Factors impacting income
Posted By: nana on 2008-01-15
In Reply to: Many People - Katie
When you have your own accounts and do the same things daily you can make more. There is no "middleman" to take away from your earnings if you do this, so obviously you make more. When you work for a service you make less. You can make almost as much if you have the same dictators every day and concentrate on production, don't allow interruptions and are willing to type more for less.
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most impacting gift I could ever receive
My husband took my two children to the local mall where an artist scetched their portrait. He put their portrait in a beautiful frame and wrapped it for me to receive on Christmas.
Not sure, I have deductions for federal income tax, SS tax, Medicare tax, and state income tax. ???
nm
so many factors to consider
I had to do this when my last child was born and it was very difficult. I think so much depends though on what kind of a baby you have. Unfortunately, my last one was very needy, cried a lot, and wanted to be held a great deal which meant that I basically was unable to work at all when he was awake. He didn't take good naps either, so I ended up doing all of my work late at night and early morning hours and needless to say, there was little time for sleep. I did it almost the first year of his life and I was one tired puppy.
I'm told from friends who have done it though that it can be done and particularly if you have a good baby who sleeps for long periods of time. Good luck to you!
As you said, it depends on a lot of factors.
I can get 200-250 lph with two of my dictators. There are others that I only get 125 lph due to the platform. I'd say anywhere from 8-16 hours for me.
There are several factors involved
I believe the average line rate is anywhere from 100 to 200 lines an hour. The software platform you are using, what type of report you are typing, whether you have templates you can use, whether you have an expander, all factor into this. If you type letters only and have no expanders, for example, expect the lower range. Those with many standard templates and heavy use of Expanders can expect to type much more than that.
The other poster is correct in that a lot of the national companies expect 150 lines an hour.
Depends on 2 factors.
1. Your line rate. As a recruiter, if you are on a clinic account, you'd be paid between 0.06 and 0.07 cpl. Acute care, 0.07 and 0.075....maybe.
2. Your production.
After that, it's entirely in your hands.
this depends on many factors.....sm
Privately if one is typing in a DOS program with very familiar MDs/work, you can do 300-400 LPH. If, however, one works for a national transcription company, you can slash that about in half if you have to type through the internet and use all the F keys and the alt-cont-shift keys and all that stuff which slows one down tremendously.
Just my nickel's worth. *S* And I know this because I do 400 LPH privately and about 175 LPH for a national.
A lot of factors come in per page.
I've been paid $3.00 per page and made out very well, but I didn't have to search for addresses or correct their language due to poor grammar. These were very smart docs. The reports were very short. The docs just told me to use my own discretion and expertise in regards to format, so I made them as simple as possible = less keystrokes. Hope this helps. Margins play a factor. She is probably better off charging per line.
Pay will depend on many factors
My first year as an MT, I made $20k and that was at 6.5 cents per line. There are tons of jobs out there were you can likely quickly move up and earn more money.
The job will take dedication and the money will not just fall into your lap the first year or two but you can make a good living as an MT. The choice is yours!!!!
Depends on so many factors
This can vary a lot. If you do acute care with many different dictators and lots of difficulty factors and all work types, it will slow you down no matter what. On the other hand, you could get a lot of normals and easy dictators for the most part who you are familiar with and rack up the lines. So many variables to consider. It's a toss of the dice really.
It is according to various factors, report
types, dictators, etc. If I am on op notes all day, yes I could do that.
There are lots of factors involved. Do you
use an expander/macros, are you able to be disciplined and work and not up and down or on-line frequently, do you have good quality sound files, do you have good dictators, how does the company count lines, etc. Most companies require 1200 lpd for FT, so use that figure as a minimum and do the math.
There are lots of factors involved.
How easy is the platform, how are lines counted, do you have reference books or do you use Google to do all your research? Do you have lots of normals/macros, do you use an expander, do you spend too much time on-line or are you up and down frequently?
I make $40,000/year working 5 to 6 hour days/5 days a week. I have an easy platform, lots of macros, an expander, multiple reference books. I do work for a national, but I am also an employee and get paid by gross line, so my $40,000+/year is better than an IC making $40,000/year.
I guess I was blessed. In my entire 20+ year carrier I've only worked for 3 companies and each one has been better than the previous one.
Is $40,000 what you think you s/b be making based on the TV commercials say you can make or is that what you need to be making? If you don't need that much money to live on then don't worry about it. You have to look at pros and cons of what you are doing versus working in an office and you might come out even by the time you factor in clothing, food, gas, etc. (I'm assuming you work at home.)
