Small Business Opportunity: Medical Transcription A Doctor's Best Friend
As described by The American Association for Medical Transcription (AAMT), "medical transcription is the act of translating from oral to written form (on paper or electronically) the record of a person's medical history, diagnosis, prognosis, and outcome." Transcriptionists transfer medical voice recordings made by doctors and health professionals into documentation including: operating room reports, autopsy reports, and physical examination documentation.
Currently, over 20% of people working in the profession are self-employed. According to an AAMT study, self-employed medical transcriptionists charge 12 cents per standardized line. Top earners make about $18/hr. Not a high earning potential business opportunity but a flexible and challenging home business for many.
What does it take to succeed as a self-employed medical transcriptionist? The AAMT recommends building a medical and business library, find a local mentor, attend seminars in business and gain experience or education in areas such as: anatomy, physiology, English grammar, medical language, and business practices. Necessary skills can be gained by working for a medical transcription company and obtaining certification from a reputable medical transcriptionist educational trainer.
Driving Force: The U.S. Department of Labor Bureau of Labor Statistics states "the employment of medical transcriptionists is projected to grow faster than the average for all occupations through 2012." A growing, aging population will increase demand for medical transcription services as a result of more hospital visits and medical testing.
Risks: The medical transcription business requires careful execution of health record confidentiality requirements. Any changes in the laws and regulations can affect business profitability. An additional risk is the occupational hazards of computer-keyboard work resulting in eye strain, carpal tunnel syndrome, and wrist or back problems.
Resources:
The American Association for Medical Transcription
Tip Sheet for Becoming a Self-employed Medical Transcriptionist
Medical Transcriptionists: Making Medical Histories
Small Business Opportunity: Trash Removal One Man's Treasure
In this day and age of high tech, trash removal appears to be a drab and unexciting business. Brian Scudamore of Vancouver, B.C. found opportunity in a business lacking in professionalism and good business practices. Scudamore's business 1-800-GOT-JUNK? is the first junk removal franchise with 129 franchises throughout North America. With a friendly, professional image, 1-800-GOT-JUNK is cleaning up the fly-by-night industry.
Junk removal companies typically will remove any junk from furniture and sod to old computers except hazardous materials. To keep dump yard costs low, a good practice is to donate or recycle as much of the junk as possible. Anticipate more business in the spring and summer as junk removal demand peaks. Investments include a clean, professional truck and business insurance.
Driving Force: The main force of the junk removal business is the same change that shaped the painting and lawn care industries; a focus on the customer. Customers want a professional image, exceptional service, and fair pricing. Any industry that fails to meet these essential needs is ripe for change.
Risks: The lack of viable barriers to entry into the market represents a bigger risk. Be prepared to innovate especially if this fragmented industry decides to clean up its act with better trucks, branding, and exceptional customer service.
Resources:
Entrepreneur Success Story: Brian Scudamore of 1-800-GOT-JUNK
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