Showing posts with label Money. Show all posts
Showing posts with label Money. Show all posts

Work @ Home

With several transcription companies setting up their base in India, medical transcription has become a lucrative and feasible option for those looking for home-based careers

Vatsala Bhatt, a nutritionist in a well-known health club in Bangalore, quit her job two years ago when she had a baby. Unable to move out, she started looking for a home-based career. She found the perfect option - medical transcription.

It worked out well for Vatsala, who now works for about six hours at home and makes Rs 10,000 per month or so. She also gets time to spend with her daughter.

Vatsala is one among the many who discovered the comfort of working from home and be independent. Until recently home-based medical transcription was popular only among US based home transcriptionists. Now it's slowly gaining a foothold in India. That's good news for people who are compelled to work from home, either for health or for family reasons, and also for people who are looking at a second job to supplement their income.

The system here works on two models. In some companies, which offer 'work-from-home' opportunities transcriptionists can opt to work out of home once they have reached the required level of proficiency.

What is medical transcription?

Medical transcription is the process where one accurately and swiftly transcribes medical records dictated by doctors and others, including history and physical reports, clinic notes, office notes, operative reports, consultation notes, discharge summaries, letters, psychiatric evaluations, laboratory reports, x-ray reports and pathology reports.

It involves receiving dictation by tape, digital system or voice file, and using earphones, a foot pedal for start-stop control and a word processing program. It sometimes includes the use of a printer and sometimes a modem. A variety of word-processing systems are used. It requires good listening and language skills, computer skills and knowledge of medical terms.

Read this FAQ for more information

It makes a lot of sense for companies to allow employees to work from home. According to Sreekumar, programme co-ordinator of Spryance, "Greater quality control is possible with home transcriptionists." Boston based Spryance set shop in India in 2000 with the prime intention of promoting home-based transcription.

Acusis is a Pittsburgh based medical transcription company and has recently opened three offices in Bangalore, Mysore and Chennai. They offer home-based transcription work and so far have hired more than 150 home transcriptionists (mostly women) in the three cities. According to the CEO of Acusis, David Iwenski, India was selected to set up their business because of the country's high literacy rate and excellent English language skills.

Acusis has their own software called Acusuite, which allows the candidate to access an encrypted platform to download the .wav files (audio files) and then upload Word files. The software also contains dictionary and glossary of medical terms along with an error-checking module.

Companies like Spryance (Mumbai) and iQ infotech (Chennai) also work in the same way. However, they have no company-specific software. Candidates are simply given user name and password that allows them to access files from the company site. A team of in-house transcriptionists monitors the work of home-based transcriptionists to weed out possible errors.

Home transcriptionists are allowed to retain files for a maximum of six hours from the time of download. The editing starts as soon as they upload the files. It is very important to stick to deadlines. In case of sudden problems, like power failure, most companies allow the transcriptionist to work from their offices.

Says Radha Sridhar, a medical transcriptionist in Bangalore, who opted to work from home after her marriage: "I download my files at about 7 am and start work at 8.30 am after my husband leaves for work. I upload the files by 3:00 pm."

Payment

Transcriptionists who work from home are paid on the basis of speed and accuracy. The pay ranges from 60 paisa to Rs.1.25 per line depending on the accuracy.

Radha says she now earns about Rs. 20,000 a month; more than what she used to earn earlier. "When I worked from office, I used to get a monthly salary. Now I am paid per line."

Once you have honed your listening skills to hit 99-100 per cent accuracy level, you can reach the editor stage, with higher pays and less tedious work. Companies like Spryance already employ home-based editors.

According to Nasscom, medical transcription is projected as the India's fourth largest foreign exchange earners in about five years. If the figures are to be believed, medical transcription will employ more than 50,000 people by 2008. Very good news for people looking out for flexible home-based careers.

How to make money from e-business


Online business is most suited for producers and manufacturers. They can sell their products directly to their customers. Most important, online trading helps them eliminate middlemen to whom they shell out quite a few dollars in terms of commissions. They also save on delivery costs. The manufacturers can pass all these savings to their customers, who get to buy products at a price that is much less than the market price.

E-commerce sites not only increase business but also enhance visibility. They become an interaction point for
manufacturers to receive feedback from their customers. This is why most manufacturers like to have a web presence. They not only generate a useful stream of income, but also come closer to their customers.

Online business also suits those who sell services like legal consultancy, tutoring, travel services, etc. The revenue generation in this case may be limited because services are not products to be stored and shipped on demand; they are a relationship-based trade.

However, any service enjoys two big advantages on the net. The first is reach. You are able to reach more number of people, and if you have a team of people you can work 24/7. The second is costs. It is much more economical to run a website than a physical office. However, to be successful you need to initiate a contact, establish credibility and prove the value of your service.

You can also sell goods manufactured by others, very much like physical retailers but with greater reach and less overhead costs. Since your costs are low you can charge less or run schemes that make the purchase of goods more attractive from your online store.
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You can even make money by directing customers to the manufacturer's site. This form of marketing which is known as affiliate marketing is especially popular on the web. It is a "no-risk" and no cost partnership and helps you make much needed dollars that you can then use to make your e-business grow.

If, however, you have slightly deep pockets you can start your own affiliate program. This means you encourage owners of other websites to route traffic to your website. In return, you pay them a small commission. You can even give them a percentage on sale of a product to encourage them more. As new affiliates join you and you train your existing affiliates your sales go up - and so too your profits.

Another indirect source of revenue that opens up for you is advertising. Once your website earns credibility and has a large target market, advertisers may like to buy space on your website. This is another useful source of revenue that you may reinvest in your core e-business which is selling products or services.
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