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Serving Over 20,000 US Medical Transcriptionists

Starting a business now: Dumb idea?

Posted By: Curious Georgette on 2008-02-10
In Reply to:

With so many huge transcription companies to compete with, is it ridiculous to even consider going into business for myself at this point?  Who in the world would go with the small guy rather than the bigwigs?  I really would love to do it but am just wondering if my timing is way too late here.


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starting new MT business
I have been at this now for 35 years and have become increasingly discouraged over the last 8 years. This is a very changing business. You will work extremely long hours, get few rewards, get accounts, lose accounts, have no stability and ultimately be disappointed. It is not a business for the faint of heart. Unfortunately my income has decreased or stabilized since 1996 and I am now making what I was then. Unfortunately the cost of living has not remained the same. I was rolling along doing quite well and satisfied previous to 8 years ago when suddenly my accounts were lost to outsourcing, mega corporations, etc. This used to be a profession that commanded respect for the years we put in to be the best.

If you are not familiar with computers, you will be lost in this business as most transcription is run digitally and everything done with computers, over the Internet, using various programs, FTP sites, etc.

I would like to offer encouragement, but I have taken to discouraging anyone who thinks this is a good business to pursue and one that has long term security.

Good Luck!
Sorry, I mean I am starting my own business...
I was on the phone while I was typing that message.
Starting a business
I currently work for a small service and feel that taking 25% of my gross pay and charging me for minutes used by doctors (gearplayer) is getting to be too much.  I want to know how many of you have gotten your own accounts and how you went about doing it.  I have 3 years experience with transcription and currently work for 2 offices (ophthalmology and family practice).
Starting a business

I've been in your shoes, though many years ago, and I had 12 years experience before I had the guts to go solo. 


There is so much more that you need to know beyond the specialty you'll be transcribing.  You need to know how to run a small business.  Things like zoning laws - I kid you not; there are still places where it is technically illegal to work in your home.  Do you need a license?  Do you know the tax implications?  Do you know the insurance/liability implications?  Are you adequately capitalized?  You'll need backup equipment, supplies and something to live on until you start getting paid.  Banks don't like to lend to small transcription services because they so often fail.  As another poster said, contracts are difficult, if not impossible to enforce.  Are you aware of regulatory issues like HIPAA (especially for the speciality you have chosen)?  Are you technically savvy?  Not all offices use tapes with pick-up/delivery of work anymore.  Do you know what you need to make to live?  Sure you could undercut the competition, but can you live on what you'd make?  Do you have someone you trust to cover for you if you are sick, the power goes out or you just want a day off?  There's so much more, but I'm sure you are getting the picture.


Look for a business college, junior college/city college or regional state university in your area that offers classes for small business owners.  Is there an office of the Small Business Administration (government agency - your tax dollars at work) or SCORE (Service Core of Retired Executives) in your area that offers classes?


You are looking to do a tough thing.  I'm not sure I'd want to do it again, but I don't regret the years I did it.  Give it some more thought.  Best of luck to you.


What equipment for starting own business?

MY SHRINK KEEPS ASKING ME IF I HAVE TRIED GETTING MY OWN ACCOUNTS VERSUS WORKING FOR A NATIONAL....(we are working on how to better handle life stressors).  (MQ?)  Anyway, I always tell him, yes, I have thought about it and I do know of two MTSOs as aquaintances.  I told him I am getting closer and closer to sending letters out to these MTSOs letting them know I am working as an MT and ask if they have any overflow work, to keep me in mind.  I told him I thought that would be the first step as I don't have a clue as to what equipment they use and how you go about the whole deal versus what I am doing now (wav files over internet). 


I am sure some of you who are or were MTSOs could clue me in as to how it is done, equipment wise, and what is involved.  I already know about the tax issues as we have had two small businesses previously. Is it still done with tapes that you pick up and what kind of equipment for that, or can it be done over the internet as per the nationals?


Thanks,


In the dark here.


starting a transcription business
I would like to start a medical transcripton business.  Does anyone have any advice?  I would like to get a Radiology accounts with a hospitals. 
Need advice on starting my own business
I have been struggling for the past year to get my paycheck.  I am so fed up with having to constantly hound the "company" that I work for that I might as well get my own accounts if I have to do so much footwork.  I would love any advice on how to start up my own accounts.  I'd love to receive all my files off the internet.  Any advice...... Please.
starting business/ go to convention

Need some advice, please.  I am starting a small company and I want to market myself to be able to take overflow work from larger companies (or hospitals/clinics/medical centers) to give and send out to my group of MTs and QAs.  I do not want the hassle of trying to approach the large hospitals, clinics, medical centers, themselves and I do not have the capital to purchase my own dictation system or program. 


