thinking about selling my transcription business...
Posted By: seller on 2005-11-09
In Reply to:
 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.
Complete Discussion Below:  marks the location of current message within thread
The messages you are viewing
are archived/old.
To view latest messages and participate in discussions, select
the boards given in left menu
Other related messages found in our database
I'm thinking if I was selling something I wouldn't
point out the bad things about it.
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.)
Vendor for selling what?
The only vendors I know of are people selling things...what do you mean?
Re: Selling Used Software (sm)
You can sell "used software," just make sure that it is legal! If you have one of the large storage packages, 600 MB for a complete CD are no problem. For some dial up users the upload is the expensive part of it!
You may include your registration details in a file and add it to the software package.
Note: You can sell your used software normally ONE time. If you sell the stuff several times (like an FTP client, etc.) this is surely not legal! So check your license gals!
Moving to California and selling a few things
Hi All,
I am taking a long break and moving to California. Yeap that's right I am just up and leaving. So I must travel Lite.
I am in search of a house to rent--so if any of you Californians know of a place I would appreciate it.
I am selling: This would be great for someone thinking of evidently having their own accounts.
C-phone and headset with instruction manual (paid $200)
USB universal foot pedal (paid $100)
Panasonic Cassette transcriber with foot pedal (regular cassette) (paid $250) Great for those doctors still using regular cassettes or great doing general transcription work.
Resource materials:
Medical Transcription Guide Do's and Don'ts 3rd edition (this is the most recent one) (paid $44)
Nurse's Pocket Drug Guide
PDR Nurse's Drug Handbook
Dorland's Pocket Medical Dictionary 27th edition
Sloane's Medical Word Book
The AAMT Book of Style
Stedman's Medical Dictionary (Illustrated in color) 28th edition with CD
The language of Medicine with CD inside
Medical Transcriptionist's Desk Reference (Carolyn Collins-Gates)
CD transcription sample reports
I would like to sell all as one price so best offer.
People selling MT courses certainly aren't going to warn you
"Don't take my MT course, it's ***edited by Moderator*** and you won't be able to get a job afterwards." It's up to the person interested in becoming an MT to do some research about the job before plunking down money for training. If they do, they will learn that in order to be able to get a decent job, they need the kind of training provided at Andrews School or M-TEC, and not to try to save money on "cheaper" schools.
Still say any prospective customer should take "advice" from any company selling a product...
for what it is - a sales pitch - and should weigh consideration accordingly. I know you mean well, Susan, but c'mon - your friendly, helpful advice also lands you a check and all I said is consumer should keep that in mind. Such as, I've got some ocean front property in Arizona for sale - cheap! You can't go wrong with real estate.
Thinking of MT
Hi, I am exploring the idea of MT as a way to fund semi-retirement. We will be traveling, and I'm looking for something that can be taken up and put aside for days, weeks, or months at a time. So my question is, are there companies that let you join a pool and take what they want to offer when you are wanting to work? Or is this a career that you need to be working constantly or you're out? Thanks!
Thinking of MT
Thank you sm, that was very helpful. I do realize MT isn't a simple job. I've been a court reporter for 16 years and thought this might be a fairly smooth transition. May not be the retirement income situation I desire. Thanks for your response!
That was what I was thinking...
I was thinking maybe I wasn't hearing a lot of problems with them because they weren't having a lot of problems! lol That is one reason I was asking because I didn't know if a lot of them were finding jobs or just being tight-lipped about their experiences. Thanks for your response! I appreciate the info. I will check out the other board!
thinking of MT as second job
you know...there is a reason that MTs with tons of experience are asking what they can do instead. By the time you find and finish a good MT course...more and more jobs will have been outsourced to india or elsewhere. It is hard for ME to compete with that 5 cents a page thing...as a newbie it is bloody well impossible. The learning curve AFTER school is pretty long too. Instead of getting into the offshore mess...consider instead taking a course in medical coding. There is a huge huge huge shortage of certified coders. You can train to become a coder at home on your own time frame (AHIMMA has a very good on line course). YES it is tough...so is transcription...but almost any hospital/clinic of any size has at least one opening for a coder. They are not yet offshoring those jobs! YES you need to get certified...that's improtant to get a job. But at least check into coding instead.
I still am thinking of canceling....
