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.
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