mostly run and
attended by Hispanics.  There were several vendors selling leather goods, such as wallets, belts, shoes, etc.  DH needed a new wallet so he picked one he liked and opened it up only to find a tag that said "MADE IN INDIA."   (He didn't buy it.)  We didn't look at any of the other leather goods, but found it very ironic that the Hispanics are now importing their "handmade" goods from India.  
yeah, in today's job market, the
middle class is supposed to be happy we even have a job.  Forget any idea of getting any appreciation for hardwork, reliability, knowledge, or any of that good stuff, just be "happy" to be working... in my next life, maybe!
So what? 8 cpl is what the market will bear. If you don't want 8, don't take a job that pays
x
Instead, if I had $345, I'd put it in a money-market acct. - sm
and watch it grow, rather than putting it towards a bunch of fake 'certification' letters after my name, and seeing that money fly away and earn me nothing.
Going back on the market -- any advice?

Hi y'all,


Three weeks ago I began a new job doing acute care at a local hospital (part of CHS). On Friday they told us that our work would be outsourced beginning in April.... Previously I worked at another local hospital for 9 years transcribing Rad and ER notes, echos, etc. I left there because I need expensive orthognathic surgery and their insurance plan has a blanket exclusion against it. Plus I wanted to brush up on my "big four" skills.


Now I am looking for work. Boy have things changed!  I really prefer to work for a hospital or start up my own company again but would work for a service as a last resort. After reading the informative posts here, I have begun compiling a list of "good" and "bad" services so I can avoid certain ones.


Does anyone here have any advice for me? Not general advice about job hunting, but more specific advice about the services -- what to watch out for, etc. I have never done editing/VRT, but apparently that pays less anyway so I don't think I will be doing that.


Thanks.


Really? Hmmmm...you wouldn't know the stock market if it bit you.
Run a stock analysis on MQ under any search engine.  Yahoo stock analysts are the ones I use personally.  There are advisories and analyses of MQ and Philips in the data base EVERY DAY.  There have been "hold" advisories, "sell" advisories, and "buy" advisories any given day.  Sorry to disappoint your disillusioned mind. Obviously NASDAQ and regular trade is better, but they are STILL in the ball game, sorry to disappoint you. And you SHOULD be happy at that if you care about the 1000s of MQ employees who have stocks, etc.  But, gee, sounds like you're just a disgruntled werker!
Does anyone know any basics on money market accounts?
nm
If you're an overseas vendor here's how to market....sm

Go by medical offices and talk to them in your native tongue.  They just LOVE hearing it.   When visiting in places like Florida be sure to ask about the last snow storm they had last winter - that's very impressive!   In the northern states talk about the warm sunny 70 degrees in February in their state and ask if they're ready for that this year.  


Be sure to take brochures showing the fabulous quality of work you do.   Be sure you include impressive sentences such as:  "Dr. Jones said he would eat ketchup with the patient to review his lab work."   After all they don't find it cute to type it like it was dictated.... "Dr. Jones said he would catch up with the patient to review his lab work." 


Lastly don't forget to give them laminated card including all 25 digits they will have to use to call your native country.  Be sure they're aware that all of your employees in your native country have new names.... Ben, Mary, Thomas and Amy are of course popular choices.   Potential clients like getting a warm fuzzy feeling by talking to "Mary" who has a very heavy accent to the point that they can't understand her talking.  But hey - she has an American name (woo-hoo!) so all is forgiven!


Be sure to investigate the housing market in your area
In my area as well as most of the U.S., the housing prices are SKY HIGH! Some say there is sure to be an 'adjustment' (downward) of housing prices in the near future. If the prices have skyrocketed in your area also, you might want to take a wait and see attitude for a year or two and see what happens? Just a thought.

I don't know your circumstances, and there may be reasons you need to buy a house right now, but a waiting period would also give you a chance to straighten up or clean up whatever is wrong with the credit.

I feel sad for my two sons, (one of whom is a store manager, but single income), as I don't see any possibility of either of them being able to buy a house at the outrageous prices nowdays.

My husband and I got lucky (MANY years ago) and bought our first house from an elderly fellow who carried the contract himself and gave us a STEAL of a price! He assumed we would default like all the other renters had and he would repossess the house. Ha Ha, not so with us!

