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Medical Transcription Overview
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Marketing Your
Business You're just about finished with your training course, you've built up some good transcription speed, and you are confident that you will be a success in your new career -- you're itching to find clients. Have you decided on your pricing strategy? It is EXTREMELY important that you know what the rate range is for your particular area and that you set your rates within that range. It may be tempting to drop them in order to get business or because you are still nervous about your ability to do your first for-pay work. Undercutting the going rate is a bad move no matter what your motivation. If you are honestly unsure of your transcription abilities at this point, don't solicit business until YOU feel ready. Take a couple of months to practice your heart out, and then begin marketing. In your client's mind, inferior work is not worth ANY amount of money. They might take the bait you throw them of one, two, three or five cents below the current rate structure -- but if you produce error-ridden work, you won't have them for a client for long. Do not let your inexperience lure you into undercharging. If there is a range in your area, it's okay to set your rates at the lower end of the scale for now -- but NOT UNDER. Similarly, if you have marketed for a while and have not gained clients, do not let desperation lure you into dropping your rates just to "buy business." The rates in your area probably represent the maximum that the market will bear. Other transcriptionists have inched up these rates through their excellent product and service and it's to everyone's benefit to keep the rates stable. If you do underbid and get a client on that basis, you'll undoubtedly find that the rate is too low and you'll want to raise it. Or, word of lower rates will get around in your close-knit medical community (EVERYthing gets around sooner or later) and other transcriptionists will be forced to meet the lower rates. Levels of service will drop, client satisfaction will drop -- the list goes on and on. Instead of causing price wars (like Wal-Mart and K-Mart and Costco do in the retail world when they blast into a marketing area), MT competition should be based on SERVICE - not price. We are on the wrong side of the coin to want to start price wars! The doctors may love it, but you (and I) have a family to feed, right? You are far better off to stick with the established rate structure and offer your doctors services they want and are willing to pay for. Your first marketing task, therefore, will be to find out the rate structure for your area. This is not as easy as it may sound. For whatever reason, many MT's are very reluctant to disclose their rates to anyone other than an interested medical office. I asked my personal physician for his transcriptionist's name and for permission to use him as a reference when I called her. She graciously gave me the area's range -- but did NOT tell me exactly what she billed. Many transcriptionists will not even provide that much -- you may have to get creative in your search for this information.... but it's information you MUST have before you begin marketing. While your at it, be sure and find out if they are talking about "a line is a line" pricing or if the 65-character line is standard for your area. Pricing can also be done per character, per word (with an agreement of how many characters constitutes a "word"), per minute of dictation, per page, per hour. It really sounds more complicated than it is -- but it is absolutely necessary to be precise when you are discussing your fees with a potential client. There are many good, in-depth discussions about line lengths and pricing strategies on all of the Internet and online service boards - it's a very popular subject and it's well worth your time to research. Be careful, however, in basing your fees on information you get online, unless it's from someone in your exact area. Line rates range from $.08 - .20 across the U.S., and you need to be in your area's ballpark. Once you have found out the area's rates, you need to structure your own fee schedule based on those rates. You will probably want to have different rates for different types of transcription or levels of service. Structuring your rates according to levels of service lets a medical office choose what level they want or need and gives them some control over their costs. You may also need a per-hour rate for work that does not lend itself to being charged by the line, such as creating forms or producing fancy flyers for an office. For instance, I have different rates for:
...and so forth. I charge a premium for quicker service and a huge premium for work I really don't like to do and which takes much longer than medical transcription, such as secretarial or forms production. To arrive at these rates, I calculated what I make per hour on average doing medical transcription and then added a premium as an annoyance factor -- and another premium for stat work. In this particular case since I did not want this work anyway, I didn't care what the going area rate was for this type of work. If you DO want all the work available, be careful in keeping within your competition's range. Now is the time to decide on what VALUES you will offer your clients, including some freebies, such as free pickup and delivery; archiving their data for a year or two; free reprints; free envelope printing; free daily patient logs; data files returned on diskettes; weekend availability; 24-hour turnaround; phone-in dictation system; redundant systems, etc. As a newbie, you should be careful about 24-hour turnaround time until you have a little experience under your belt. Offering it to one client is fine - but if you get three or four clients at once, you will be over your head and unable to meet your promises. You will not be working up to speed for at least three-to-four months and overnight transcription may be more than you can handle. Remember, too, that any agreements you make with your clients remain in effect until one or the other party changes the terms. Don't be so enthusiastic that you offer EVERYTHING "free" -- you will have to live with the promises you make for some time. Start out cautiously! PRODUCING YOUR MARKETING MATERIAL A tried-and-true method for getting MT clients is to send a flyer or brochure with a cover letter to medical offices. These materials do not have to BE expensive, but they should look as professional and attractive as you can make them. There are many software programs and specialty papers available to assist you (and none are very expensive). Many of the specialty papers have coordinating business card blanks, stationery, brochures, etc. PLUS software, so you can produce a very attractive package with a small investment of time and money. The flyer or brochure should highlight the VALUES you are offering your potential clients... what makes YOUR MT service different, why the office should choose YOU. You may want to bullet these values to make them stand out -- emphasize the benefits of using your service. Use good design principles on your flyer/brochure -- lots of "white space", no clutter, just two or three fonts. Keep the text brief, truthful and powerful -- catch their eye -- sell yourself and your service. Do not quote actual rates in any of your material. The phrase "competitive pricing" should be enough. (Remember, you need to be very specific when discussing rates and you could mislead at this point.) Your cover letter should be SHORT, professional in appearance and wording, and clever enough (in a grown-up way) to catch the interest of the reader. This is not the place or time for your resume, although you can encapsulate experience and training with a couple of powerful words.
