The Pros and Cons of Starting a Medical Transcription Business

nurse holding medical records
Hero Images/Getty Images

Medical transcription involves taking recorded reports from doctors and medical professionals and transferring them into written documents. If you are considering this business ideas, here are the pros and cons of starting a medical transcription business.

The Pros of Starting a Medical Transcription Business

Some of the reasons you might want to start a medical transcription business include:

  • You can have a flexible work schedule, and work as much as you want.
  • You have the potential to create long-term relationships with your clients.
  • You get to put your organizational, detail-oriented qualities to work for you every day.
  • The more experienced you become, the quicker you will be able work and the more you can make.

The Cons of Starting a Medical Transcription Business

Some of the potential challenges you might experience when starting a medical transcription business include:

  • You'll need to be licensed as a medical transcriptionist from a certified training program.
  • You need a broad understanding of basic medical terms and jargon.
  • You must be a proficient typist, with good grammar and research skills.
  • You need to meet deadlines and follow formatting requirements.
  • You need equipment, including a computer, printer, transcriber, reference books and specific software.
  • The work requires strict compliance with patient confidentiality requirements.
  • It's all computer work, which can put a strain on your eyes, wrists and back.
  • There are some work-from-home scams in the medical transcription field you need to be aware of.

Recommended Resources

  • Getting Started with a Medical Transcription Business