My husband also has profit sharing
Posted By: sm on 2007-11-30
In Reply to: Is confusing to me. SM - MTMI
In his case, he has the potential to receive a monthly bonus, which is based on how well this office does sales-wise according to what was projected. This bonus is issued through the regular payroll and is unrelated to the profit sharing, which is a part of the retirement plan (though separate from 401K) and is like a yearly bonus, I think perhaps based on company profitability for the prior fiscal year, so receives it in July, but we are not issued a check for this "bonus" and it is added into the 401K account. When we receive statements, there is a total amount that includes both the 401K and the profit sharing, but it is also broken down as to how much is in each account. I believe he had to work for the company for five years to be 100% vested and I do not think that he was vested at all prior to the five-year anniversary date, though I have worked for a company previously where an employee was gradually vested in increments annually (20% each year or something like that), where if you left the company after, say, three years you would be 60% vested and entitled to 60% of the funds in your profit sharing account, but any time after five years of employment would be 100% vested and, thus, entitled to 100% of the funds allocated to profit sharing.
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For profit versus not for profit organizations
Does anyone know if there is a difference (in salary or benefits) between being employed by a not-for-profit versus a for-profit hospital or medical center?
for every business, it's profit, profit, profit. That's why it's business and not non-for-p
x
Isn't that called profit
They charge the hospital more than they pay us.... yes.....don't understand what is supposed to be bad about that. It's called profit. As far as calculating the lines differently for the MT versus how they count them for the hospital for billing, there is nothing illegal about that and there is nothing that says they have to calculate the lines the same way.
MTSO's profit
Do you know how hard it is to land an account that will pay you 14 to 16 cpl so that you can pay an MT 10 to 12 cpl. It is very hard, if you think it is so easy then I suggest you try to get your own accounts and deal with all the headaches. Keeping only 3 to 4 cpl per line to run the business, deal with all that stress, overhead, etc. is barely worth it to me. Even with the larger companies, by the time that they pay the MT, the QA, the overhead, the benefits, I know you think all the MTSO's get rich but the medium to smaller MTSO's have a small profit margin. Again, I suggest that you try to land your own accounts if you are so unhappy with the pay. Also if you can do 200 to 300 lines per hour, $14 to $24 an hour isn't really that bad of pay to be able to work at home. Yea I know years ago we got paid more but then years ago we actually TYPED more as we did not have the expanders, the computers, templates, etc. Anyway, I do agree that 7 cpl is a little low for very experienced MT's but for some of those that I have had apply, it is too much. Anway, flame me all you want, I don't know what the answer is as but maybe if enough MT's were to get their own accounts and take them away from the larger companies, they could make more, charge a little less than the larger companies. Hey also what happened to that gal that was on line that was going to have the backer to start her own company and asked for all the input and was going to pay the great wages and benefits, have the perfect schedule for the MT's, etc. Did she find out that it was not as easy as she thought? I would like an update from her if possible.
Patti
No, profit is they charge the company say 15 cpl and pay
transcriptionists 8 cpl.... the difference is PROFIT... If they pay a Transcriptionist for 75 amount of lines and charge the company for 100, that is STEALING
If 13 is the lowest you can go and still make a profit,
Whether someone else can afford to charge 11 cents is not relevant. Don't fixate on thta. You need to calcualate all your expenses (both direct and indirect), add to that a profit you can be happy with, and that's your price plain and simple. If your client accepts it, that's great. If not, it's out of your hands, and you start looking for a new client.
estimate on company's profit
The company owner (who got the contracts for us, and we subcontracted from her), charged 2 cents more per line. In other words, if the transcription company paid the MT 9 cents per line for transcribing an account, the transcription company would charge the doctor 11 cents per line. That was in the year 2006 BEFORE we went digital, when we used the minitapes. I don't know whether digital requires more or less overhead.
No, it is only income if you are a reseller and are making a profit.
I had a long discussion with the IRS on this topic because I sold everything that wasn't nailed down in our house. If I had paid taxes on that money, it would have been double taxation because I paid taxes when I first earned the money that bought the item to begin with. I bought the items, used them for a while, then sold the items as if it was a "yard sale". I did not make a profit. I merely resold used items that belonged to me. I had receipts on most of it to prove that I didn't sell for more than what I paid.
It is different if you're selling on ebay as a business, in which case you would have to do a cost of goods sold, inventory, profit/loss, schedule C, and all those other fun things.
Yes, you can make a profit if you pick up and deliver.
You charge them a line rate that includes your cost for doing the tapes, printing, etc. A business person should know how to successfully sit down and figure up their expenses and how to charge a rate that will provide a profit, regardless of how the dictation is supplied. If the client wants delivery, I am glad to do it and charge them a fee for said delivery based on the cost of gas, vehicle maintenance, etc. They either are willing to pay the fee for the delivery or they decide digital doesn't look all that bad after all. Either way, I win. I also do not go to their office every day. I go twice a week and that's fine with them and doesn't bother me since I'm running other errands then anyway.
