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Start a Home-Based Medical Transcription Business

With medical transcription (MT), you may start and put up your own medical transcription business within the comforts of your own home. According to the Bureau of Labor Statistics (BLS), numerous medical transcriptionists work from home offices, getting dictation and submitting drafts electronically.

Build your client base, enjoy the income and revel at being your own boss.

The Essentials

There are many factors to consider before starting a home-based MT business. It is best to answer first the following questions:

Will I be able to make enough income at home?
Will I be able to drive my business with my set of skills?
How much experience and expertise do I have in the business?
Am I prepared to handle all aspects of the business?
Am I emotionally, physically and financially ready to commit to a business?
Medical transcriptionists with family life must also consider their other duties and responsibilities at home. It is best to talk over the major changes in the home with family members. Topics like office space, overhead expenses and child care are some of the situations better talked over with the rest of the family.

Having a home-based MT business can be rewarding not just for your income but also being able to spend time with family. It is best to evaluate all the things involved in a business and get the family’s approval as well.

The Business

Any type of business starts with a plan that is important for its success. There are many resources and guides over the internet on how to create one. Business plans usually outline how the business starts and where it will go into the future.

The Competition

You and your business will not be only ones offering medical transcription services so it is important to scout what the competition is offering, targeting and how much their current clients are paying. Study them and create a strategy about what you may be able to offer. Take note of the following questions in order to form a marketing plan:

What are the target market’s needs?
What can I offer that the competition doesn’t?
What other services may I offer?
What will be my price points?
What kind of marketing initiative will I implement?
How will I be able to deliver my services?
Will I be able to make a profit?
Instead of taking expensive ads, consider below-the-line marketing activities like flyering, email marketing and making calls and in-person inquiries to potential clients. According to the BLS, the largest numbers of medical transcription employers are private, state and local hospitals. Talk to medical office managers and ask them about their MT needs. Physician’s offices and speech therapists may also be targeted. Don’t forget to leave your business card, just in case.

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