I was thinking of going to the MT conventions and networking there but was not sure who/what companies attend these conventions.  Does anyone have any ideas or can anyone point me in the right direction?  I would appreciate any advice anyone could give to me.  TIA


Maria Maz


How about starting a virtual assistant business? (sm)

You could do all kinds of stuff (do a Google search under virtual assistant, there are some webpages that explain stuff).  U-Haul I believe also hires people to do phone customer service from home.  If you look on guru . com they have people who advertise for odd jobs and lots of them are virtual assistant kind of stuff.


Just some ideas.  You could also do daycare, pampered chef, that kind of stuff.  :)


Know what - OSI will house clean QA starting from the top if they want to stay in business
x
I need some advice on starting my own small side business. sm

First of all, I have worked for several nationals in the past few years, and equipment has always been provided.  I currently have a f/t position with a national that I use my own personal computer for, they just put their software on it.  I had what I needed already, as far as foot pedal, Expander program, etc.


I have just been sort of rolling ideas around in my head about possibly starting up something small perhaps on a p.r.n. basis just to bring in a little extra income.  As I am still just mulling this around in my mind, my questions are:  How do I go about getting started? Do I try to purchase equipment first, or start out using tapes? I am worried about spending the money and not having any takers, so I am thinking, I should send out some sort of letters first; but, without having the equipment already, how do I tell them I plan on doing their transcription.  Maybe mention tapes first, and tell them I have plans to go digital after I get up and running? These are all just things I wonder about.  If anyone has any ideas, please feel free to email me with any advice. 


I have been an MT for 16+ years, but as I said, I have always had all of the stuff provided for me and just don't know how to start. 


Thanks in Advance!


 


Hey, thanks. We already help out with catering, so I have some idea of the business, SM
plus I watch the Food Network all the time. LOL

As for tastes, I don't eat seafood or pork myself. I love chocolate. I am a good baker.
"How dumb am I" to lose a CD-ROM? Oh, about as dumb as the rest of us. nm
x
Unfortunately it is legal..so yes it is business and they will continue with bad business practices
x
I made my business your business by posting and...
I totally respect everyone's opinions. It is easier for others on the outside looking in. That's why I pushed the "post reply" button yesterday. I trust my fellow MTs and I know the more I read from you all, the more confident I am becoming. I just need that final push, not from him though. I also wanted to let you all know that the physical abuse while I was pregnant was documented by my doctor and the hospital. I only wish I had known then that it is a felony to abuse a pregnant woman. I also photographed my face from a couple of weeks ago and told several people in my circle. I had such high hopes for us. Now...not so much. I'm not saying that I won't try to get him to church, but I realize that God can only do so much for someone who isn't listening. j
Business is business. Internet forums are
.
For a business ad?! A business that deals
''Transcriptsis'' x2

''with good track record''

''serve our clients of all sizes'' (I know what they mean, but I just think the wording is funny)

''strive to achieve highest possible quality'' (once again, they never met an 'article' that they didn't hate)

''all departments including H&P...'' (or a comma, for that matter)

Are you that dumb to know that there were sm
prisoners also at the Superdome in New Orleans. You act like everyone was a rapist, or trigger happy. As far as looters, if I had children and there was a bottle of water and bread in a store damn straight I would take it and feed my children. Many of those people worked and lost their jobs in LA, AL, and MS. You are just a bitter person.
not as dumb as you think?
Cabbage=CABG
Coronary artery bypass graft.
No, not dumb! Actually, yes, I did. None of
the buttons work though, just the calc/clear button (very top right on the bottom bottons) work.
DUMB-DUMB
Okay, I downloaded Express scribe, when I use the load button and enter the FTP address, nothing happens.  I must be missing an obvious step, so obvious I cannot see it.  I hope this is all worth it!
dumb me... but......
Applying for jobs that state much have WAV pedal....  USB will not work... so what now?  Am I screwed?  I have a laptop and went and bought an adapter for a 9-ping foot pedal.  Is there a web site that I can go to to do a test practice with?  Dumb-me.    trying to get a job......
Maybe a dumb
question but are you talking about the "Gab room" for the chat?