I would not dump a client that I've had for years simply because they are afraid of technology. I charge them accordingly for tapes because I consider that out of the normal way I do business and make sure I turn a profit, but I certainly wouldn't dump them. In fact, in some ways, their reluctance to move forward with new technology can be viewed as a positive thing because at least I never have to worry about losing them to speech recognition since they won't even pick up a phone to call in dictation. ;)
Yes, I have a call-in system, I have digital handhelds that I supply to clients, and I am well versed in digital dictation. I prefer my clients to use the digital services I offer, absolutely, but I do have some old clients that I've had for years that just don't want to make the switch. Not about to drop a $30K a year client over it, though. I know that eventually, they will come around and try the digital way of life. Until then, I'll gladly collect the delivery fees. :)
Their claim to be 'not-for-profit' cracks me up.
They're making $$ hand over fist at those seminars. Love the photo of the race horses at the top. Bet more than a few of them own some. Oh - and most companies with an LLC behind them are in other countries. Like India and China, to name a couple.
Of course it's a business! Anything that's run for the purpose of earning a profit is a busine
 What galaxy are you on?
isn't it the posting by the visitors here that determine the web site's profit?
just a curious question.
DH is dear husband or any number of colorful adjectives preceding husband. (no message)
;)
I totally understand but if your husband is like my husband... sm
When it comes to something like that, that I usually take care of but for whatever reason I can't, I will tell my husband exactly what to do, but when he comes back - to use your case as a "for instance" - I will ask him, "Did the doctor look at his foot?"
Him: "No."
Me: "Did you ask the doctor to look at his foot?"
Him: "No."
Me: "I told you to have the doctor look at his foot!"
Him: (shrug)
etc., etc., etc.
Your husband may not be like that - I sure hope he isn't. And yes, they should have checked his vitals and checked his foot without being asked. But sometimes you have to be assertive with people. And while my husband attained the rank of major in the Air Force and had no trouble ordering people around, there are times when he should be assertive but isn't. And he is not intimidated by doctors - he started his AF career as an x-ray tech (that's how we met). I dunno....(Rad MT wanders off, mumbling....)
Thanks for sharing... sm
I have friends just starting out in MT (many still in school), and I think this is valuable information for them. I've said the same thing to them all, that if you take this as seriously as you would any job you were doing in an office, devote your work time and attention to it, and do what is asked of you while trying to improve yourself, you will be able to succeed. I have only been doing transcription for a few years, but I can see that I will be here for probably as long as transcription is around.
Thanks for sharing your wisdom...
Thanks for sharing
nm
Yes...That's it! Thanks for sharing what you know. nm
:)
WOW! Thanks for sharing!
I've been trying to build up my Google search links on surgical and radiology sites because I find it easier to Google than to flip through all my books. That one about covers it all! Thanks again!
Thank you so much for sharing this
:-)
Thanks for sharing...
It appears that I am not alone then IF this is truly the cause of my symptoms. I have only been off of Nexium for three days and haven't noticed a significant difference but I know it may just take some more time to get back to where I use to be as I had been on Nexium since the first part of January and I have been terribly sick for several months.
The doctors have all ruled out just about everything they can think of so won't it be ironic if Nexium is the cause of my sickness after ALL the testing I have gone through?!? I don't care, as long as I get my health back. :)
Sharing
I think it would be best not to talk to the woman, because it would just escalate the tension and might get out of hand.
Just let your kids continue to play with them, and when the other kids ask you or your kids for anything, other than a drink of water, just politely remind them that your family has a policy against that.
However, I myself would probably invite them to share Kool-Aid or popsicles with my kids once or twice a week, invite them in for games and toys.
In my entire childhood and teen years, the only thing I ever borrowed from a friend or neighbor were Nancy Drew books, which I always returned as soon as I finished reading them.
We were taught not to ask for things from people, but I realize times have changed. Some kids are still taught that, but many are not.
thanks so much for sharing
I'm adding it to my favorites!
Thank you for sharing!
As tears roll down my face and I sit here sobbing, I want to thank you for sharing this story.
Believe me, since my brother's recent passing (my only sibling) a few months ago, my life was really put into perspective and my goal is to let everyone I know how they have touched my life and how much I love them.
Even my Dad told me he loved for the second time that I remember in my whole life just a few months ago. Now, we both say it every time we see each other or speak to each other. That is a most precious gift to me. While my family was never affectionate, I knew they loved me and my mom & I were always close and said that to each other but having my Dad say this, well, I just can't describe the feelings. I really don't think he thought of saying it to tell you the truth, that he didn't realize it was so important for me to hear it until I got so sick, and I told him about how I only recalled him telling me he loved me once (before he had open heart surgery and was being wheeled to surgery). I guess it just goes to show that people can change and do change - even at the age of 76! :D I love you too Daddy!
Thank you for sharing
Thank you for taking the time to share what experiences you have encountered with those with PKD. It really helps for me to hear what others have gone through and have more of an idea of what to expect.
Believe me I have been reading a lot and I think I have a pretty good basic understanding of it all and what to expect but still hearing or knowing of what others have experienced puts things in a different perspective I think too. I know each course is going to be very individual as everyone is different.
