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With health issues and retiring baby boomers on the rise, the home medical transcription service is one of the small business opportunity benefiting from increased health care demands. Association for Healthcare Documentation Integrity (AHDI), the medical transcription industry is currently a $16 billion dollar industry. A study by the Medical Transcription Industry Alliance (MTIA) found that the annual market growth for this business is expected to be 15% - 20% over the next 5-10 years. Those are some staggering numbers.

The US Department of Labor supports these findings by estimating a 14% annual growth from now through 2016, which is higher than just about any other occupation.

There will be an increase for outsourcing this work internationally since the job can be completed at home and work can be delivered online. As the Internet has become more secure, countries like India, Pakistan and the Caribbean have become popular places for at home job seekers to take advantage of this growth opportunity.

While overseas transcription is available, there is a high demand for well-trained domestic medical transcriptionists. That’s because reports transcribed overseas need to go through an additional editing process through a domestic medical transcriptionist. That means more lag time and often more cost. Therefore, those who have the time and ability to perform home medical transcription can earn a nice living without leaving their homes.

Home Medical Transcription Responsibilities

The home medical transcriptionist is responsible for re-writing medical reports and transcribing audio recordings created by health professionals. Medical jargon, abbreviations and language needs to be translated into everyday terms that patients, insurance companies and others can read and understand. Your job is simply to translate the medical language into a more comprehensible, written report.

In order for a hospital to be accredited, they are required to have accurate medical documents, fast. Medical transcripts must have 99% accuracy and the turn around time can affect the patient’s ability to receive continued care from health care professionals. Health care professionals have a vested interest, as insurance companies will not pay clinics and hospitals until accurate and thorough records are received. Without the transcriptionist, medical facilities would lose their accreditation, would not get paid, and ultimately would not be able to run their practice.

Start Home Medical Transcription

Formal training and certification is required, but that can be completed through an online medical transcription course. Most are self-paced and give you all the tools and resources you need to quickly earn your certificates.

Some programs have other advantages, such as job placement. Future MT, for example, has alliances with United Transcription and some of the largest employers of medical transcriptionists. That means when you complete your course, they help you find work so you can start earning money quickly.

In terms of earning potential, the at home medical transcription professional can make $60,000 - $80,000 if they keep themselves busy. Pay is often calculated based on a flat rate for each job, or the amount of hours you put in. Therefore the harder you work, the more you get paid. You may even be able to get a high paying job and outsource the work at a cheaper rate. That way you can get more work done with less of your individual effort.

To learn more about starting your home medical transcription business, visit Future MT. You’ll find a lot of questions you may have under the FAQ section.