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how well is the medical transcription business doing?

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We have a family owned & operated medical transcription company in Maryland and have been in business for over 40 years. Unfortunately, times are REALLY tough now. We were once a thriving company, employing around 20-25 transcriptionists (most of whom work from home, but now and then we would have someone who would prefer to work in the office), and we had all the latest technology available for our clients, including where the dictators could use any phone to call into our phone/computer system which made it so simple for them to dictate, but things are changing. We used to have major hospital accounts, as well as many private doctor offices, but most hospitals are just looking to save a buck anywhere they can, including when it comes to their medical reports. It just seems that so many hospitals are choosing to have their work done overseas because it's "cheaper". Unfortunately, many doctors, as well as nurses, have told us that they have complained because the work they're getting back is horrible - many mistakes, as well as many blanks, and it's very frustrating for them, but they are told they just have to deal with it. We always took such pride in our work, proofreading everything before it left our office, as well as calling the departments to try to get help from the secretaries with blanks and clarifying medication dosages, etc. I cannot imagine having medical reports done sloppy and the "bean counters" not caring. We weren't even expensive, but I guess if the hospitals could get the work done for a penny-a-line cheaper than us, they're going to go for it. I think it's very sad that big businesses (hospitals) choose to send their work overseas instead of keeping it here our country. How many lawsuits have to happen, because of mistakes in patients' medical reports, before people start to question their decisions. Personally, I wouldn't doubt it if the "bean counters" figure that the money they're saving from having their transcription done overseas outweighs any lawsuit settlements. Obviously, the "bean counters" are NOT doctors, they're just people the hospitals hire to save them money. If they were doctors, then maybe they would understand the importance of having their medical transcription done right!

Oct 4, 2013
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The BAF Group LLC

It is tough to get into the business, although there seems to be a strong, continuing need. Getting transcriptionists is difficult, and keeping them is sometimes even tougher.

Jan 17, 2012