Run the flyer/brochure and the cover letter through your speller and proofread it until you are positive they are PERFECT. Have someone else whose language skills you respect proof it for you for effectiveness, for grammar and spelling, for eye appeal. It's amazing what another pair of educated eyes can see! You will also need a professional-looking business card, and a Rolodex card is a good idea, also. (Blank Rolodex stock is available, as is business card stock.) It's also a good idea to produce another "packet" of material to drop off at the office WHEN (not if) you get inquiries from your mailing. This packet could have your resume (one page, please) that mentions your recent MT training and any MT work you've done, in addition to your other work and education experience. I included a sheet of personal references (with the names of all my doctor, dentist and nurse friends). You might want to enclose samples of your most difficult reports from your MT training class -- corrected perfectly, of course -- and perhaps a one-page description of the class highlighting its most impressive features. You may want to include a sheet of "standardized rates" with this packet, but do put a disclaimer that suggests your rates can be negotiable. You may also want to offer a discount to new clients (something like 10% off the first month's invoice). A different cover letter could accompany this packet, directed to the person who called you. In it you would thank the potential client for their interest in your service, highlight a few of your most outstanding benefits to them, and suggest that they call to arrange an interview. By all means, offer to transcribe a test tape in this letter. Always, after an interview (even a phone interview), send a note to all with whom you spoke, even if you don't get the job or the contract, to thank them for their time and for the opportunity to speak with them about your business. Leave the door open for future contacts and ask them to pass your name along to anyone looking for a qualified transcriptionist. THE MARKETING PROCESS For my initial mailing, I created a database of all the medical facilities in my area (using the Yellow Pages) then sorted the database by phone number to catch all the medical groups. You may wish to sort by zip code (if you're in a large area) or by specialty, or any other criteria you choose. In addition to M.D.'s, don't forget chiropractors, physical therapy offices, urgent care clinics, hospitals, psychiatrists, etc. Anyone who sees patients and keeps records may need a transcriptionist. You can either send your material to each individual provider or direct it to the office manager. I have found that the office manager generally makes the hiring/contracting decisions about transcription, but your area may be different so the choice is yours. You can also call ahead to the office and get the name of the office manager so the mailing can be more personalized -- and you can use this information for a more effective follow-up call. (You'll have a better chance at getting through if you ask for the OM by name.) Some people think that sending 100 letters at one time gives you a better chance of success, but I find that a little scary if you are seeking your first client. The reality is, you will only be able to handle one, possibly two, clients as a brand-new newbie and if you take on more than that, your quality and production will suffer. I sent about 50 letters in three different mailings and got clients from each mailing. A week or so after your mailing, follow up each letter with a phone call (to either the doctor or the office manager). I dreaded the thought of these calls as I hate the phone and get tongue-tied easily, so I wrote out a little script for myself and practiced it. I made a chart with all the "answers" to any possible question a potential client would likely ask so I wouldn't appear to be fumbling for the answers. I also made a list of reasons a client should hire ME - as opposed to using other services - in case I needed to do some "selling." To my surprise, I found that each office manager was very courteous, kind and genuinely interested in my service - even if they had no immediate need of a transcriptionist. Many volunteered that they would keep my flyer and Rolodex card on file (and the others I asked to please do so), and I even got a few leads of offices to call who were looking for help. By the way, there's no need for you to keep calling these offices once you get a definitive "sorry, we don't need you." Simply go on to your next batch of names and send another mailing. Other methods than can help you are:
THE INTERVIEW - AND AFTER When you get a serious inquiry from a potential client, ask to meet the caller in person for an interview to find out their specific needs and to discuss your qualifications and rates. They may push you to quote rates over the phone and you may sometimes have to, but again, be sure you know what they want. It always helps to see a sample of their actual work; this will also help you know the type and depth of their work. The interview is the time to find out every single detail of their requirements, so you must be prepared with a list of questions for those items that may influence your rate. Here's a starter sample, but you also need to stay on your toes during the interview to listen for other requirements that may not be here. (It may not be necessary to know some of these items until you land the client, but you will want to know them all before you begin work.)
All the standard good advice regarding proper attire, demeanor, etc. while interviewing applies here -- plus. You are not just candidate for a job, you are a business owner seeking a client. You must appear 100% professional, your printed materials must be top quality, and you should take a hand in controlling the interview. Your goal for the interview should be twofold: get a test tape to try out for them, and be given the opportunity to provide a bid for their work. If you have not previously dropped off your packet of material (the one with your references, resume and sample reports), now is the time to present it. Stress the best of your past work experience, particularly as it may relate to MT. Talk about your MT training class if possible, stressing the most difficult aspects of it. Don't be intimidated by your lack of for-pay experience: You have had extensive transcription experience through your course; you have covered all major medical specialties; you have a broad selection of references at home; you are completely confident that you can provide accurate, professional transcription to suit their needs.... and above all, you would love to transcribe a test tape for them so they can see that your abilities measure up. A test tape is also a way for you to find out if you can -- or even want to -- do their work. If the provider on the tape is absolutely impossible, you may not want to start out here. Hopefully you will be able to close the interview with a test tape in your hand, ready to submit the reports along with a bid for their business. Be sure to return the reports from the test tape within the timeline you agreed on, with every report as absolutely perfect as you can possibly make it. You can attach a sheet explaining your blanks -- it may be that they just didn't give you enough information to complete the dictation. You should also prepare a proposal detailing your fees according to what your understanding is of their requirements. Indicate when you are able to start their work, and by all means thank them for their courtesy in allowing you to interview and transcribe the test dictation. Then, plan the celebration of landing your first client!
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