Is a Medical Transcription from Home Business Right for You?

by Business Planning & Opportunities Published on: 23 July 2018 Last Updated on: 09 August 2023

Home Business

In 2018 the health care industry became America’s largest employer. As healthcare migrates to a more value-based system there will be a growing need for the right support services.

As a result, many entrepreneurs and individuals are considering starting a medical transcription from home business.

Medical transcription from home offers flexibility, insurance benefits, and can be very profitable. On the other hand, with the healthcare industry changing so rapidly there may be a slowing need for these services.

Another issue is hospitals and medical groups outsourcing these services overseas. You could spend the money starting up a business and growing clients only to see them go away in the near-term.

Make sure you know all the risks and rewards on medical transcription:

Low Start-Up Costs :

In comparison to many other small businesses, medical transcription from home requires very little in the start-up. Many small business owners need to set aside space in their home to be comfortable working but that’s about it.

You’ll need to invest in transcription software which will cost less than $50 per year. In addition, a personal computer with quality headphones will be required.

Add in the basic office supplies you need to work efficiently and you will have successfully funded your business.

In comparison to starting a franchise or many other services, the low initial investment makes medical transcription appealing.

Medical Transcription from Home Can Be Lucrative :

Depending on where you live and the cost of living, medical transcription can prove a lucrative career. Add in the low start-up costs and the tax benefits and you’ll see more of your hard-earned money every week go directly into your bank account.

The median income for medical transcription is almost $17 per hour. But remember, you will be working for yourself and can likely do as much or as little as you want.

For a job with this flexibility and tax benefits, many find the $17 per hour to be a great source of income.

Ideal For Flexible Schedules :

When and how you do your medical transcription is up to you you can even take help from Ditto medical transcription to know how to do transcription perfectly. That means parents with kids and individuals with other needs can have a successful career in medical transcription.

If you prefer early mornings, late nights, a weekend schedule, or something in-between this could be the right career.

Geographically Independent :

Are you a snowbird? Do you love to travel?

Well, medical transcription from home doesn’t mean you have to work from home. Your home office is wherever you happen to be that day.

This gives a lot of geographical independence to people. You can live where the cost of living is lower. Or you can split your time between different areas around the globe.

As long as you have your personal computer and equipment required you will be geographically independent.

Tax Break :

Are you sick of giving Uncle Sam such a huge chunk of your paycheck? When you operating a home business you can deduct your expenses in many cases.

This will give you a break on both federal and state taxes, where applicable.

You won’t just be making good money. You’ll be giving less of it away come tax time.

Training Required :

The required training can be both a positive and a negative for some people. The good news is that the training is a 2-year certification.

You may also want to augment this training with an internship.

But the bad news is you are unlikely to start a successful medical transcription business until you get the required training. You will have to invest some time and money in order to earn your certification.

This means taking a look at the trends in the healthcare industry. Will there be a need for medical transcription 2 years from now?

Will you get the larger return on your education investment? Make sure you can answer this comfortably before you enroll.

Possible Additional Investments :

While the startup to create a medical transcription business is low, you still need to recruit and retain clients. Part of starting any business is a realistic approach to marketing.

You can’t just plug in your computer, earn your certificate, and expect the money to start pouring in.

Marketing may include digital campaigns, business cards. networking, and traditional advertising. You will want to draw the attention of medical professionals who are in greatest need of your services.

This may also include trying to compete at a lower price.

Make sure you factor in marketing while making your choice.

Technical Information :

Part of medical transcription includes understanding complex medical terms and phrases. If you have ever looked at a doctor or a nurse and wondered what they were talking about you know how confusing medical talk can be.

In some cases, this may meed investing in additional books and publications. You will have to have a great grasp on grammar as well as the medical terms you are transcribing.

Luckily, most of this will be covered in your certificate program. But don’t be surprised if there are a lot of terms and phrases to learn when you start studying.

A Declining Need :

Health care is a changing industry. On one hand, health care is growing and employing more of the United States than ever.

On the other hand, technology is replacing the need for traditional workers. As technology continues to evolve there will be a decreased need for medical transcription.

These changes won’t happen overnight though. There is still demand out there.

The Right Healthcare Career For You :

While medical transcription from home is a great opportunity it isn’t for everyone. Many hospitals are even offering massive buyouts to employees as they move toward technology solutions.

So it is wise to learn more about the variety of healthcare careers available. Ultimate Medical Academy helps people learn more and find the perfect fit for their needs.

Starting a business requires a lot of research first, and lead time. Whether you want to start your own business or work for someone else, be cautious and get the info you need.

Now come to find out more about the healthcare services industry.

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Mashum Mollah is the feature writer of Search Engine Magazine and an SEO Analyst at Real Wealth Business. Over the last 3 years, He has successfully developed and implemented online marketing, SEO, and conversion campaigns for 50+ businesses of all sizes. He is the co-founder of Social Media Magazine.

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