Medical Transcription Trends

Upon completion of your medical transcriptionist training, the time has come to find a job. It is not easy for a new transcriptionist to find a company that will hire you fresh out of training, but it can be done with the right resources. There are, unfortunately, also plenty of scams related to this industry just waiting to take you for a ride. See below for some tips to keep in mind when searching for a job. 

There are basically two types of medical transcriptionists in the world; employees and independent contractors, which means you are self-employed. Here are the differences between the two:

1. Employee. You are put on the company’s payroll. This means you sign an application for employment, complete a W-4, and other necessary paperwork that makes you eligible to be an employee. You can work either part-time or full-time for the company (whatever you agree upon). Full-time employees usually have all the benefits that in-house employees enjoy, including vacation time, paid holidays, etc.
2. Independent Contractor. In this situation, you basically work for yourself, but contract with a company to work a set amount of hours or complete a set number of lines. You sign a contract that becomes binding. You usually have the option of working part-time or full-time, but do not enjoy paid time off. In this scenario, you are also responsible for your quarterly taxes paid to the IRS.

The reason few places hire new MTs is because they need people who are experienced and can come right in to help on their accounts. With new MTs, it takes time to review their work and give feedback, which most companies do not have the time to do. They work on a 24-hour turnaround time to keep their accounts in good status.