Is Medical Transcription a Legitimate Employment Opportunity?
Yes, it is and it has been for decades. It is not one of those widely advertised scams that you would see online or in newspapers like the medical billing industry is plagued with. Medical Transcriptionists have three options when deciding how they want to work:
1) Work inside a practice, hospital, etc.:
if you take this route then you could make the equivalent of $9-15 per hour depending on your skill, accuracy and geographic location. As with any other job you will be supplied with everything you need (including benefits) by your employer.
2) Work as an independent/self employed medical transcriptionist:
This is when you work completely for/by yourself, you take care of your taxes, you sign up and maintain your own client/accounts, you market your services, you provide your own benefits, etc. You'll probably start out at the equivalent of $10-15 per hour (or 6-14c per line) and in time (years) you could be earning the equivalent of $15-$40 per hour depending upon the amount of work, clients and type of equipment that you use. A lot of medical transcriptionist around the nation rather doing business this way (including me) and once you see the pros and cons of the business and speak to a CPA you'll see that this route is rather lucrative and you're the boss. Simply put, you own the company so you do whatever you must to make it a success. Or;
3) Contract with a national company:
With this type of medical transcription you are referred to as Statutory Employee. It is the same as the above mentioned position with the exception that the company you contract with usually pays 7.5% of the FICA tax, they might give you certain equipment to do the job their way and they will assign the workload expectation and pay.
by: Paul G. Hackett
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