I do medical transcription from home. Yes, you do have to be careful there are a lot of rip off "training" companies out there. If you join some of the MT lists on yahoogroups there are some really nice people there who can give you a lot of advice on how to pursue it.
I didn't go to school for it but had a medical background also. If you work for a company most of them do require you to work and be available certain hours, but you can work from anywhere in the country. I just do it independently as a contractor and can set my own hours. It is nice to be flexible, but I do find myself working lots and lots of nights and weekends as it is easy to get distracted.
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