posted on January 17, 2010 08:08
"A lot of money" is a relative phrase. It can mean different things to different people. If you are used to making minimum wage then $12 an hour can be a lot of money, but if you are accustomed to driving a Lexus and eating caviar then it might not be so much. So it's really better to discuss just how much it is reasonable to expect to make as a medical transcriptionist.
Like most professions, there is no one dollar amount that is the norm. There are ranges. Beginning MTs can expect to make at least $10 per hour, above minimum wage. Successful medical transcriptionists with a staff to assist them in the work load can make as much as $80,000 a year, well above the national average in income and above the median for home-based businesses. Most medical transcriptionists earn somewhere in between.
These figures are a bit misleading, however. Doctors and medical offices that hire medical transcriptionists don't usually pay by the hour unless they are hiring an MT as a part of their staff. Transcription work is paid by the line.
A line of transcription can cost 6-12 cents, depending on the experience level of the MT. Another thing that affects the cost of a transcription job is the type of job it is and how long it will take to complete. A simple job that will only take an hour or two won't bring in as much income, but a job that takes 4-6 hours and that carries a 24-48 hour turnaround will pay more.
Experts expect the salaries for trained medical transcriptionists to increase. As the population grows older and more medical professionals rely on MTs to assist them with the paperwork there will be more work to do. That will push salaries and incomes higher and more people will be attracted to the profession. Now is the best time to get in and start a medical transcription career.