Medical Transcriptionist Salary
Medical Transcription Companies, Physician Clinics, and Hospitals calculate a medical transcriptionist salary using different methods. Normally transcriptionist jobs are documents one or two pages long. The minority of companies pay for medical reports by the hour, which are usually office jobs that are run by office managers.
Independent contractor employees also known as 1099 employees earn higher income on average than transcriptionists who are regular W-2 employees, but 1099 employees have additional expenses that W-2 employees don't have. Also, 1099 employees normally do not receive medical benefits, and are typically the first ones to be let go.
A typical medical transcriptionist salary is earned by each line of transcription typed, which ranges from ($0.07) Cents up to ($0.13) Cents per line typed. Normally the pay range is determined by the experience level of the individual MT as well as the quality level they are capable of producing. The pay range is also determined by the type of jobs being transcribed and the turn-around-time required for the job to be completed. Radiology jobs are a good example of jobs that require fast turn-around-times (24-48 hours) and thus typically pay higher than average.
The medical transcriptionist salary had a median income of $15.41/hr in May 2008. The middle range of income is $13.02/hr up to $18.55/hr. The bottom 10% made $10.76/hr, and the top 10% made $21.81/hr.
The average entry level or non-experienced MT's range of income is between $13,988/yr to $28,353/yr for part time work (25hrs/wk) and $22,381/yr to $45,364/yr for full time work (40hrs/wk). Seasoned MTs have been known to earn $60,000/yr to $80,000/yr by themselves, but more commonly by managing accounts with MTs working as their employees. Successful MT businesses can far exceed this income if managed properly.
Medical Transcription incomes are above the average income for home based businesses, which can be earned from the comfort of your home. Statistics show that seventy-five percent of medical transcription jobs are home based while twenty-five percentage of jobs are in an office setting. Medical transcription careers have consistently remained one of the top professional stay at home jobs and also one of the fastest growing industries as the baby boomers lead the way to an increasing health care industry.
Medical transcription jobs are forecasted to increase 11% from 2008 until 2018. This increase in jobs is greater than average for other occupations. As the average age of the population increases, the demand for transcriptionist services will also increase. Older age groups receive proportionately more treatments, procedures requiring documentation, and medical testing. The increasing requirement for electronic medical records to be shared easily among medical providers, 3rd party-payers, regulators, medical information systems, and consumers will increase the need for more transcription services.
Consequently, the medical transcriptionist salary will increase and bring greater amounts of qualified MTs into the industry. An increased number of medical transcriptionists are going to be required to produce medical reports, revise documents for emerging speech recognition technologies, and continually edit medical transcription reports to their final minimum accuracy requirement of 98.5%. - Resource: US Department of Labor Bureau of Labor Statistics -
Medical transcription income is often enhanced by additional benefits like 401K retirement plans, paid vacations, medical/dental insurance, as well as lucrative dividends! The medical transcriptionist salary will remain above average for stay at home jobs well into the future as predicted by top US labor professionals.