Re: Asking for a raise
- From: JulieW8 <seemysig@xxxxxxxxxxxx>
- Date: Wed, 20 Sep 2006 22:21:00 -0700
On Wed, 20 Sep 2006 22:27:53 -0500, mountain
<mountain.2egtgl@xxxxxxxxxx> tossed a dime in the pot and said:
In economic terms, price is a function of supply and demand.
-- if demand is greater than supply, the price goes up
-- if supply is greater than demand, the price goes down
Assuming the demand for MT services is increasing, but there are only a
few MTs to transcribe the reports, it doesn't matter if MT is a PITA
cost center nightmare for hospital CFOs, the MTs can name their price,
and the hospitals and doctors will be forced to pay.
However, if supply of MTs (offshore and in-country), including the
supply of newfangled technologies like EMR, VR, templates, etc. are
keeping pace with increase in demand, then price will stagnate.
MT has always been a huge cost item that all medical records directors
and CFOs dread when it is time for them to formulate their departmental
budgets. They will do whatever they can to lower or contain this cost.
They have outsourced, offshored, used VR and other technologies to cut
this cost, and will continue to do so in the foreeable future.
However, the baby boomers are starting to retire, and therefore demand
for healthcare services will increase. This increase will trickle down
to MT. But the rate of technological breakthroughs in VR, EMR, etc.
will also increase coupled with increase in offshoring, thereby
negating chances of upward pricing.
IMO, we will have a good 10 to 20 years of stagnant MT rates or perhaps
a slow and steady decline in pricing (bad news for us).
If you are an IC, you should not expect a raise any time soon.
If you work for a hospital or clinic, you can expect increases in COLA,
but don't expect too much.
</transpec3@xxxxxxxxxxx>
Unfortunately, the supply/demand parameters that seem to work in other
industries don't work in healthcare - not just MT, but healthcare.
In a rural area where demand is high and supply is low, physicians
make LESS than their urban counterparts. Why? Because rural areas have
a lower cost of living and therefore the number reimbursement unit
they can apply (which is determined by the community standard) is less
than for urban physicians. This is one reason why it's difficult to
attract physicians to rural areas.
Supply and demand ONLY works when the consumer (demander) is also the
one paying the supplier, and when the supplier can set rates according
to supply/demand. In healthcare, the consumer is not paying for the
services and the provider is almost never paid the "usual and
customary" fee of the practice due to contractual restrictions and
reductions; however, without the contracts, they would have even less
business.
It has nothing to do with MT being a cost center - that's another
issue entirely. The demand for qualified MTs has been high for years -
so why are we talking about stagnating rates if the laws of supply and
demand apply in this industry?
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