R.M.
I don't have advice on the balancing act but my mom has been a med transcriptionist for about 20 years now. She had been working from home up until about 5 years ago, too. I know she loves her job, now she works for a hospital doing the same thing, the job allowed her to stay home during the day, even when we were grown and gone. She would start work at about 5am and usually was done by the early afternoon. I remember having to drive the work to her office by a certain time daily.
She loves the job, the work and the pay but I think right now in the medical field there is a push for docs to do their transcription using a program that will eliminate the need for a 3rd party transcription service. At a certain point, the computer will be able to type as the doc dictates. There have been some problems with the program thus far- but when it is up and running, I think it will eliminate the need for many transcriptionists(my mom being one of them). I also think that many of the big hospital accounts that were given to the transcription service my mom worked for now have in-house transcriptionists. Sadly, the company she worked for was unable to keep the accounts that they had. The other transcriptionists either changed careers, or did like my mom did and went to the hospitals that they had previously been typing for through the company.
A lot of info, I know.... and hopefully some of it is useful. Feel free to contact me if you want more info. My mom is one of the few people who I know that have made a career out of med. trans from home.
I will say this, though. The work was such that she was able to keep a 1/2 eye on us. She really had to spend the time working without much distraction. Eventhough she was in the next room, we basically were to leave her alone to get work done. While we a bit older than your son (ages 3-8 at the beginning)it seemed like we were left alone for much of the day while she was working because the job was often full time. BORING!!!!!!!!!!!!!!