Working at Home as a Medical Transcription or Medical Coder
Is Paying Money to Train to Work from Home a Wise Investment?
You’ve probably by now read many ads promising you that if you take a home study course in medical transcription or medical billing and coding, you can make $75,000 a year working from home. The ads are quite enticing. Often, they include a smiling mother with her hands resting lightly on the keyboard, and a cooperative-looking child is usually seated in her lap. You might be wondering whether or not you too can work at home and make a very decent income to help support your family. Working from home is not for everyone, of course, and if you want to know the truth behind the ads you’ve seen, read more.
Can You Make Money from Home?
Is it possible to make money working from home doing medical transcription or medical billing? The answer is yes. How much will you make? The answer is, it all depends. There are many factors to consider, and typically the ads you’ve seen indicate a best case scenario. It is certainly possible for a skilled medical transcriptionist to make a lot of money working at home, but most transcriptions can reasonably expect to make about $10 an hour working at home.
Variables Affecting Income
In order to make $75,000 as a medical transcriptionist, you would need to be self employed and soliciting your own clients. If you work for a medical transcription service owner who subcontracts the work out, you will probably only make nine cents per line. In order to make a higher income, you would need to program shortcuts into your word processing program or use special software to reduce the number of keystrokes you use. Until you get very good at that, you will likely only be making $2 an hour to start with. If, however, you put enough time into it and can handle the learning curve, you can increase your hourly rate.
Even More Variables to Consider
The amount you make also depends to a large degree on the native language of the doctor who you are transcribing for. If you can solicit your own clients and work for the same group of doctors, you can get very familiar with their style of dictation which can increase your hourly rate. If you work for a large transcription company, you might be transcribing for a dozen different doctors which can slow down your production.
Due Diligence is Critical
If you are considering a home study program, make sure you research the company thoroughly. It can be beneficial to pay more for a program when it means you will have access to a database of employers who are willing to test you for employment. Unfortunately, there is really no other way for employers to determine if you will succeed in medical transcription without testing you. Companies have many contracts and need workers who meet their production requirements.
In many cases, a graduate of a highly reputable home study medical transcription program can work at home after graduating. The well-known schools offer job placement assistance for their students.
There Are Costs Involved
Home study courses in medical transcription can be quite costly. You can expect to pay more than $3,000 for a course that will take about a year to eighteen months to complete. Many medical transcription companies require that potential employees either have two or more years experience in the field. Companies that have partnered with the big-name transcription training schools often waive that requirement for their graduates.
In short, there are plenty of job opportunities that you can pursue which will allow you to work at home in medical transcription. However, the income you can expect to receive from working at home is most often a lot more modest than the ads indicate for the reasons I’ve indicated above.