How to start your own Medical transcription service business; medical transcription career information.

The healthcare industry represents the world's first trillion-dollar industry. Healthcare expenditures as a percentage of our nation's Gross Domestic Product dwarf all other non-governmental expenditures, and demand for services has never been greater. Demographic changes such as an increased average life span and a rapidly aging population ensure that demand will remain strong well into the 21st century. This all translates into incredible opportunity for medical transcriptionists and medical transcription business owners.

Right now the healthcare industry is undergoing an unprecedented metamorphosis. Increasingly patients are becoming more demanding in terms of both the quality and the cost of the services provided to them. At the same time, large and powerful employers, insurance companies and federal, state, and local governments, frustrated with the inefficiencies of the current system, have joined forces to combat the sharp escalation in medical costs. As a consequence, consolidation, capitation and other important reform measures have taken hold in recent years and are beginning to transform the industry from an inefficient bureaucracy into a dynamic, customer oriented sector of our nation's economy. All of this monumental increase in medical activity will have to be meticulously documented by a growing army of medical transcriptionists employed by a growing body of medical transcription service providers.

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This unprecedented transformation in the healthcare and medical transcription industries is spawning a myriad of new opportunities for entrepreneurial-minded individuals with an interest in slicing off a modest piece of the multi-billion dollar pie. The balance of power is rapidly shifting away from physicians and into the hands of market oriented individuals who can meet the growing needs of the aging population.

Never has the opportunity been greater to enter the exciting field of medical transcription - either as a medical transcriptionist or a medical transcription business owner. Those individuals who are willing to step in with innovative approaches and cost saving ideas will be rewarded beyond comprehension.

You certainly don't need to be an accomplished medical transcriptionist to run a successful medical transcription company. Like any business, it is more important that you understand the basics of running a small enterprise. You must learn how to hire and motivate a team of competent Medical Transcriptionists, and manage client and employee relations. You must also develop an understanding of the basic finance and marketing concepts necessary to the success of your medical transcription business.

The most significant benefit of owning and running your own medical transcription business is the "sweat equity" which accrues to you as the business owner over time. Small business ownership has become the leading path to financial independence in this country. The authors of "The Millionaire Next Door" cite small business equity as the leading source of wealth among millionaires in the United States.

Of course there are also the non-monetary benefits of medical transcription business ownership such as flexibility, freedom, and a strong sense of accomplishment that are fueling the rapid increase in entrepreneurship among disgruntled employees who have their sights set on the American Dream. You should also be aware that many of these same benefits will be enjoyed by home based medical transcriptionists, who are really running their own show at home. Not everyone is cut out to start a business. Many people like the idea of learning the ropes of medical transcription by training and performing the work themselves prior to taking the leap of faith required to start a new medical transcription business. Regardless of the path you take, there has never been a better time to enter the exciting career and business field of medical transcription!

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