Not necessarily. There are lots of other factors
involved that could contribute to a large return, such as losses in the stock market, medical expenses, etc. Generally speaking though it is because you have claimed too many dependents or claimed single when you are married, but there are lots of people who are not able to save money so a little extra each month contributes to a large refund later and then they have the funds to pay off debt or do home repairs, pay college tuition, etc. Now if they put a little away in savings they'd have more to show at the end of the year, but with interest rates so low it wouldn't be a significant amount.
This situation might not be ideal for you, but it may be for someone else. It is their money, it doesn't affect my paycheck or my tax return so I figure it is none of my business.
Speed results from multiple factors....
1. Experience: As you yourself suggest, time "in the driver's seat" will play a big role as you find yourself doing fewer and fewer "look-ups" - whether for terminology, physician names, etc.
2. Self-monitoring. Just keeping close tabs on your production will help. Try playing a little game with yourself to do just a bit better this hour than you did the last hour.
3. Make full use of your expander. WARNING: Many people actually overuse their Expanders and wind up with a jillion shortcuts that they rarely use or can't even remember. Create shortcuts when they make a difference, and use a good naming system.
4. Set up the proper auto backspace for your footpedal that will allow you to establish a rhythm in which what you are transcribing is "bracketed" by the next little bit and the previous little bit of dictation. In other words, you are always slightly listening ahead, transcribing and (when you lift your foot up and back down) reviewing the last bit. This "cycle" keeps what you are transcribing in context with what has gone before and what is coming next.
5. Pay CLOSE attention to the "story" being told - in other words, the context of what you are transcribing. Context is the transcriptionist's best friend as far as resolving ambiguous or difficult words and phrases, alerting you to omitted dictation, and alerting you to possible errors in what thought you had just heard.
6. Proofread as you go to minimize proofreading after the report is completed.
7. Spend only a reasonable amount of time on lookups, especially early in the report. You will often hear the confusing word or phrase more clearly later...provided you remember the blank you had earlier!
8. Discover "the zone". The zone is a mental state in which you are utterly focused on the dictation, almost like a trance state. Human beings are NOT MULTI-TASKERS! You cannot think about a million other things while you're transcribing and hope to achieve either quality or quantity. When you transcribe, transcribe and forget your personal problems. When you're dealing with your personal life, forget transcription.
9. Relative to #8, try to crate a physical space for transcription in which you are dealing with minimal outside distractions.
10. Use a GOOD PROFESSIONAL HEADSET. Most transcription companies distribute garbage earphones. Try a good noise cancelling headset such as the Kensingtons sold on Amazon.com for about $30...and don't let the price fool you. They're great.
BONUS TIP - POWER SESSIONS: If your scheduling permits, you will be more productive in four 2-hour sessions separated by a significant break period than in fewer longer ones.
I discovered power sessions when I was transcribing and attending college. It happened one semester that I had a class in the AM, one in the afternoon and one in the evening - that's the only times they were offered. So, I transcribed early AM, mid-AM, early afternoon and early evening, 2 hours each. I was never so productive in my life. Why? Less fatigue factor and a fresher mind. I really whomped the daylights out of the work for 2 hours at a crack, and then I got up and went to class, completely concentrating on something else. Then, on returning for another power session, it's almost like starting a new day.
The point is, 15- and even 30-minute breaks do not give you this fresh-start advantage.
A number of the people I supervise have improved their productivity dramatically simply by implementing the secret of power sessions.
Good luck!
Lots of other factors too. They might need MTs with specific specialties or high-speed only or FT o
It seems to go in waves. Lots of radiology jobs, then none. Lots of operative note jobs, then none. Lots of oncology jobs, then none. Then lots of openings again.
I just got high-speed in my subdivision; I think this will open a lot of doors for me that were not open previously. Dial-up only hurt me pretty bad in terms of who would hire me. Could not get flat fee long distance either, so I was a recruiter's nightmare. I was ready to move. Now I can get both through Comcast. Doing the happy dance in MN!!!
MT income
I am at #6, but have been an MT for 30+ years.
But for those who need FT income...sm
I can see how that could be a problem for some. It is my intention to get a PT job, and if I don't get enough work, find another to fill it out; then, who ever pays best for the best work and least hassle WINS. However, my DH is the primary wage earner around here. My income helps, but we don't require it to live.
income
I live in New York, have been doing MT for 15 years and during all of that time I have needed to work 50 to 70 hours a week. I started on working mostly from tapes. When the dictations started coming through the computer and I started using word expanders, income went way up. But so has my rent - used to be $750, now $1100. And my son eats a lot more at 14 than he used to! A few years ago I started working for 2 services for extra money... but now I couldn't get by without 2 jobs. The first job used to pay well, but with a combination of a new platform and VR, plus being transferred to a different account at a lesser line rate, I make thousands less from them than I used to. I am changing companies. Would love a 40 hour work week but don't think it's possible.
