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Starting a medical transcription
business can be very rewarding but it can also
be a little daunting, especially if you don't
have any previous business experience.
Unfortunately, a lot of medical transcription
courses prepare you for the actual transcription
work but don't offer a lot of help for those who
want to start their own MT business.
Here are a few common questions:
Do I need to register my business?
Not necessarily. You can always start working as
a freelance MT and file your own taxes at the
end of the year. The downside of working like
this is that it can hinder your professional
image.
Most small clients don't mind writing a check to
Lisa Jones but if you want to go after bigger
accounts it's important to have a professional
image and you should consider registering your
business. There are also some extra tax
deductions that may apply to business owners.
Do I need to open a checking account?
You can only open a checking account once you
have registered your business. The bank will ask
for your business license before allowing you to
open your account.
Can I hire other people to work for me?
I definitely recommend that you do. As soon as
your business starts to grow and you're getting
more work than you can handle is a good time to
outsource some of it to subcontractors.
Subcontracted MT still work as independent MTs
which means you're not responsible for employee
benefits, taxes, etc. You are, however,
responsible for providing them with a 1099 form
at the end of the year so that they can file
their own taxes.
What equipment will I need?
For small local accounts you many not need more
than a mini cassette transcriber. Most local
doctors still tend to dictate this way. If
you're looking for nation wide accounts you can
look into a phone system where you pay a monthly
amount for a toll-free line and doctors can
simply pick up the phone and dictate into this
number. You will then download the dictations
over the internet and send them back in a
similar way.
Do I need an accountant?
Unless you're a tax whiz I always recommend
employing a trusted and recommended accountant.
A good accountant can save you a lot of time and
money. He or she can file your taxes and
important paper work that will need to be sent
to the IRS. They can also help you with what
deductions and savings you can legally make in
your business.
Learn exactly how to start your own medical
transcription business from home with
The Complete
Medical Transcription System - includes
practice dictations, read along answer key, and
all the information you need to build your own
profitable medical transcription business. |
