Medical Transcription Career Outlook for Nurses
There is a huge shortage of qualified medical transcriptionists! One of the reasons is become MTs are not always properly trained; another is those that are trained don't receive editing training as well.
Another factor is that a lot of people do not realize that the medical transcription career field exists. The work that MTs do is behind the scene; people do not stop to think how those typed reports in the patient’s file actually got there.
In the medical transcription career field, most MTs work from their home. A small percentage works at the location of the facility, hospital or doctor’s office.
Many colleges that never offered transcription training quickly developed classes in this career field because of the popularity it received once it was no longer an unheard of career.
This is unlikely to over saturate the career field because 20 to 30 percent of those that enroll in a medical transcription class will not finish. This is mainly because they did not research the field properly to see if this was right for them.
Others do not have the self-discipline it takes to study from home and become overwhelmed. This usually happens with students who do not have a previous experience in the health care field which can make it difficult to learn if you are not willing to put forth the effort it takes to learn the medical language.
Of those who do complete their training, some are not employable due to inadequate training. Unfortunately, many schools have students who finish and cannot even tell you what some of the common diseases are, and who are not familiar with the tools available to MTs and some can't transcribe even 75 LPH.
Nurses do not seem to have this problem because they are already familiar with the health care language, anatomy, medical terminology and pharmacology.
Jobs do exist for new MTs; however, those with prior health care knowledge will have a better chance of getting into a job position much faster.
Doctors love hiring nurses as MTs because they already know a lot of the important factors. Once they have learned how to transcribe, they make an excellent candidate as a medical transcriptionist.
You will have some facilities that may require you to work onsite for a few months before turning you lose to work at home. However, this is rare in medical transcription. Usually you will start off working from home. You can also work for facilities located in other states because everything is transferred securely online.
Very few medical transcription courses focus on helping the student build strong transcription skills that are beyond formatting and dictations. It is so important to learn how to use the different tools available to MTs to make his or her life easier.
Our school teaches you everything you need to know about medical transcription, including the software side of things, yet we do not include more than necessary.
Nurses do not need to relearn terminology! We give a terminology review and then advance you to the areas you do need to know.
There are some schools that will include materials more than you will ever need to know. This allows them to charge more for the training. However, it also overwhelms a lot of students, and some will simply give up!
Medical transcriptionists that work from home with fall into one of the several categories:
Independent Contractor – This is where the MT works for a company or doctor who does not take out taxes. You will be responsible for paying taxes at the end of the year. Many MTs are able to receive a refund if they keep up with all of their home office expenses, and/or if they have a spouse who works and has taxes taken out of their paychecks. You will want to check with your accountant to see what you can or cannot claim.
Employee – This is where the MT works for the facility or doctor and has taxes taken out of their check. Some also offer health benefits. If they do not, you can research online to find reasonable insurance rates.
Business owner – Some transcriptionists will decide to start their own business and hire other MTs to work under them.
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