Medical Transcriptionist Salary: What can you expect?
Medical Transcriptionist Salary
Many people are curious about what the average annual medical transcriptionist salary is. Considering the popularity of work at home jobs, it isn’t very surprising that there are a lot of questions about being a medical transcriptionist. Anyone who has done a quick web search to try to find a definitive answer to the question: “What is the typical medical transcriptionist salary?” will know that there are almost as many opinions on the subject as there are medical transcriptionists.
What it really comes down to is you.
How far you go in your medical transcription career is really up to you – your work style, personality and personal circumstances all play a part. For medical transcriptionists who prefer to work set hours in an office environment, medical transcriptionist jobs in a doctor’s office or medical facility may be the best option. This will give them a stable income, set hours and potentially other benefits.
But! That’s not the only option!
One of the benefits of medical transcriptionist jobs is the ability to turn your career into anything you want it to be which means you can almost set your own salary
There is no such thing as an average medical transcriptionist salary!
The estimated annual medical transcriptionist salary for someone experienced in medical transcription is around $40,000. However, that is just an estimate. Some medical transcriptionists make substantially more, some make substantially less. Those who make less at medical transcription jobs are generally those who don’t have the time and/or ability to really expand their business or who are only looking for part-time income.
On the other end of the spectrum are those who are making as much as $100,000 per year. These medical transcriptionists are generally those who have a lot of time and energy to dedicate to building their business and, as they do more medical transcriptionist jobs and get more experience, are able to charge higher rates. The less time you spend working, the less you’ll get paid because the less experience you’ll have.
How do Medical Transcriptionists get paid?
There are generally two ways that medical transcriptionists get paid:
- Hourly
- By the line
Unless they choose to take an hourly based job, those who work in medical transcription are generally paid by the line. This is why it’s virtually impossible to name an average salary and why those who work more tend to make more per hour. As you increase your speed, you can do more lines in a shorter period of time which means your effective hourly rate will increase.
How much should you charge for Medical Transcription jobs?
How much you can charge for medical transcription jobs depends a lot upon your experience. The more experience you have, the more you can charge.
The first thing you should do when establishing your rates is to do your research into how much other medical transcription professionals in the area are charging. If you charge too much over their rates you may have a hard time getting clients. However, you also don’t want to undersell your abilities so make sure you talk to medical transcriptionists with all levels of experience.
You also need to take into account how many hours you can work a week, how much you can produce in an hour, and how much income you need to have to meet your financial responsibilities. Once you crunch all those numbers you should be able to establish a reasonable per-line rate.
One thing to keep in mind – and a major benefit of having a medical transcription job – is that you don’t always have to work with doctors in your area. If you live in an area with a low cost of living – which means your per-line rate will probably be low – you can try acquiring medical transcription clients in locations that are substantially more expensive which should result in a higher pay rate. Just because you live in a small town in Kansas doesn’t mean you can’t accept medical transcriptionist jobs from a doctor in Manhattan. If you go this route, don’t forget to factor in the cost of postage, phone calls or other expenses associated with long-distance clients.
I hope this helps you to understand that what you can earn for a medical transcriptionist salary is in your own hands.
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