In general a MT or a QA has to work 8 hrs to 10 hrs in a day. Either you work in general shift or in some special shift timing, each one of you have close to 2-4 hrs spare in daily routine to do transcription at home. Thus there is chance to make second income.

"Second Income" is the one that we always dreamt of and always wanted to make or earn quickly. That is the basic nature of the human being to make best out of the current resources.

Home transcription is the best option as a second income for MTs/QAs in medical transcription industry. In general a MT or a QA has to work 8 hrs to 10 hrs in a day. Either you work in general shift or in some special shift timing, each one of you have close to 2-4 hrs spare in daily routine to do transcription at home. Thus there is chance to make second income.

Some of the medical transcriptionists have chosen home transcription as their full time job. Which is bit risky !!! As they not sure that how much they gona make in a month. It could be more or less. A fixed income always help to plan out expenses. If you are working for a company then its shields you from ups and down in a business life cycle. Hence the best option is a home transcription as a second income.

A lot of people think about starting home based MT, but don't know where to begin. Others worry about failure. You don't have to worry with medical transcription because you can start small and build up your business at your own pace, in your spare time. You don't have to give up a job to start medical transcription at home if you don't want to. That's what is so nice about it.

The Basic Requirement to start home medical transcription are

1) Hardware required for medical transcription
a. Computer
i. RAM – Minimum 256 MB
ii. Hard Disk – Minimum 20 GB
iii. CPU – Minimum 2.2 Ghz
b. Foot Pedal
c. Ear phones
d. Amplifier

I strongly recommend 512 MB of RAM or above as while transcribing a medical report you would require to open multiple application (like medical dictionary, spell checker, word, IE, etc) simultaneously. Hence more the memory you have the more would be the speed of the computer.

2) Softwares required for Medical Transcription
a. Preferable WinXP,
b. Microsoft Office 2000
c. Medical Dictionaries
d. Spell Checker
e. Line Counter application for invoicing

For free line counter application you can drop me a mail at info@rekhatranscription.com.

Important :
Need not to worry about getting work. Just register on www.mthomemd.com and someone would contact you for sure. They are good and reliable on payments. Only issue with MTHomeMD is initial response is late (may be a month), but once they enroll you then there is no looking back.

Medical transcriptionists are in demand.

Transcription services now range from small, one-person home-based businesses to sophisticated, high-tech corporations. Local medical transcription services serve client hospitals throughout the nation. Some medical transcription services now employ both "on-site" and home-based medical transcriptionists. Medical transcription is a career that easily moves across geographic borders.

Many areas of the country are desperate for qualified medical transcriptionists. Fortunately, technological advances have allowed medical transcriptionists in one part of the country to work from home for employers located elsewhere.

Why medical transcription is a recession proof job?

Education, environmental, health care and energy sector are understood as recession proof sectors. The need of health care services is never going to decline. Rather it will increase year on year. Medical transcription being a part of health care industry is recession proof job to be in and has a bright future.

Effect of recession on home medical transcription

This recession will have positive impact home medical transcription (HMT). Most of the US companies are moving towards “home based medical transcription” in order to minimize their fixed cost. Even in India many of the permanent transcriptionist have started doing home based transcription to make extra money.

Voice recognition technology has challenged the traditional way of medical transcription. But due to recession the companies who were planning to buy such application won’t do it now, as it requires huge investment. And now no one has that money to pump into it.

Hence the home medical transcription is right formula for medical transcription service organization (MTSO) to reduce cost, thus giving advantage to transcriptionist.

The fight between legacy Medical Transcription and Voice recognition technology has been for several years. However, the usage of speech recognition technology has increased in medical transcription industry, but it’s not capable of replacing a traditional medical transcription.

The companies using voice recognition technology (like Dragon) transformed the life cycle of medical transcription report and changed the work style of transcriptionist too.

The growth is voice recognition is directly proportionate to growth in home based medical transcription. As the rough draft are readily available with the voice file to be transcribed.

Though correctness of the rough draft varies from physician to physician. A dictator who has good command on English and doesn’t re-phrases the dictated sentence can get 80 to 90 % of correct drafts. Still such accurate reports needs to be proof read. Hence doesn’t eliminate the need of the transcriptionist.

Maybe sometime in the future someone will invent voice recognition technology that can handle all the above issues. Till then businesses will need to use transcription services, particularly for work like medical transcription, where accuracy is critical.

The simplest definition of Transcription is conversion of voice to electronic text form. Medical Transcription is an IT enabled service that requires specialized skills in utilizing Information technology in converting the voice data of the doctors who are in the US, consisting of patient history and medical advises into electronic documents. Medical transcription as an industry in India has shown very encouraging growth providing employment for millions of Indian youth, as well as business opportunities. Medical transcription is one of the fastest-growing professions in the country today, notifies the U.S. Department of Labor. It is ranked #14 in the top 25 professions and is ranked as a #1 home based MT career. The continuous growing demand for medical transcriptionists is attributed to a growing and aging population. Older age groups receive greater numbers of medical tests, procedures, etc. This growing demand is also spurred by the need for electronic documentation that can be easily accessed by providers, third-party payers, consumers, etc.

Time has come for to realize that US financial crisis can affect Medical transcription industry too and will gradually effect transcriptionist wallet. As transcriptionist get paid by MT companies, and MT companies get paid by physicians, and physician get money from insurance companies or from the patients themselves.

The majority of patients don’t have insurance, then it depends upon how much cash do they have?

If the income were suddenly reduced or eliminated, are they prepared? I’ll tell you one thing; Washington does not have a “bailout plan” for you personally.

That’s definitely not going to happen. So there will be no “government lottery.” As hard as it might be for you to believe, there are people who aren’t worried at all right now, why? Because they have no debt! If they lost their income, they won’t lose their home, they won’t lose their cars, and many of them have enough cash to live on for quite a while. Okay, debt free and worriless living is a different topic.

So, what do you think? Kindly cast you vote on the poll……..

Will US crisis affect Medical Transcription?

THE financial meltdown in the United States and general slowdown in the world economy will impact negatively on the call center industry.

We should start preparing for the worst, as American companies that invested in call centers in the India might pull out their investments in the industry.

Where as the medical transcription industry is stable, those accounts servicing the financial or banking sector of the US may be in jeopardy. Medical transcription is one of the services outsourced by US firms.