40,000 not low income
maybe with 10 children.. I know of one circumstance (in my state, and some others) where a person can make a decent amount of money (sky's not the limit, but 50,000 range is OK) and still get Medicaid. It's a program for working people with disabilities, whose medical expenses are extremely high and would not be covered by regular insurance - including services of home health aide and transportation to medical appointments, equipment, etc etc). I am on this program (which I was not told about by Medicaid workers, had to do my own research). So I am in the curious position of receiving government assistance (Medicaid only, not food stamps or disability payments) and working/paying taxes at the same time.
Likely the OP is not in this category.
Income Tax after Death
I have a friend whose mother passed away in March of this year. She was an IC and thus earned income right up until the time of her death. Is her daughter now responsible for filing an income tax return and/or paying taxes on this income? I know an accountant for her would be handy in this situation, but I thought I might get some opinions here as well. Thanks!!
Disagree - it is NET income
You pay your social security on your NET income not your gross, after all your deductions and look around you will find them. Also you are only paying 7.5% MORE than if you were an employee. Again, as an employee you have the convenience of someone controlling and withholding your income tax while as an IC you do it. I have more usable income as an IC than as an employee because of my deductions. If your husband is working have him take one less deduction or have them hold out a specific amount that will offset what you make, they will do that and that way you don't have to worry about paying quarterly taxes. The IRS doesn't care who pays as long as if you are filing jointly the tax has been paid.
He can't cut his income intentionally.. sm
It's written into the divorce decree (if you have a halfway decent attorney) that income cannot be reduced.. and even if it is.. the child support and other payments remain the same as ordered. Been there...and done that..
Monthy Income
I would like to know what short cuts "nm" is using in order to make $60K a year. Maybe that will help us all make more money. Thanks.
Yearly income
I have three 1099's here in front of me -- one for 24K, one for 13K, and one for 5K. My W2 one is for 14 almost 15K. I did work without 1099 in the amount of 3K. The reason that my average goes down on the IRS forms is that after all my business deductions -- which includes my health insurance and 401K and Self employed retirement fund, mileage, supplies, etc. it goes down to less than 20K. Believe me or not, but it is possible and I still have time to go on the boards. I do not work 60 to 70 hours per week.
I have my own accounts and my income
was around $38,000. That is around $3,100 a month. I work M-F and usually work 8-hour days, though there are times I need to put in an extra hour or two on the weekend or in the evening when the work is really coming in. If you work for someone else, that person is charging at least 3-4 cents per line over what they are paying you in order to turn a profit, so if you are making 7 cpl, you can bet they're charging at least 11 cpl, if not more. At 11 cpl, if you can achieve 1400 lines a day, that would be around $3000 a month. That would be 175 lines an hour and that is not an extraordinary amount for an experienced MT with Expanders and other production tools in place. I would venture a guess that most saying they make that much have their own accounts and those making less than that a month work for someone else.
Low income housing?
My sister is getting divorced and wants to move into this place that bills itself as "low income". They told her they would take 30% of her income. BTW, she is also an MT. She says she makes about $1350 a month, but has a van payment and various bills. I am asking on here because the place won't answer any of her questions right now. She needs to be moved by the 15th of March. I am wondering if anyone knows how they can take over $400 of her income and still call themselves "low income" that doesn't seem fair. I knew a lady that lived their with one child and paid less than $10 a month. I mean what about her other bills? She has 4 little children (twins 4, and 6- and an 8-year-old). I hate to see her move in there and overpay. My mom and I don't know what to tell her. She's been through quite an ordeal already. Any help would be appreciated. Thanks! Aunt Maria
annual income
Watch out, you will be accused of being childish from the same person who refers to "some" fellow MTs as unfortunately not having a brain. Hmmm, pot calling the kettle black? That was so rude and so not called for.....is that necessary!