Hey, maybe you could try advertising for a house with owner financing. Might be easier to qualify. Good luck!
This is not a new market. Is being done with all offshore companies I have ever worked for. nm
:+
you should be setting your rates according to what the market will bear...
not what you feel like getting. If you like the account, you're familiar with it and able to make good money off of it, you might want to stay at the rate you are at. As a service owner, I used to plan to hire at 7 but bring everyone eventually up to 10 cpl by 0.5 increases every six months. I also used to be able to raise the rates from the hospital, clinic or physician office every 2 years. Nowadays if I bid on a new account, I am regularly outbid at 11 cpl, with 24 TAT. I have discussed it with my IC MT's. If they want a raise, I can try to negotiate a raise from the hospital...but it jeopardizes our account. Every time you raise your rates, it's a signal for them to start shopping around. So I would say, based on what the market will bear, don't expect to be getting raises. Ever.
Never heard of RMT. In my experience, CMT is worthless in the job market.
x
It's called competition in a buyer's market (sm)
 or vendor's (hospital's) market, not low-balling. 
Here are two free market listings. You can google search for
freelance writing or editing market/job listings, too.

Writers Write market database
http://www.writerswrite.com/paying/

Writers Weekly market listing
http://www.writersweekly.com/markets_and_jobs/003118_11302005.html
Yeah, but are these other companies trying to put stores in every market in the country?
I think that is what makes Wal-Mart so "evil" and scares me so badly.  Soon we won't have ANYONE left to buy our goods from because they force all the other competitors out of business (particularly the small business owners) and then we are FORCED to buy everything from overseas countries/Wal-Mart. 
Various analysts are predicting the housing market will collapse soon. sm
Cannot be sustained at the level it is presently at.
No I don't think so. Everytime I see postings about the MT market failing it gets pegged as "n
that's what I think OP is referring to, postings about the dismal future of MT.
You are in a global market now Darlene. If she doesn't do it, someone overseas will.
x
You're asking for part of their market! It'll be a competition
You go ahead though. Keep us all informed.


In the market for a new ergonomic keyboard. I would love some suggestions!!! What are you using??
Right now I'm looking at the Comfort Keyboard ($289) and Ergoflex ($179) that are on e-bay. If you haven't seen them, they basically look like a regular keyboard, just in two halves. I've also been looking at the Microsoft Curve Comfort and the Logitech Wave. I HATE the big, bulky ergonomic split keyboards like the Microsoft Elite. I cannot use them at all. I also tried the Kinesis Classic and after a month, couldn't get used to it either.

Right now I'm using the A-tech AntiRSI keyboard. It's okay, nothing great.

I would appreciate ANY suggestions. Price really is a factor even though the ones I listed are outrageous. I'd rather not spend a ton, but will if I have to.

THANKS!!
Does anyone have any good ideas for back and hip pain from sitting all day? Anything on the market?
Thanks!!!!!!!!!!!
what is MTSO?

I'm an MTSO. I can tell you....
We don't hire *anyone* unless they have successfully completed a college education, meaning an associate's degree, in medical transcription.  It doesn't matter if they learned on the job, learned in their garage, learned on their patio, learned it on their own 25 years ago or 25 months ago, taught themselves or  taught the next door neighbor, or if they used to be a nurse, doctor or janitor.  The short and simple of it is:  No formal college training in MT, no job!  (And that includes the "make-$40,000.00-a-year-correspondence-courses, too!).  We've seen the handiwork of those who say they're self-taught, and it's not pretty! 
mtso
Amen!
I'm an MTSO
and trust me I believe in paying above average for an above average job, but when you can't get the docs to cough it up because you've got third-world countries and VR breathing down your neck, not to mention newbies fresh out of school who will do it for even less, well, what do you expect...the MTSO to pull it out of her pocket to pay for you to work.  Never forget ....MTSOs have to make a profit.  They're entitled to that dear....If not, there's no reason to be in business. If you don't like what you're being offered, you're always free to get brave, strike out and get your own accounts. 
When I was an IC I sent my MTSO
Christmas lottery tickets, which he loved. Nothing compared to the $500 bonus he gave me. Now that I am working for a large national, I'm just another number lost in the shuffle. I probably won't send them anything, don't expect anything from them and probably will receive nothing, though a full day's work would be nice once in a while.
I am a MTSO