Before I was even found to have the PKD, despite my labs being quite normal except for a couple values, I was so deathly ill and I "knew" I was dying. I was so desperate in finding help. My family saw me wasting away and felt I had little time left until I stopped some of my Rx meds on my own out of desperation and the nausea subsided where I could eat again. It was the most horrible thing I endured for that long of a time. This leads me to believe that the laboratory values are not the end all and that I may be just more sensitive than some and now maybe I can convince the doctors to take me more seriously. When they didn't know yet what was wrong, of course, as a last resort they thought depression. :( I was not depressed (upset, angry, frustrated-YES!) I am a very positive, happy-go-lucky type of person, and that is just my nature but when you are too ill to eat only about 400-500 calories a day for many days for weeks, it takes it toll quickly.I LOVE to eat and I was not anorexic by choice, let me tell you. :)
Again, thank you so much.
Thanks for sharing, I was one of those
who thought MySpace was just for teens to post X-rated pictures and pick up people. I may just look into it, it sounds like a good way to keep in touch. Is there a IM or chat, also? Or just blogs? Does everyone have to join to see your info or nonmembers can see it too? Thanks! :)
Thanks for sharing with us...
It sounds so beatiful and peaceful!! I'm glad you described it for us. I know I enjoyed reading all about it! Just wanted to say, also, that I have often taken note of your posts and how you seem to have a real handle on life and your business and MT. I get the impression that you have had some adversity in life to deal with and have been a strong enough person to come out on top. It's nice to hear that sometimes there is a silver lining somewhere if only a person knows where and how to look for it! Enjoy!!
LOL!! thanks for sharing! nm
x
Thanks for sharing that with everyone! (sm)
At first I thought you were going to say the person you wrote to brushed you off. Anyway, your post has renewed my resolve to keep bringing this issue to the attention of the public. I think the 60 Minutes TV show should seriously consider doing a story about the subject of offshored medical records, not only for the obvious reason of identity theft and loss of confidentiality, but also to bring to light that it has taken an entire white collar profession in this country from self-sufficiency to food stamps in just a few years.
Wow! ... Thanks for sharing this with us ...
and congratulations on your well-deserved success ... 
Thank you so much for sharing your
experience! Now I feel much more comfortable taking the plunge and calling them. This will be great to not have to count my minutes anymore!
Thanks for sharing that....
Until I had my granddaughter (3 years old) I would not have been able to relate to this LOL We watch this show often and I actually find myself getting into the show and plot, even if she falls asleep! 
thanks for sharing
nm
Thanks for sharing sm
There is an old saying, "Where there's a will, there's a way." You were very gracious to share, I hope it helps someone else. We MT's are very industrious. Thanks again! You are probably saving yourself from a DVT, just make sure you get up and walk once in awhile.
Thank you so much for sharing this.
I understand that unemployment wages are based on last quarter of earning and in this job, production has falled as the transition has taken place.
With regard to applying for jobs while on UI (unemployment insurance), is is correct that if a job comparable to the one laid off from is not available, a person does not have to take the job? In other works, I am FT with ins and top tier so I would want to move into a job similar and if unable to, collect UI until I do find one?
This sucks but I agree with the semi-paid summer off. The stress of this job has done a number on me and I could use some sleep. Downgrading my lifestyle will be necessary, of course, and a room mate.
Thank you for sharing....
I found the article very interesting. 
Thanks for sharing!! nm
x
WoW - thanks for sharing
Good resource.
Thanks for sharing that, cause that's what I'm thinking it must be. So
if you had to type each and every report from "scratch", no normals, do you think 200 to 250 lph is a ballpark figure you would hit??
I have no problem sharing nm
My gross earnings last year were right at $54,000. I work for a medium-size national, who is currently hiring but I cannot name because of past comments by previous employees and not wanting to start a flame. I get 9 cpl and have an incentive of more once min is me my minimum, I transcribe 275+ lines per hour, which is I think about average for experienced MTs on a good platform.
Thank you for sharing website
I don't know how anyone could forget. My heart breaks yet again.
No, I don't mind sharing
Work for Transtech in Houston.
no cussing just sharing
a few reminders from the scriptures. Did you see them?
bless you for sharing
we've all been in a mess a time or 2 in our lives nice to year about small miracles!!
I love it, thanks for sharing!
x
Glad we could help - sharing seems....sm
Sharing these types of stories seem to heal and help ALL of us. Keep on keepin' on, sweetie!!! You sound like you're doing FINE!!!
Thanks for sharing!! Loved them.
t
Great tip!! Thanks for sharing! nm
x
Thanks for sharing your creativity.
From one writer to another, I enjoyed your well written poem. Check out www.boomerwomenspeak.com to possibly submit it! 
Thanks for sharing your story! Know that you and your sm
family will not be alone in this endeavor. Will be praying for your little brother (we are the same age!), and let us hear the praise report when you return. God bless you.
Thanks for sharing! Very interesting
article. Now I just can't see straight from the snowflakes! My eyes are too old and tired!
Thanks for sharing, I can SO relate!!
Have a new account which is basically a breeze but for one ESL who is the toughest one I have ever had. So it's nice to know somewhere in the world some other MT is also suppressing a scream!! Hang in there!
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