Working in this field can mean having flexible work days and hours, and for some it can even mean working from home. In fact, a large percentage of medical transcriptionists work from a home office. These can be very attractive aspects of this field of work, since flexible hours and the possibility of working from home can mean savings on day care, fuel, and such extras as clothing and lunches.
The medical transcription salary can vary widely; depending on such things as experience, quality track record, productivity, client base, and equipment. A transcriptionist can be a freelance worker and do work for several clients, or he or she can be employed by one client, such as one specific medical clinic or hospital. Whom a transcriptionist works for or whether or not he or she is an independent contractor can affect the medical transcription salary.
According to the U.S. Department of Labor the average earnings for MTs in the year 2004 was between $11.50 and $16.32 per hour. MTs in the higher earnings range (10%) earned $19.11 per hour.
If you work from home on your own accounts there may be months where you have extra work and months when you have less. Your earnings could also differ dramatically from another fellow MT who works from home on her own accounts.As your business grows you can hire subcontractors and take on even more work. There really is no limitation in how large your business can grow.
You may also choose to have a smaller and easier to handle business. You can always work a little extra to increase your earnings, or simply take on the amount of work that suits your needs.
If you have a home based MT business and you do all the work yourself, you can make anywhere between $20,000 a year to $50,000 a year. A larger transcription service, which hires subcontractors can earn between $50,000 a year to $200,000 and upwards.
Medical transcription jobs outside the home can vary just as much, depending on where you live. Earnings can be from $9.00 per hour to $22.00 per hour.
In order to ensure that your transcription career will be a lucrative one and that your medical transcription salary will eventually be where you want it, you need to be sure to choose the right kind of training from the beginning.
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