In looking at the medical transcription salary, it can be difficult to make even an estimation of the average medical transcriptionist’s earnings because one person’s salary can differ widely from the next individuals. Therefore, the first thing to realize is there is no standard rate for a medical transcription salary.
In general, about the best we can do is an educated guess. To do this, we must look at the average starting wage and then the expected maximum earnings of a medical transcriptionist. Data in May of 2006 from the United States Department of Labor indicates the average earnings for a medical transcriptionist range between $10 to $20 an hour. Based on this you should be able to come up with a general idea of how much the typical medical transcriptionist’s salary should be.
Where one is employed will influence the amount of the medical transcription salary. Diagnostic laboratories rank as one of the highest paying employers with an average salary of $16 per hour paid for medical transcription.
The lowest paying health care institutions will probably be physicians’ offices, which usually offer something in the range of $14 per hour. The highest-paying opportunities are generally in working as an independent contractor in medical transcription. They can earn as much as $20 per hour, sometimes more.
Experience will affect each individual’s salary. As with any profession, experience is key in achieving the highest income level. An inexperienced transcriptionist can expect to begin with a salary around $9 per hour. On the other hand, an experienced transcriptionist can command a salary from $15 to more than $20 per hour. As experience and skill level grow, your medical transcription salary is limited only by your willingness to do the work and just about write your own paycheck.
The ways in which your salary is computed will vary widely as well. Some medical transcriptionists are paid by the hour regardless of the amount of work they do. Still others will get paid based on the number of lines or even minutes of dictation they transcribe per day. You must consider the advantages and disadvantages of the ways in which your salary is tabulated in order to make employment decisions accordingly.
As stated, the medical transcription salary will depend greatly on the skill and experience level of the individual transcriptionist. One who works quickly, or is willing to put in longer hours will earn a larger income than their co-workers. Ultimately an experienced, highly skilled and motivated medical transcriptionist who works full time can expect to earn $50,000 or more per year.
The medical transcription salary should not be evaluated simply by the dollar amount on a paycheck. The medical transcriptionist enjoys much more flexibility in scheduling and in other areas of life as well, particularly when compared with other professions. Depending on your situation, that can be worth farm more than the income earned.
