Can you quickly name three things that cost the same today as they did in 1998? Okay, how about one thing? All righty. In that case, here's something that might surprise you: Transcription 2000 Services, a pioneer and standard-bearer of quality in the delivery of premium professional transcription services, has not raised its billing rates since 1998.
Pretty impressive, you say? We agree. We suspect the fees billed today by your attorney, your accountant, your financial advisor and, yes, even your plumber are based on rates higher than they were the year Titanic won the Academy Award for Best Picture. So, yes, very impressive.
Even more impressive, however, is the fact that our transcription services rates have also not decreased during the same time period. And that's perhaps an even more significant story.
When industry pioneer Rita Bartlett Hooper founded Transcription 2000 Services in 1998, it was clear to her that she needed to design her business in a way that would meet and exceed the needs of organizations struggling to keep pace with the constant changes the technology revolution was bringing to all businesses, not just those involved in high tech.
She knew that if Transcription 2000 was to be a vendor of choice in the emerging online digital transcription services industry, the Company would have to be flexible, responsive, and nimble in an environment that was changing every day. Rita Marie Bartlett Hooper understood that the only way to meet that challenge would be to assemble a team of premium expert, seasoned U.S.-based transcribers who possessed both the skill sets, the intelligence and the work ethic to make this all happen -- and then hold on to them.
And that understanding is what led to Transcription 2000 Services' unwavering commitment to set our rates at a level that represent a great value to our clients, but also ensures our premium experienced professional transcribers are paid a reasonable wage that respects the important and often extremely challenging work they do.
As we've talked about before in these posts, it has certainly has not been easy to hold firm with billing rates in recent years, particularly with the increased competition in our transcription services industry, including from the growing number of firms who seek to minimize their costs through the use of low-paid offshore workers. (We've talked before and will again about the quality issues we believe are inherent in those situations, i.e., we're dealing with the English language here, not widgets.)
As noted above, over the years we have never increased our rates, but we have held firm at not lowering them. And, yes, we miss out on some opportunities. However, we strongly believe that maintaining this policy is not only the right thing to do, it's also critical to maintaining our best-in-class reputation in the online transcription services industry.
Said one way: You get what you pay for. Said another way: Being the cheapest doesn't make you the best. Being the best makes you the best.