Are you interested in starting medical transcription business? You got to know what it is so that you can link your expectation with the reality you are going to witness in the market once you start the business. Transcription refers to the process of listening to an audio script then making the information recorded into written form. You have to keenly listen to what is being said and reporting the same in written form in an original way without having to change anything.
In essence, you are not paraphrasing it. All you are doing is making the spoken word into a written one.
Medical transcription, therefore, refers to the process of listening to recorded audio from a medical practitioner and then making it available in written form so that it makes a permanent record on the progress of the patient. It can also involve the editing of documents which have been transcribed using speech recognition computer software. The software may not do it as perfect as needed, and so, in this case, you only got to do editing.
Most medical transcription providers would do this as a business. They are not doctors but are used to do it to ease the work of any health facility in terms of record keeping. For those doing this business, you can either work from home or in a health facility. However, in most cases, the work should be done in hospitals. The best direction to do it is to work independently so that you have your client base.
The business is well paying although a bit demanding. The business is best for those who love working in a quiet environment.
The advantage of starting this business is that its starting cost is relatively low majorly if you are to do the work in your home. Operational expenses like the paying rent are not part of you if you do it from home. You only need essential appliances like the computer and headphones. You also need transcription software which is of less cost, relatively $20 per year. You do not need any storefront.
Checking on the income to expect from this type of business, we can say that it is relatively good. In average, you can earn more than $17 per hour. This is the report for the statistics done in 2016 by the Bureau of Labor Statistics. This can translate to a lot of income depending on the number of hours you choose to work and also the number of clients hiring you.
If you decide to work for only ten hours per day, then you can get about $170 per day. As compared to other businesses, this promises to be a good source of income.
To avoid challenges with the law, you have to get a medical transcription license from a certified intuition of training. You are dealing with lives, and so you are as important as the doctor. If you write wrong things far from the audio, you might end up misleading the nurses and thus putting a patient into danger. This is a sensitive area and so you ought to treat it with all diligence. It is more than earning an income. Life is involved.