MTSO profit????
Posted By: ???? on 2006-07-09
In Reply to: Editing at extremely low line rates. - Administrator sm
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.
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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.
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
x
They're not making a profit.
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.
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 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).
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.
x
when docs give mtso a check, then mtso pays you?
nm
Isn't she an MTSO owner - which MTSO ? Just curious. n/mnn
nnnn
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.
MTSO
New here. What does MTSO stand for? Thanks
Looking for an MTSO where I can do mostly ops.nm
nm
Better MTSO
I would contribute myself. Sorry to sound conceited, but I'm really good at my job - and I want to work with other people who are good at it, too.
I think that the MTSO can
anonymously or pseudonymously respond with line rate range info to provide general info to the posters.
Another MTSO here
Feeling just like you. Look at the ones who complain about working weekends - how many medical professionals do you know that don't have to work weekends? Why are they in this field if they don't want to work weekends? It's a pity trip. How about working in retail or restaurants?? You want a 9-5 job, go get it, away from home of course.
Would like to talk privately but I don't spend much time on this board and don't really know how to do so. Let me know if you do!
To MTSO - sm
I don't fish, so I don't know what you are smelling, but perhaps something from your personality? I have posted this before, and will continue to do so, as IT DID HAPPEN to me, IT IS THE TRUTH, and I have no reason whatsoever to lie. I want the original poster to know what can happen if she gets
hired by Keystrokes. I want others to benefit from my hiring experience so they don't have to go through what I went through. If my posts are so distasteful to you, do not read them. Your attitude in your posts leaves much to be desired as MTSO...wish I knew your company so that I never cross your path. Perhaps someone posted the truth about your company once too often?
MTSO
Not all MTs are employees. There are ICs and there is a difference.
To: MTSO
Many of the MTs who send that great looking resume' with what appears to be a solid work history...are totally bogus. They may have worked for company x, x, x, x, and x in the last five years, yet they condense and fudge to make it looks like they only worked for company x, and x in the last five years. Many MTSOs don't take the time to check. If the MT passes the test...the MTSO is usually so desperate to get somebody in to work, they hire them without checking.
Also, many claim that they job hop because a company runs out of work....guess what? This happens at almost every MTSO, so instead of quitting only to find yourself in the same situation a few months later, get a second part time IC job to fill in the gaps.
MDI, anybody know how big this MTSO
is and how many MTs they have? Does any body know if it is IC or employee status?
Any info is greatly appreciated.
Does your MTSO allow you to use your own
I'm torn on this issue. My company has just strictly forbidden us to use normals unless they were created by the client, since apparently some MT's have left text in the document in error by not editing correctly. I can see how this causes a serious QA issue, but I can also see that my pay just got cut seriously yet again by not being able to use them.
So, what' s the answer here? How does your MTSO handle normals/standards, and what happens if you make an error with one?
To MTSO
At the risk of causing a stir, I am curious about your comment that no serious MTSO would hire a PCDI grad. I am the poster titled Another PCDI grad right below this post. Again, I state that I do not believe it is all about the school, I believe the person and the determination has a lot to do with how far you can go. I feel very comfortable with the 2 jobs I have. I also know that I am not the only PCDI grad with a job. I truly wish that more people would stop looking at just the school, and start looking at the person, because there are all types.
mtso
If I may ask, what does MTSO stand for? Thank you!
What is MTSO?
nth
Well, that's why you are the MTSO and we are the
MTs!! Its your responsibility to divide up the work, and sorry, but most MTSOs I have dealt with have asked me to commit to XX amount of work. They know full well that is all I can handle due to MY other commitments, yet the MTSOs are more than happy to have me at my commitment of XX. That is OUR agreement. I am an IC and on my own. So it is not my problem if Sally has an earache or Dr. Jones has extra work. That is YOUR problem. MTSOs should ASK if we can handle more due to the above situation, but when MTs get dumped on with 2 or 3 times the amount of the agreement, it is WRONG, and very frustrating for the MTs. Thus why most quit and move on to a MTSO who will keep the agreement. Its only common sense, really. Which seems to be a lot to ask for in this day and age.
Top 5 MTSO
Cymed advertises as the 3rd largest for domestic MTs. Not sure how you would verify that though.
Of course....but where are you and are you an MTSO?
