Realistic Income Expectations??

Hi guys!

I am a mom who currently runs a very financially successful home daycare business.  I am looking for a change and considering MT.

After much research I am still unsure about the REALISTIC income that can be made doing MT.

I will be working 6 hours a day - no kids, no interruptions etc.  How much can I really make a year as an independent contractor from home?  I am very familiar with medical terminology etc and plan on taking an MT course.

I would really appreciate a response.  I don't want to give up my daycare and spend money on a course only to find out later I have wasted my time and money.

Thanks!

• Realistic Income Expectations?? - missybb
  • Okay, say right off the bat by some miracle - sm -
  • Rough estimate. - Camdon
  • If you run a very financially business - Judy
  • Income potentials... - Rae

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   Based strictly on what you've posted, it sounds like the Co in question either had a change in agenda and you were conveniently in a position to be moved out or they were not entirely clear with you on your performance to date.

     If an MT is doing the job and getting positive feedback and then loses the job over a single initial effort on 1 provider, something is wrong, no matter how many years experience you have or don't have.  It might be that their needs changed and a decision was made to throw you off the deep end to see if you could handle it.  When you could not, they made a decision not to invest any more time in you and to go with someone more experienced.

     If this is the career you really want, you need to really learn from this experience, keep banging on doors and be willing to sacrifice to get another good start.   When that next position comes up, ask lots of questions about how you are expected to progress (since you are less experienced) and if they have specific goals for you to meet as far as difficulty level and production go.  Be open and willing to try any whatever they want to throw at you (it really is part of the job), only with the mutual understanding of whether you are expected to be proficient instantly or will have a learning curve for the more difficult dictation. 

        Chances are, this loss was not as much about you as the company and its lack of clarity.  If that is the case, quitting your career choice over it would be a real shame.  Let it make you stronger.

Usually when working as an IC for a service, the service has the IC sign a contract.  I'm kind of surprised they didn't have you sign your life away when you started working for them.  However, not having a contract may actually work in your favor on this issue, because now you can negotiate your terms for working holidays or working extra on your days off.  And you can in a nice way say you've been meaning to get them a copy of your standard contract and now would be a good time to go over everybody's expectations.

I have a 3-year-old and work around him.  I try to get up around 6 a.m. and get in 2-3 hours of work before he wakes up.  I do another 1-2 hours during his nap time.  I finish up at night after DH is home.  We are also at this time trying for baby #2 - I CAN"T WAIT!! 

All three of these are companies.  I don't have my own accounts.  I work as an IC for these companies.  I work for FutureNet, DTS and GIS.  Maybe you should look around more.

On the flip side, does your employer have any kind of disciplinary (for lack of a better word) procedure in place for MTs who consistently fail QA reviews?

Finally, what do you think the consequences for constantly failing QA review should be?

Thank You!

but I am really getting frustrated.  I left a company who bumped me off my ERs (which I did for over a year and were my 'bread-and-butter', and the more I complained or asked about it, the worst dictation I got, etc.  This was a change of management in which that company went down-hill fast, anyway, as far as the treatment of MTs. 

so I left, and now at the 'new' company I am still doing 5, 6 accounts.  Forget ERs, I am told. 

the question is, I am working on so many accounts, and even accounts with different management, different QA.  I am embarrassed to mention I just did a report using the SPECS FROM THE WRONG ACCOUNT.  Luckily, I had sent the report to QA, but I get a note from the QA like 'read the specs' (stupid) is how it sounded.  Yeah, I did, but for the wrong account. 

these companies do not see how making people work on so many accounts is going to be huge negative for them in the long-run.  they risk mistakes like this, not me. 

how does one keep it all straight, and why do we have to?  the only people who are having success, are people who will take any kind of abuse, it seems, and are just making the best of it.  does that mean only the aggressive will survive in this business? this gets more ridiculous all the time. 

not to mention, pay and money - LIVELIHOOD - severely diminishes the second week of pay-week.  anyone else notice that?  first week I am flying on the primary, second week in I am like getting scraps, working on 4, 5,6 accounts - there goes all I worked for in the first week. 

so these ladies typing 300+ lines/hour and making $50 thou a year, like so many boast on here, how,where, when ????  I am not getting it, and I am a 99-100% quality MT, working 35 hours/week.  every company I have worked with, my paycheck is totally dependent on the manager, period. 

on her own and definitely cannot expect to earn $50k! 

EMR is coming whether you like it not and whether your doctors are older or not.  Eventually the older doctors will retire and the new generation coming out of medical school are products of this technological age.  There is no stopping it.

I am at #6, but have been an MT for 30+ years. 

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.

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.

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!!

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. 

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.   

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.