20K is my taxable income
Boy you guys do not know how to read financial statements or know the first thing about running your own business. That is my taxable income. I start out about 55K and end up paying taxes on only 20K if that. I support myself in a very unique lifestyle living on a floating home. I contribute 15K to a my own retirement fund. I have NO debt. And I probably spend no more on gas than if I were working at a hospital but I get to deduct the mileage which is a good deduction. The only outlay that I have that I would not have if I were working for someone else is supplies -- sticky paper and toner. I have looked at employee versus IC or business owner and I am so much more ahead financially doing it this way. A lot more usable income. And I only work 30 hours per week even with deliveries and pick-ups. So before you speak, learn how to realize what is net, gross and taxable income.
loss of income
I think this is happening to many of us in this profession. I am making two thirds of what I made 13 years ago and there is no way to get clients in my area as one hospital went out of business, two merged and gave the docs laptops and the largest only uses one service and has a 10 year contract but I have heard they are giving all new doctors laptops too. The hospitals in my area own most of the clinics, family meds and speciality offices too. Time for me to think about something else.
income taxes
Hi - Now working as an IC. Can anyone tell me what form or format you use when filing your taxes to list deductions from work-related items. Would appreciate any help on this. Thanks
Income potentials...
There are so many variables to that, but since no one has posted yet...
I think the average for a newbie (which you will be starting out until 2 years) is around 5-7 cents per line. The average after your "2 years of experience" goes up to about 8-10 cpl. There are so many variables, and every company is different. Of course, if you were to be running your own business, that is another story altogether, which maybe someone else will respond to (as I have no idea on that). Most companies require between 1000 to 1200 lines per day (full time) to 5000 to 6000 (part time). That is my understanding as a general rule. I'm not an expert, but that might give you some idea anyway. There is a website/magazine called Advance for HIM. They have a salary survey on their website for MTs you might find helpful.
Hope this helps!
Rae
Just report your income
Keep copies of your invoices, and just report your income from her. Some do not provide 1099's. It is your responsibility to keep track of your income and report that.
Still if she has $11-22K a month of income - sm
you don't think that is enough to pay all her bills with some left over for herself? What is her equipment made out of? Gold or some other precious metal. Most call in systems run $5-10K, even if she has 5 of them I would think she could have them paid off in a year, 2 tops; granted I do not know how long she has been in business but with 44 clients/accounts I would guess it has been a little while. If she is working out of her home then she has her "home office" deduction, if she rents an office I would suggest finding something cheaper obviously. It is just hard to comprehend that she has $11-22K a month in expenses; how many QA people does she have? What is she paying them, hourly or by the line? Are they cheating her if paid hourly? She definitely needs to do some restructuring/reorganization in order to keep afloat. She doesn't give any details so it is a little hard to give her a sensible answer, we can only guess and she will have to see what fits and what advice she finds useful. If her 44 clients barely produce 2000 lines a month, then that is $8800 a month for herself to pay bills, QA, attorney, etc. That is a much slimmer number but that is still a high cost to doing business, $105K a year, just does not seem right. But again we do not know details and can only guess.
Variable Income
You are so right. Maybe we need to stick together and ask for hourly wage that is fair to us and to the hospital/clinic/private office, benefits that mean something, and all work our shifts. If some of us don't keep up then we will get fired! However, the rest of us will all benefit immensely and be fairly treated. It seems in the world of transcriptiion that we, the transcriptionists, always get ripped off. Consider that my husband has a "regular job" and has had yearly cost of living increases, bonuses, etc. forever. By my estimation, my pay translated into hourly has gone down considerably. Twenty years ago the hourly offered for our services has never changed one iota and now that we are home not only did it go down (unless we skip lunch and work over) but we have lost all our benefits unless we work for cheap line counts for big nationals. I am tired of them taking all of my money, are you? It is just like the health insurance racket. They have all kinds of "middle men" who get their piece of the action from the people who really do the work. My husband's share we pay for our benefits has gone up, his company's share has gone up and the offerings have gone down. Why? There is no real need for middle men. All they do is drive the cost of things and the real workers get it in the neck or other body parts I won't mention because I am a lady. Face it, doctor's don't even know we exist any more. There is no personal factor. I don't need constant affirmation, but it was nice when the doctors I transcribed for vaguely or not so vaguely knew who I was and respected me and my integrity and realized I made some contribution to their practice by my careful attention to detail. They also remembered that I too worked there when everyone else got a raise. I guess I am done now, but this gripes me so much and we all continue to sit here and type and nothing changes. Somehow others have insinuated themselves into our transcription business and are pocketing all the profits and calling all the shots. Some days I feel like a rat in a wheel.
#2 is a good income but
//
taxed on net income
You take off all your deductions and pay the SS on the net business income. Then you take that income, deduct half of the SS, your personal deductions and pay federal income tax on that net.
Income after deductions.
