Medical Transcription Home Business

A medical transcription home business can be started from a home-based office and make a nice income. You will transcribe the dictated recordings of doctors, dentists, chiropractors, physical therapist, and even veterinarians to create electronic patients records. Material can include examination and operation reports, diagnostic studies, ongoing patient progress notes and even material for seminars, journal articles, books and other printed materials.

To excel at this type of business you will need knowledge of medical terminology, anatomy and physiology. Certificate and associate degree programs are easily found to help you acquire the necessary skills.

Seventy-five percent of the work typically comes from hospitals or private physicians offices. Medical and diagnostic laboratories, outpatient care centers and offices of physical, occupational and speech therapist can provide you with clients.

What you should to know about this business

• Start-up costs are about $4500 to $9,000.
• Some medical transcribers charge so many cents per line or charge by the character. Hourly rates run from $30 to $75. (Check with the Association for Healthcare Documentation Integrity for industry pricing standards.)
• Income potential $30,000 to $60,000 or more depending on the number of ours you are willing to work, and overhead.

Ways to market this business

• Contact transcription services for overflow work
• Make direct contact with physicians, health professionals and hospitals
• Producing, a high-quality product will give you valuable word-of-month referrals from satisfied customers

Home business equipment requirements

• Computer, high-speed modem and Internet connection, printer
• Transcribing unit with conversation capabilities to different size tapes
• Word pressing and specialized software
• Business phone line with answering service
• Fax machine
• Reference Books
• Journals
• Pharmaceutical references
• Medical dictionaries and texts

Target Market

• Hospitals
• Private physicians offices
• Medical and diagnostic laboratories
• Outpatient care centers
• Offices of physical, occupational and speech therapist
• Dentist offices
• Chiropractor offices
• Veterinarian offices
• Transcription services for overflow work