What is your overhead??
Posted By: Patti on 2007-01-30
In Reply to: Question ... How would you handle this? - sm
Are your MT's employees? What type of overhead to you have that takes up over half of the cpl? I only make 3 to 4 cpl from my IC's and I okay on that. Something is not right here and I don't know if you want justification to cut your MT's or what but I would LOVE to know what kind of overhead you have that takes so much of your money. If they are employees, make them IC's working from home so you don't have to pay benefits, etc. rent office space or whatever. You have a lot more choices than cutting their pay. I also only charge my accounts 12.5 to 13 cpl and do pick up and delivery and do well. I could be completely out of it but again, feel your problem is your overhead and not what you pay your MT's.
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Remind her your overhead has gone up, i.e., the price
x
What ungodly taxes? And what overhead?
The little bit of tax you pay that an EMPLOYER would pay is very small. The other taxes you pay regardless of IC or employee. The difference is IC mails check for those taxes herself. Employee has same money taken from check, the difference is MTSO mails it to IRS, instead of IC mailing it. It all still comes from IC net pay. My independence is well worth the small amount I pay myself that EMPLOYER would pay for EMPLOYEE.
What overhead? Overhead is another word for tax write-offs. EVERYTHING you need to work from home is write-off. Garbage, electric, water, etc. Ofter will find that with all the write-offs, you actually pay less in overall taxes.
I have a hard time believing your overhead
I think you should consider selling your clients to an American-based company and go back to MT'ing. It doesn't sound like you can handle the pressure of being a business owner. I am an IC that makes 10 cpl and my MTSO owner does not mind at all that she is only making 3 cpl off of my 10 cpl, but she does not have to QA my work or do really much of anything, and she's clearing 3 cpl on my 10. Now, if you have complaining MT's, then you need to be more strict about TAT and QA. They should not require you to QA once they've become familiar with the dictations. Also, you need to find a way to also provide 24-hour turnaround. The problem here is that you are only willing to pay 7-8 cpl. I'm still baffled as to the cost of your overhead? Most physicians supply paper, their own dictation equipment. FTP sites do not cost that much. Lot of eyebrown raising ???'s here, that I don't think you are being forthcoming. JMO. Good luck!
I too question you overhead expenses. I work for a company that only gets 11-12 cpl and pays us 8-8.
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You live in a dream world if you think that MTSOs are making money hand over fist. Overhead? Add i
Banks charge about $200 a month for a business account plus .10 for every check deposited and written.
Ten people in an office? At $30k a year, that's $300,000 per year IF you can get them to work for only $30k. Add in 2 editors, an IS consultant, an accountant, a lawyer, rent on office space, checks, stamps for checks, software upgrades, phone lines, equipment for MTs, equipment for office staff, lightbulbs, toilet paper, a copier, a printer, paper, ink, pens, pencils, long distance charges to call MTs and customers, recruiting ad costs, taxes, benefits because most MTs are employees now because the IRS says most should be classified that way, high-speed internet, internet service provider because hotmail and yahoo are free but not professional, email encryption, fax machine, fax phone line, staplers, staples, paper clips, file folders, file cabinets, etc etc etc.
I am not whining. I am just stating facts. Add that to the headache of juggling schedules based on unpredictable workload due to unpredictable amount of people needing medical attention, the headache of billing clients who pay when they want regardless of what your terms are, covering for people who get sick or need time off, and it is not an easy thing to do. I am lucky that I am a workaholic and love what I do. Am I rich? No. Will being an MTSO make me rich? Probably not. Do I make more than I did as an MT? Yes, but at a higher price.
Don't judge until you walk in someone's shoes. I bought a new vehicle this year, a 2005 Ford Taurus, trading in my 1996 Jeep Grand Cherokee and actually had comments made about how it must be nice to be able to buy a new car.
Oh, forgot to say all the phones ringing, overhead speaker blurting out pages, background talking
dictator's cell phones ringing, kids yelling from dictator being at home, machines in the ICU beeping off and on during the entire dictation, saws going from casts being removed nearby, and you can just imagine all the other noises such as nose blowing, sniffling, chomping on food while dictating, and on and on. EXSpeech doesn't like those noises, so the machine lets the MT"s transcribe those YUKKY reports all day long and all night long. Exspeech gets the good guys!!!!!!!!!!!!!!!!
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