It is just hard to give up all my info all the time only to never find out who an MTSO is or if they are legitimate. All of my info, address, etc. is usually on a resume which we submit via e-mail, but if a supposed MTSO never e-mails back, how do we know who we just sent OUR info to?
TO the MTSO
You are not being 'bashed.' People are merely using a public forum to forewarn fellow MTs of poor experiences. If you are truly concerned about your reputation, you will re-examine your business practices and make some needed changes.
Bashing implies an 'unfair' attack - that's not what is going on here.
This is why when you are an MTSO
You should have a payroll account. Any business person knows that you must have an account to pay out subcontractors. My brother pays his subs (painting contractor) every week. He doesn't see his payments for work done until sometimes 90 days, but why then should his subs wait?
If you want to run a business, you must have a payroll account and not rely on what the client pays to you and when.
If you do not have the capital, then quit using subcontractors thinking you are making a buck. Do your own work!
Just yet another view. 
Which MTSO's allow you to use your own
nm
Seems to me an MTSO needs to see example of
x
MTSO
Where in the heck do some of you people get this mess? We have more work because the hospitals are busy. Stop trying to invent things. Pretty cut and dry if you really want to know the truth. You people always get on here to plant negative ideas in people's heads. Why don't you pay attention to the job numbers and you can see or is it just easier to assume. SHEESH!
me too!! Must be MTSO above..nm
nm
Which MTSO
was this?
Not only can your MTSO see....(sm)
your posts, management, supervisors, etc., etc., BUT anyone who Googles your name or anything associated with your post. I have even gotten onto boards that are subscription only by Googling words and posts showed up on their boards. True, I may not have been able to post on that board, but I sure could read whatever was associated with my search results.
I have a second job as an IC. I let the MTSO
know when I can work and how many minutes I can transcribe. They will then assign me that many minutes and I have it in by their TAT time. If I can't work, I don't. If I request work and they have none, that is fine too. I have no set schedule and am not on call. I work when I want. They have requested I work 1 time when they had a backlog which I did, though I didn't have to, because at that particular time my FT was out of work. As an IC, you set your schedule, they don't tell you when to work.
You must be an MTSO?
x
To MTSO
Maybe it's time for you MTSOs to get together and lobby Washington to stop this off-shoring that is destroying the American dream. Most MTs today are making less (including myself) than they were making in the 80s and I dare say the MTSO profit margin is probably also less.
Because the MTSO will probably know who I am if I do this.
I am still working for both of these companies (no other choice right now). Both companies post job openings on this site, so I am sure that they also read some of these posts.
MTSO
because this was my company being owed $10,000, which was at the time about 6 weeks' worth of work. It was easy at that time to rack up that kind of money...that is also about the time I found out that a company has 30 days to pay another company each individual invoice. I was billing, per contract, every 2 weeks.
MTSO not MT
This person is looking for an MTSO with subs or employees to do 5000 lines a day not one MT.
Being an MTSO is not for everybody (sm)
I wish you luck, but be prepared for sleepless nights, major stress, and hassles you can't even imagine now. You'd probably be surprised how many MTs have done this in the past and gave it up because it's just not worth it. Being an IC and letting somebody else do the legwork, the marketing, the collecting, etc., is waaaay less hassle, believe me. I wish you luck, but I'm just sayin.... be prepared. It's more stressful than you can even imagine.
If an MTSO does not need 8 to 5
coverage, then they do not have to let an IC work those hours. They only have to let people work when they need the coverage if you are an IC.
They (MTSO) can also tell you when you
x
But the MTSO should tell them no, right?
Am I missing something?
If VR is not more cost effective, it's the MTSO's responsibility to educate the client. It's not right to make the MT pay by cutting their CPL. You're going to lose your experienced MTs, and all you'll have left to edit are the MTs who don't care about quality.
Are you saying that the MTSO is
supposed to accommodate you?? Don't think real life works that way 99.9% of the time.
No different than any other MTSO
...
I don't know why MTSO's think we can - (sm)
- edit more lines in SR than we can type, thus their claim of making more money.
I don't do SR (and hope I never do!), but I do proofread all my reports, and I'm here to tell ya that it takes me almost twice as long to read through one of my reports as it did to type it! (Boredom, wandering mind, eyestrain, and all that). I honestly can't imagine being subjected to that torture full time, every day! And to do that for a couple cents per line is just unimaginable.
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