Future of MT business
Posted By: Carla Cupp on 2009-03-16
In Reply to: new MT questions - Chani
EMR/VR is described in previous post. If you do VR you are an MT and an Editor with a pay of 3 to 4 cpl. Not my cup of tea but some people may prefer it. You will see the large outsourcing companies send work out alot more often now to increase their profit margin - ALOT. Therefore you are going to be limited as to how much you can make with them. If you earned $2500 a month full time, there is someone sitting in India or the Philippines just waiting to do your job for an average of $239 a month. Bottom line is that saving $$ will almost always be the deciding factor. To avoid that situation, I have gone to a company that hires U.S. MTs only. That is proudly posted on their web sites and companies who post on MT Stars. You get paid more, there is steady work, and it will not be outsourced. That is not to say that the client will not end up outsourcing as a cost saving measure. Try to support U.S. companies and help them to grow. They are the ones trying their best to protect U.S. jobs, not the AHDI. If it is up to them, in the future the MT positions will probably be cut in half or more by 2015.
As far as satisfying work. If you have an account that you get good on, maximize your potential, and earn up to $20 or more than hour - that is satisfying!! And by the way, there is no way your husband could ever guess what it is like to be an MT. Stressful, yes. Boring, no. The knowledge and technology training you receive are invaluable, as long as you can make money doing it. Not so easy these days, but possible if you don't mind changing companies/clients until you find the right fit.
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Future of MT?
I worked in the medical field 20 years ago and often had to hire medical transcriptionists. I remember back then that there was a lot of talk about MT being a "dying field." There have been a lot of changes, but there is still lots of work for MTs. I finished MT school last April and had heard talk about MT jobs being hard to get, especially for new MTs. I was offered a job with a large national about 2 weeks before completing my MT program. I can honestly say it was the easiest job I've ever gotten. Yes, there will be changes in the field but I believe that well-trained MTs will be in demand for quite a while to come. There's a lot of negativity on this board but not everyone's experience is negative.
Future of MT
Thanks LK; i needed to hear that. Getting back into this field is something I am hopeful about; and I know I have a challenge ahead. Do you think this type of work will be available for another 15 years?
Future
With all this new technology, do you think that all clerical jobs will be eliminated?
Like MT but fear for the future...sm
you would do well to read the archives THOROUGHLY on this board. It is almost impossible to break into the field. Then go to the offshore concern board and maybe the voice recognition board. IMHO, you would be better off going into being an ultrasound tech or something similar. Me-- I'm enrolled in nursing school.
You have a great future ahead of you!
.
the future of medical transcription
I don't know what to think! I see postings saying that this field is on its way out, and I see postings from people who are actively pursuing this field. I was really hoping to get into transcription, but I just don't know what to do at this point. Anyone have an opinion?
Is future MT a good school?
I have put out my resume out to a couple of places but because I don't have any training I have been recommended to this school.
Thanks for your input. I love my job but would like to spend time with my baby at home and my husband works shiftwork so I would also like to spend time with him.
Yes, I believe there is a future for MTs who do quality work
You hear a lot of sad stories, but many, not all, of those complaining are just not very good at what they do for a living. That is the main reason why they lose their jobs. It isn't overseas MTs taking their work, it isn't speech recognition, it isn't even electronic medical records. It's the quality of their work. They will never admit it. In fact, they will yell and scream and protest! There are many out there who are doing well and making some good money, and no, it hasn't been going down for everyone. Just remember that there are whiners and complainers in every industry. Medical transcription is no exception.
Looking for honest answers about the future of MT...
I am considering MT (again). I already do some transcription but have never trained for medical.
Many of the posts I've read on different forums are pretty discouraging about the future of this profession.
I am a relatively fast typist (80 wpm, 99% accuracy)and have a pretty good command of spelling and grammar. (I'm sure I could use some improvement.)
I would really like some flexible work from home. I have a child with special needs and don't want to go out to work in an office for ten hours a day.
What is the average pay? Is off shore and voice recognition going to make the profession obsolete in a few years? I hate to invest in training and have it be for nothing down the road. Though, I guess I could look into coding in the future! Maybe there will be more at home jobs in that field down the road.
Many thanks,
Mariah
...now. Might want to apply and get name on a future list
s
Please use the Word board for this in the future.