I am a small MTSO and also IC'd for another company a couple of years ago and something similar happened to me.  However it was probably a little different as I did the pick-up and deliveries although I was an IC for the company.  When she did not bill the clinics so that I could not get paid, I knew the clinics and so I went to them and told them that after a certain date I would not be doing their sevice because I was not being paid -- a little different than your story but you can also let the clinics know how that service is being run.  Again, only after you write your calm, fact filled letter.  But if someone threatened my business with anything like that - going to my accounts -- they would be paid within 24 hours.   Reputation is what counts in this business.   But again, just write to them calmly and with the facts asking them to prove that you had signed a contract, then giving them 48 hours to produce such contract or send you a check for your services or you will see them in court.   Again, I would threaten to go to their accounts to let them know how they run their business but only as a last resort.  But just do it, write them you deserve your money.   Was there problems prior to quitting and that is why you just left suddenly -- I know this leaves them in a lurch but if they were a crummy company they probably deserved it.  Also if you did not sign a contract stating you would not go after any account you worked on for two years go for the accounts. 


 


I'm not a MTSO, but

my hospital's TAT is between 24 and 48 hours depending on type of report.  When I worked in-house, it was from 2 to 48 hours, with Op notes/HP having a 2 hour TAT.   I think it varies a bit between hospitals, but as a general rule most reports are no greater than 24 hours. Sometimes discharge summaries have a longer TAT, such as 48 hours.   I don't have any experience with VA hospitals, but they probably aren't much different.  


What would you do re this MTSO?

I am an IC for a small MTSO.  I have a deduction taken from my invoice every pay period for renting Transnet equipment.  My foot pedal broke and I asked urgently Monday morning for a replacement foot pedal to be Fed Exed to me - work was on the system and needed to get done.  Well, after many many phone calls and e-mails I got the replacement foot pedal via Fed Ex (they shipped on Friday) on Saturday morning.  So I worked all weekend to get caught up on a whole week's worth of work.  Got my invoice yesterday (late - the MTSO has rescheduled their payment schedule as they are not getting promptly paid by their clients - the ICs had to accept the new payment schedule or quit).  There was a deduction for $40.13 for delivery fee for the foot pedal.  The Accounts manager says that "many memos" have been sent out that ICs are responsible for delivery fees.  Huh?  I looked over the memo I received about Transnet rentals and it said our invoice deduction covers maintenance costs for faulty equipment, etc. (the MTSO had originally said I would be billed for a new foot pedal - then I brought up the memo on rentals that covers faulty equipment and that got dropped pretty quickly).  I told the Accts manager that postage is the MTSOs expense, just like it is my IC expense to return the faulty equipment to the MTSO.  I also mentioned that the MTSO pays for phone charges to fax stuff to ICs; likewise the ICs pay for their phone charges for faxing to the MTSO.


What would you do?  I am so fed up with this MTSO...I don't make that much money on Transnet anyway (most of my lines are from microtapes) that I am tempted to just tell her to take all of my doctors on Transnet and quit doing these willy nilly deductions without my approval or knowledge.  This is the third time the Accts manager has taken "deductions" from my invoice without telling me - the last time was for Chicago taxes on rental equipment (totally illegal according to Cook County govn't) - that took 2 weeks to get straightened out!  Arrggghhh!!!


i'm not an MTSO,
but i think you did right and my guess is that within 6 months to a year, they'll come back to you.
MTSO
I have checked the labor sites and just could not find anything. In the beginning, my accountant told me I would need to either collect sales tax or get a wholesale exemption from my client, but after calling the local and state sales tax offices and being told I didn't need one, she changed her mind too. The problem with offices is you don't always get the right answer but you are still responsible for the results. I just thought if nobody else charged, then I could be pretty safe in not charging as well. Thanks for replying anyway!
MTSO??
x
MTSO
I am just starting with an MTSO and looking foward to many, many happy years with them; locally based to my area. Can't wait. Start training tomorrow.
Everyone should be IC/MTSO at least once
it gives you a great prespective on where your money goes and how much goes to taxes... people think that when you are an employee the employer is "giving" them benefits, paying their share of the employee's SS taxes, etc. but actually the employee is paying indirectly, reflected in their wage amount, cpl, etc. They just don't have to write the check for the taxes, it's taken from them before they can see it. The problem with being in this business and being IC is that you need to make a better line rate than an employee and people do not realize that until the tax bill comes. I had to go with a national last year as my large physician group went to an EMR, so I switched to employee status. They were only going to pay the same line rate either way, so it works out better for me now to be an employee. As an IC/MTSO I had alot of deductions, kept every reciept, took depreciation, mileage (a big ded for me as I live in the country), etc. but now with my national position everything is internet, no printing documents, etc. so it only made sense for me to switch to employee. I have another sideline business which provides plenty of deductions right now and not much income. Planning is key whenever taxes are involved, check out the IRS publications or home business books, etc. Some great information to avoid the same tax problems next year.
MTSO
I loved your comment about the outhouse!! :) (And some of the matchbook schools could well BE outhouses for all we know.)
mtso, who?
or stirring up trouble?
As an MTSO, I would want to know

