How Much Can I Make Doing Medical Transcription?
With the health care industry rapidly growing, medical transcriptionists have solid career opportunities as of 2011; the U.S. Bureau of Labor Statistics reports the field will grow by 11 percent through 2018. These professionals usually are trained in medical terminology and communications and turn audio recordings physicians make into documents that become part of patients' medical files. Salaries generally aren't much above $45,000 even for those in the top 90th percentile for earnings, but medical transcriptionists often have flexible hours, with many working from home.
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Yearly Salary and Range
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According to the BLS, medical transcriptionists earn an average annual wage of $33,350, based on 2009 data. Those in the lowest 10th percentile of earners, which generally represents entry-level workers or those with less education and experience, make $24,430. Those in the 90th percentile of earners earn $45,700. If you are a medical transcriptionist who is managing the accounts of other transcriptionists, you may make $60,000 to $80,000 a year, says the Future MT website.
Hourly Earnings
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Because some medical transcriptionists work for multiple companies part time to make a full-time income, it can be beneficial to consider hourly rates in addition to yearly salaries. The Medical Transcriptionist website says a transcriptionist just starting out usually makes between $9 and $12 per hour. This is fairly consistent with the 2009 figures from the BLS, which show that those in the 10th and 25th percentiles for earnings make $10.78 and $13.09, respectively. It takes several years before earnings rise, but experienced transcriptionists make up to $21.97 per hour, the BLS says.
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Certificates and Degrees
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The Medical Transcriptionist website points out that certification and degrees are available in medical transcription. Getting certified or earning a degree is a simple way to increase your salary. Employers typically offer certified transcriptionists and those with degrees better compensation in recognition of the formal training completed.
Geography
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Certain states pay medical transcriptionists better than others. The BLS says that, according to 2009 information, the top five states in terms of compensation are Massachusetts, Alaska, California, Hawaii and New Jersey. Pay in these states is roughly between 8.5 and 16 percent higher than the industry average.
Comparison to Other Businesses
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About 75 percent of medical transcriptionist jobs are work from home positions, Future MT says. Compared to other home-based jobs, medical transcription has a higher than average pay rate, even though earnings tend to be low.
Considerations
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Many companies pay medical transcriptionists not by the hour or with a set salary but by the number of lines they transcribe. The Future MT website says the average transcriptionist earns 3 to 13 cents per line. Thus, the faster you transcribe, the more you can make. However, quality is a factor in your pay rate. The cleaner your copy, the better money you earn. You also can get paid per job; if a job requires a fast turnaround, you likely will get a higher rate for that job.
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References
- Photo Credit working at computer image by Peter Baxter from Fotolia.com