Thanks.
Future of Medical Transcription due to outsourcing
I am seriously considering Medical Transcription and now wonder if this is the right path to take. I guess there is no way to have absolute certainty, but would like to feel secure about investing time and money in learning the field. I would like to hear from some MT's who are fresh in the field and hear their thoughts. Thanks
You're quite welcome. Feel free to e-mail me in the future :o)
should I get into this business
Hello, I have been researching the medical Transcriptionist field for months. I have applied and been accepted into a training program but am finding myself hesitant to move forward for several reasons. Maybe someone could give me some advice? 1) I am seeing more and more comments about MT work being outsources overseas and I am concerned I am moving into a business that will be dying in a matter of a few years 2) I am concerned I am moving into a business that will take me several years to make a solid living wage above poverty(in building a business) as I read so often of those individuals starving to get started the first 2-3 years 3) In searching several boards it seems that many long hours are being put in by individuals just waiting for work, which actually makes the work day significantly longer. I am just expressing what I continue to read over and over again on several sites and hearing from MT's I have been fortunate enough to correspond with. Truthfully, I am a mother trying to ensure I secure a future for myself and my family. I am not trying to be negative, just realistic. I look forward to your advice
Should i get into this business
Medical transcription is a great business to get into. You set yyour own hours, you can work from home. Yes it is true that a lot of companies are outsourcing overseas, but if you look closely, a lot come back to America because they are not happy with the work. If you start working with a company, you can get the experience of doing your own invoicing, and transcription, you will eventually find the time to go out and search for docs in your area that may need a Transcriptionist and that is howu you start your own company. It is a lto of typing but if you put in the hours you are highly rewarded. I took a second job with a company when a doctor that I got on my own, became a hospitalist. I am trying now to find the time to go and look again for doctors on my own but it is hard, when I have one child at home and one child in school part time. GOOD LUCK
I have been trying business with no response
I have taken one test and did not pass because they wanted a 98% accuracy and I believe that I had a 94%. All the other companies that I have applied at tell me that they want experience or I keep bugging them to take their test. I am now cold calling doctor offices to see if they need anything. I know 3 people in this field that work from home and they did not have trouble finding a job at all. They all started about three years ago though.
MT business from home.
Thanks so much for your help. It's people like you that I hope will answer my emails. I'm going to keep making phone calls to schools locally and online. Thanks again Dee
You don't have to know if they checked on your business.
Good grief.
I don't think it is. I would not recommend this business
to anyone. With all the work going offshore or going to VR and the line rates dropping, or not increasing with inflation, plus all the horrible platforms, etc. it just isn't the business I woulud want to retrain for.
starting an mt business from home
Help - I'm currently looking to do medical transcribing from home but don't know where to begin. I'd really like to talk to someone that can help. I worked at a hospital for 2 years in the orthopedic department as an mt. However that was 27 years ago. I have been with a major airline for the past 21 years which is now bankrupt, so I thought I'd go back to MT. At least that way I'll be home once in awhile. Where do I begin. Thanks so much for any information you can give me. I'm in Northern Kentucky if that matters.
help with starting mt from home business
I don't know what online schools are legit! Any suggestions. I'd like a quick refresher course online if possible. I want to get started now. I'm still going to keep my other job and transcribe part time.
Okay, we believe you. We are also aware there is no guarantee any particular business is going to b
I suggest you research companies carefully before accepting employment. I could have taken a job with a brand new company a few years ago, but understanding the risk, I looked for something with a proven track record. That's still not a guarantee, and I am now leaving the company I'm working for because the current manager is so untalented that I am concerned about the expansion she is currently planning. I don't think she's up to the challenge, so I'm getting out before I get burned. Posting about her here won't convince anybody of what it's taken me years to be able to see by close observation.
Many MANY of those places listed are out of business now, though, so
s
Allied Business School
Has anyone out there actually graduated from Allied and found employment? I finised their medical transcription program on 10/25/07 and have yet to get any kind of job offer. I have sent tons of resumes with no luck. I am so frustrated I can't even begin to tell you. Any suggestions would be greatly appreciated. I just want to find somewhere to start. Thank You. 
Millenium Business Solutions
Anyone out there heard of Millenium Business Solutions? Any information you might have would be great. Thank You
Allied Business Schools, Inc.
