Several Factors Determine Medical Transcription Salary

One of the most important factors to consider when researching a career field is to learn about the potential salary that you can earn. This will provide a good barometer when you are looking at the different schools and training programs which will prepare you for that career. You want to make sure that you are investing in an education that will have huge returns in the salary.

One of the fastest growing industries is the medical field. Projections are that people who choose to work in the health care industry have tremendous job prospects both now and in the future. Therefore, if you are interested in training to become a medical transcriptionist, you might want to look at the medical transcription salary ranges to determine whether or not you can make an adequate living doing this type of work.

The medical transcription salary varies depending on where you actually work. Earnings can be as low as $10.22 per hour, or as high as $20.15 per hour. The industry will determine how much a medical transcriptionist can make. Diagnostic laboratories, outpatient centers, physician offices and MT business companies are some of the most common industries which hire medical transcriptionists to either work in the office, or from home. The least experienced medical transcriptionist will make less, and as his or her experience increases, so will their salary.

Additionally, the methods for paying a medical transcription salary will vary. Some companies pay an hourly wage, while others pay based on the number of transcribed lines. This can equal approximately eight or 10 cents per line for the transcribing and an additional three to four cents per line for the editing process. In order to streamline the transcribing process, many companies now use a speech recognition procedure to transcribe voice files.

 

However, even these files require editing and this means an addition to the medical transcription salary of three to five cents per line. Alone, this may not sound like a lot, but you can actually average $13 to $20 per hour. As an independent contractor working from home, you can earn even more. Overall, the salary will depend on the number of hours worked, your production speed and the pay per line. The number of years of experience will put you at the top range of earners.

Completing a post-secondary training program is important to employers who are looking to hire medical transcriptionists, so obtaining the proper training is extremely important if you want to be successful and earn big bucks.