how dumb are you to even go there?: NM
.
ok, maybe I'm dumb but
what is an STM? "Something" transcription manager?  Are you by chance inundating her with requests or is it that she just does not acknowledge any of your e-mails?  I don't think I'd put up with being ignored for too long.  I'd seriously consider going over her head or looking elsewhere for work.
Count me as a dumb MT if
you want.  It made perfect sense to me.
This may sound dumb, but..
where is the chat room?
Dumb dictation
Review of systems was not obtainable from the baby, obviously, due to the baby's age of one month.  Review was obtained from parents.  DUH!!!!
dumb dictation
Don't you just love these..I had one with the 11 MO understanding the assessment and agrees with the treatment!
dumb as a box of rocks (don't ask me!)

dumb as a bag of hair (No, I don't get it either!)
NM
he's so dumb he got hit by a parked car

I'm gravida 0 and I have a dumb ?
If you are 9 mos. pregnant and in the hospital for induction, on abdominal exam, can your abdomen actually be *soft*?

I have felt pg bellies, and they are not soft. Why do they always say this? It doesn't make sense to me, but then I have no personal experience with it.
dumb question. sm

If you make a mistake while typing and you know it, do you correct it then, or do wait until you spellcheck to correct ?   I tend to correct it when I see it, but began to wonder if it would be more productive to wait until I run spellcheck to catch it.


 


What a dumb response.
...sheesh....
feeling dumb......
when the doctor says dig level in the labs is he meaning digitalis level? my Expander expands dig to digoxin and I never thought to change it. I know digoxin toxicity is dangerous.  I have never gotten feed back on this potentially dangerous (?) blooper.
There are also those that pretend to be dumb so they don't have to. sm
And those that call in sick every other day, that if they were really sick that often, they should be in nursing home.

Needless to say, I got out of supervising because I did not want to hate people anymore, and I could be petty like everybody else and get away with it like everybody else.

I've got wounds to nurse...

So why did she marry him, cause she's dumb, or it
was a coverup. 
Dumb question of the day!!!
What does MTSO stand for? I told you it was dumb.
Might be a dumb question, but...
I got an awesome poster on ebay that came in the mail yesterday.  The one end of the cardboard tube was dented quite badly, causing  the one side of the poster to be rather wrinkled.    Is there anything to be done for it?  I'm hoping that maybe putting it in the poster frame I got for it might help.  Any other suggestions?
No, not a dumb question....

From what I gathered on Google, it is transcribing what the court reporter types into a readable document.


Got it thanks all - felt so dumb and my
teenager wasn't home. 
now thats a dumb question lol
let's use some wisdom here...
Have you ever heard the saying dumb
as a gourd?
We're not dumb, BUT
You really have to develop a thick skin regarding criticism. And you'll even make yourself feel dumb sometimes!

There is no other career that will make you feel like a rocket scientist and an abject failure all in the span of a 3-minute dictation!

You have to take the lesson in whatever form you get it and then let the rest go. Don't nurse grudges, it'll just give ya ulcers!
Hate to appear dumb, but what is VBC?
nm
I used to be young and dumb but
when I came into some money, quite a bit of it, paid all my bills off. I only have my monthly bills now, utilities and such. It is a wonderful feeling but to the original post, it is here money and really if she wants to burn it, she can.
Not a dumb question, the way I see it...
Did you ever think she was just trying to make pleasant conversation about what happened to your daughter.  I would not see question as dumb or unimportant.  It certainly doesn't matter if she was, in fact, taking her history,but if she was just trying to be friendly then it's called 'engaging' the patient in conversation about her injury.
dumb question!

Hi!  If you are responding to a job posting on the job seekers board and you hit "apply now," does it actually go to the person who is looking to hire or do you have to send it as a completely separate e-mail.  I'm asking because there is no identifying information when you reply to the ad.  Thanks!


No, No, Never Feel Dumb!!
I recall many years ago, what I thought was perfecto mundo reports come back by my mentor red marks all over!!!Hang in There! I probably still need someone to look at my work every now & then.
How dumb am I feeling right now?

I have a CRNP who must think MTs are not very intelligent.


So far, she has spelled: passed (not once, but twice!), spleen, and clicks.