 Has anyone else out there taken MT courses from Allied Business Schools, Inc. - and if so - have you had any trouble finding a job?
Allied Business Schools
I also graduated from Allied and I have had a terrible time finding employment. I graduated in October and have yet to start working.
Allied Business Schools, Inc.
I graduated from their course in Aug. 2006. I found employment within two weeks, of course, with no help from Allied. I went to Google and found as many transcription companies as I could and applied to all of them that would let me. I did a lot of foot work.
Just keep testing, and eventually, you will find employment. I know it is rough to get started, but it will eventually pay off. I just got a job working at a hospital on an Air Force base (coincidentally the same base my husband is stationed at), and I didn't even apply for the job. The staffing company that has the contract found my resume on Monster.com and called me. I don't work at home anymore, but it is a steady paycheck.
If you are this new to the business, then you might want to consider working outside the home just to get your foot in the door.
Hope this helps! If you have any questions, you can e-mail me, and I will help you out in any way that I can.
I didn't know Allstate went out of business...sm
Do you know why? I did the AIM program and worked for Allstate too.
If you take an MT program at an outside college or business school, you might just be able to take
s
thinking about selling my transcription business...
 and just wondering if any one has any opinion on interest in that. The person owning the company would make a minimum of $82,500 a year, running the business and doing some transcribing part time. It would be very easy to do some marketing and bring in some new accounts, which could easily push that 82500 to over 100000 a year. I have repetitive stress injury and my doctor has told me I need to find something else to do. I was thinking if there was an MT or a group of MT's (the company is incorporated so shares can be sold) that would like to get together, they can eliminate the middle man, earn retail price for their lines and establish job security, not to mention satisfaction. Price would be around $250,000 but like I said, a group of people could go together to cover that and with a little work in marketing, it could be paid off in three years. The business is about 10 years old and to the point where it is generating its own referrals. It could really go places if someone wanted to spend a little time marketing to a few new hospitals. Any one have any thoughts on this.
Sorry to hear about your lost business. We aren't seeing that.
I'm seeing more business than ever before. I hope yours will pick up. Don't get discouraged.
MBS (Millenium Business Solutions)/Medlytics
Can anyone please tell me, specifically,
what problem there is with MBS? I was just notified by e-mail to fill out their job application and did so. I have been trying in vain since 11/07 to find a job (new grad from LearnTranscription.com) and am getting desparate!! There is a posting that they are terrible, but not really any specifics about them. Anyone worked for them?
MT schools are in the BUSINESS of selling MT courses.
Of course they are going to paint a rosy picture of this career.
Allied is not a very good course, and the MT companies know it. That's why they say they require 2 years' experience. (But they will waive that for grads of the better schools.)
How extremely childish. You are in for a BIG surprise. This is a tough business. nm
"
If you are inadequately prepared, you will be toast. My business is growing.
Please don't put us all in the same box with you. Some of us have nothing to complain about. We're doing well.
You may not like that. It may not make you happy. That doesn't make it any less true. Go ahead and wish the worst for others if it makes you feel better about losing your accounts, but you may have lost them because you aren't very good at what you do.
All we have to go on is what you posted. You are losing work, going out of business, failiing
If you aren't doing well, the wisest thing is to change your situation. Get a better education perhaps. All we know about you is the fact that you have posted that this career is not working for you and some of your friends are also having problems.
How long have you been away? Might need a refresher course from a local college or business school.
s
I'm going to say at an outside source where you attend classes - college, business, or computer
s
I enjoy MT, but I see the writing on the wall. I have started another at-home business....(sm)
I love the tax benefits of working from home, so I have gone into another business. I am probably about six months away from having this business surpass my current income. Once that happens... I am out of MT. Sad, but true.
I don't want to be the last rat off of the sinking ship! (Not that I consider myself a rat, mind you. More like a cute, fuzzy mouse, perhaps...)
Ha ha!
If you can afford it, a college program or business school that teaches it. You'll make contacts,
s
Coding has much more of a future than MT right now. Coding can't be sent out to India and
it requires an active thought process to do it, so it's not likely to be replaced by software. Yet. I bet there's a lot of MT's right now that wish they would have chosen coding...
Agree with an outside school, but I went to a business & tech school. Great experience, better
s
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