Income after expenses is what you are given credit for making. If you grossed $40,000 and had $10,000 worth of expenses, you made $30,000. This is your taxable income and what is credited as your social security income.
MT, whenever I see someone saying a good income isn't possible SM
I immediately suspect that person is still typing most dictation out slowly and laboriously, letter by letter, word by word, like in the old days. Not as bad as trying to do this work on a Selectric, making corrections with Liquid Paper, but still way behind the times.
I have over 37,000 entries in my Expander program--words, phrases, paragraphs, whole report sections, and macros--and I'm still trying to catch up with people who use a lot more.
But just for instance, two Keystrokes are what it takes me to separate a run-on sentence into two and start the new sentence with a capital "The." My ShortHand knows I'm not really computer literate, so it recorded the strokes I use to type that normally and asked me to give it a name. I chose ".t"--the two keystrokes.
"Dr. Samangaranapour" is "drsam." And so on. And on.
For a slow typist, with the help of my expander I'm now record-breaking fast by the old standards.
And that's how it's humanly possible, and why so many people are still making good incomes on the current pay rates.
Since 2000, my income has gone down sm
every year and I am working more hours. That's it in a nutshell.
Income Taxes SM
I use an accountant for my taxes and it is well worth the money. One time I had an issue come up with the IRS and the accountant handled the problem for me. Also, the taxes are more complicated than if you are an employee somewhere. Good luck.
supplementing my income
 I decided to apply for a U. S. Census 2010 job, took the test, and was hired. Hooray! Training starts in my area in a couple of weeks. It's just the thing to supplement my MT income. Depending on where you live, there are still lots of census jobs available. The census bureau has already hired 140,000 census-takers and is planning to hire at least that many more. In my area, the pay is $12.50 an hour. It depends on your area of the country as to how much you make. You have to commit to 20 hours a week for a minimum of 10 weeks, maximum of up 10 months. You can work up to 40 hours if you want. That's what I'm going to do: Census 40 hours and MT 20 hours. Personally, I can't wait! I'll get to do the 2 things I love the most: walk and talk.
How much did your income fall?
NM
income drop
My production is about even with SR/VR as straight transcription, sometimes even less (the reports come in that full of garbage). Hence, with a rate per line decrease, my hourly pay dropped to 1/3.
Not for long. I just won't lay down and take that sort of abuse. And I do consider this situation abusive.
I have yet to find anyone that I can verify that that they are producing double, let alone triple their usual transcription lines per hour.
Is anyone doing anything else at home to supplement MT income?
I need some ideas. Besides running out of work, I am on burn out. Please give me some ideas to make some cash at home w/o going back out into the workplace. I thought about e-bay but I don't have an ongoing product to sell.
Thanks!
I took on PT job with another company to supplement income
and then the national I work for gave me a secondary acct just the other day which I have yet to learn. Now, I will be soooo busy that I am afraid my work will be compromised.
Not to mention that I do not really know if the secondary acct will give me the work load I need to fill up an 8 hour day. I have set up two computers...swirling around in my chair when one job is out of work and typing on the other job.
What shall I do? The big money (and benefits) are with the national. I am already beginning to get tingling in my hands after only two weeks with the new PT job (electronic medical records, 12 cpl, IC status, about 2-3 hrs a day - which is time consuming in that one is required to go into and out of many fields and the actual typing is a one to two liner except for consultations).
Should I quit PT job and not take the chance of hurting my QA score? Or is there a good chance my secondary acct will be out of work for the majority of the day?
I really dread putting all my eggs in one basket (with just the national) with the many uncertainties in this business.
Does anybody sell on e-Bay to supplement MT income?
How hard is it. Are you successful. I've been thinking about it and wondered about other MT successes. Thanks
Sometimes it's not the income that's important - it's that you were THERE. Sounds like you
Just get rid of this ball and chain. Remember, when you "get off the train" at a man's station --- that's where you are stuck.
If that station isn't where you want you AND YOUR KIDS to be, even if you just leave with the clothes on your back - LEAVE.
You know in your heart if his lifestyle is what you want for your children. If it isn't, then first get away from him. Men are the biggest energy vampires in the world. They will suck the life right out of you.
Unfortunately editing VT will always be a loss of income for the MT.
s
I try to spend a month's net income.
It's always in proportion to what I make.
We split the amount in half and spend half on gifts for us and the other half we spend on a needy family. I let my boys make that decision years ago when they were young and I took them to our outreach program. They wanted to do that and we have stuck with it.
But our income for the year is a little over 200K. nm
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