if an MT is directly contacting my client and I would appreciate the tip that I could follow up on.  A good MTSO will be able to handle the situation in a way that would not result in you being in the middle.  Perhaps the MTSO could approach the MT and simply say that the client said that they were contacted by one of the staff about whatever the topic may have been and to no longer make direct contact with the client. 


I wouldn't necessarily say it's none of your business considering that the job you hold is your bread and butter and if your coworker says something to the MTSOs client that could jeapordize the MTSO/client relationship, that COULD affect you, so I believe you have grounds to speak up.


Bad MTSO
I worked for someone like that as well. I bet it was the same company/person. She expected you to work 24/7 so if she needed you all she had to do was IM or email. I wasn't supposed to have a life. I have 2 children and a disabled husband. I did my own accounts -- always on time and when my work was done I had other things to do. Well if your work was caught up you weren't suppose to have a life or rest you were supposed to do more work for her. The paychecks starting coming later and later until one day I had one returned for NSF. I quit at that point. You have every right to vent. Your family comes first. I have had a number of job offers since and I am currently working again with yet another offer on the table. Good Luck!
MTSO here

I am a small MTSO that has two part-time IC's and can only pay them 0.85 cpl to 0.9 but because of the account they can make $45 an hour.  Again, I stress to me it is what I can make an hour.  But it is a psych account, I pick up tapes, meet the gals, and then they have 3 days to do the reports which are long, 10-12 pages but I developed so many templates that they can do them about 60 to 75 minutes.  They E-mail to me and I E-mail the reports to the docs.  We pick up on Thurs, and they have to have to me by 10 on Tues.  My other accounts they sometimes help me with but again I can only pay .85 to 9.  Again though they can make $25 an hour which I don't feel is bad pay.  I just cannot charge the docs more than I do at 11.5 to 12 cpl.  They pay on time, never a bounced check and appreciate what we do so I feel we all benefit.   Also they have been loyal to me and my psych account has been with me for over 16 years.   See what you make per hour. 


That is my Saturday 2 cents worth for the day.  If any typo's cannot find my glasses so sorry if there are.   Patti


That must be one of my MTSO...sm
I know the feeling ALL too well. I have one I help out prn, only if I have the time. I never have any idea when she will need me...a week could go by and I hear nothing, sometimes 2 weeks. I have other large accounts, plenty to stay busy. I check my e-mail in the am, see what needs to be done and get busy.

Well, when she realizes she is in over her head and needs help, she thinks I am sitting on my e-mail and should reply ASAP! I sign off at night, the next morning she has a nasty message in ALL CAPS wanting to know why she hasn't heard from me. Well, for one thing, you sent the e-mail at 10 pm...I am NOT sitting on my e-mail at 10 pm. She then rants and raves about how she is short some MTs, and this account, which she has taken on to help someone else out, is putting her in over her head. She is very short tempered and nasty when she gets herself in these holes and then thinks we should bail her out... and if we are not available, it's somehow our fault.

She preaches on and on about how late she sat up getting the work done, as if it is somehow OUR fault she dug herself in this hole. As I told her, just because you do not want to turn down ANY work, do not expect everyone else to be free to help you out when you get in over your head. And I remind her that IC means just that. After 2 years helping her out, she does not want to pay any more than before. So, when she starts a tantrum, I just remind her that I am working on clients that pay me 2 to 3 cpl MORE than she does, and they are my priority.
MTSO
ok, i give up, what does MTSO mean? i been reading this for months and i can't figure it out. "My Tired Sore Ohhhhhhh...." lol
She's not an MTSO
But if she wants to train MTs for free I am sure nobody is complaining.
LOL you must be an MTSO
It's not dangerous OR hateful advice and it's worked for me in the past.

The OP *should* hire an attorney if needed, BUT BEFORE she/he spends one nickle on an attorney to collect HER money! she/he should give the MTSO one last chance to get it right - and that would be a with a warning about what is likely to occur if she sues.

If the MTSO has a LEGITIMATE reason for a delay they can speak up about and negotiate. But ignoring a contractor who is owed $ is NOT acceptable.