There is so much negativity regarding MT. I really think I am going to just cancel the program and at least recoup a little money. I am taking some college course right now and am trying to decide which degree program I would like to enter. But good luck to you.
Thinking about applying but have a question.
I currently work for a small MTSO and have a small account with her but there is not enough work to support myself. I realize newbies don't start off with the best pay and that is fine with me but, if you don't mind me asking, do they start you out with the usual 5-6 cents per line? Is it gross or 65-character? Is work pretty steady?
Thanks in advance for the info.
That may be wishful thinking on your part
I think you've been proven wrong about the community colleges being good. Most of them are closing their MT courses because their graduates can't get jobs. Some of the others are still offering MT but they offer it with all sorts of other classes that have nothing to do with transcription. They aren't doing a good job of teaching people to transcribe though. They do a good job with terminology though, I will admit.
Please tell me about Focus, I'm thinking of applying.
Hello,
I have been thinking of applying to this company since I heard they are willing to hire newbies. I don't have much experience since graduating from my MT program, but really do need to make some decent money.
The only thing I have heard about this company is that they are Indian owned, thus offshore. I do not know anything about the pay, training, benefits, platform, QA relationship, recruiting practices or anything that might make me worry. Please tell me why you would not recommend them, I don't want to get stuck with a bad company. But I also realize that some companies are not good fits for some people.
Please reply here or by email if you like. I just want honest information. Are there other companies willing to hire and give new MTs a good starting chance?
Thanks.
Anyone even thinking of starting school SM
for this field, go to the Main Board and read the post from "I AM DONE" - I didn't type it, but it's a pretty good summary of what an MTs career ends up to be.
Thinking about MT as 2nd job - extra money
Hi there - I have a very sound career holding a Management position making great money, however we are trying to pay off bills and I thought I would pick up a second job. A friend told me about being a MT and at first I was kinda excited to start my research, then sites like this (some of the posts) have scared me. HOWEVER there are a good number of success stories. I think I may continue on, as this will not be my main job, just for extra income.
My question for all of you who are certified. I keep reading about the BIG 3 schools. I don't know who they are, but I was going to go to one of my technical colleges in my local area. Is that a no no in the MT world? I mean, it's an accredited school. I'm just scared that when applying for jobs, they will want those that came from the big 3 that you all are talking about.
If anyone can share information I would greatly appreciate it. Thx a bunch!!!
I was thinking the same thing....what a great way to advertise!!
,,
Does anyone have any experience with TRS Institute- thinking of applying.
.
Amanda, you know what? I sat here all weekend thinking about offering Lisa an IC position (sm)
that might be able to help her out, as I work in 12-hour TATs, but the more I saw the posts left from her, the more I chose not to get involved. I come to this board for the specific reason of offering help, as I feel anyone who truly needs a break should be given the opportunity. However, Lisa has made it blatantly clear that the only opportunity she wants is on HER terms and I actually feel slighted that I was willing to take a chance with someone who comes across the way she has.
Also, I am offended by the fact that Lisa states her first job is "Mom," as if mine is not. Yes, I do WORK as an MT and I work hard at it, but I also am there for every single aspect of my children's lives, including class mother, PTA chairperson, basketball, softball, baseball, dance, etc. I work hard daily for the balance (without the benefit of my wonderful husband) and I MAKE it work for all of us and for that I am rewarded and blessed. How dare someone even critique my abilities, especially as a mother.
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.
Future of MT business
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.
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
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?
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
Agree with an outside school, but I went to a business & tech school. Great experience, better
s
Med. Transcription
I went to MT school through At-Home Professions. I am 20 years old but I guess I was really looking for something that would allow me to have a family when I am ready without having to change professions when that time comes. I started working six weeks after completing MT schooling. I work at home as well.
-Sabrina
CAI Transcription
I would not recommend CAI to anyone. My mother has been a Transcriptionist for 17 years and was absolutely blown away by the inaccuracy of their program. I did try to get into Carrer Step and never received a call back from them. I have heard a lot of good things about Andrews, but it is quite expensive. I just want anyone considering going into this field, before you spend the money, that it is not easy to find a job. When you do find a job, you do not make much for quite awhile. Best of luck in your search for the right school.
transcription
Wow, I had no idea that it would be so intense but this is what I want to do so I'm going to give it a try. Thank you very much for the information
|
