Medical Transcription Rate Depends on Competence

The medical transcription rate you will be paid is dependent on your level of competence. The demand for the particular sector you are transcribing is also a factor.

The sectors (e.g. radiology, oncology) have different demand and rates vary for the sectors, as well as the speed you produce your work.

Without accuracy you will not be employed for long, so this also is an important factor.

There were 98,000 medical transcriptionists in employment in 2006. This figure is expected to rise to 112,000 by 2014 in the United States.

That is a 17% increase which means the medical transcription field is expected to grow faster than the average employment level.

Job opportunities will be good, especially if you are certified. When it comes to specialising in a sector, consider the going medical transcription rate in the sector and whether demand is likely to increase with the aging population.

Official US Medical Trancription Rate

According to the US Department of Labor 2008-09 Occupational Outlook Handbook the earnings of wage and salary medical transcriptionists showed a median hourly earnings of US$14.40 in May 2006.

The 50 percent in the middle were on rates of between US$12.17 and US$17.06 per hour. The highest 10% earned more than US$20 per hour and the lowest 10% less than US$10.22 per hour.
The median hourly earnings, per industry, employing the larger numbers of medical transcriptionists were:

• US$15.68 for Medical and diagnostic laboratories

• US$14.62 for General medical and surgical hospitals

• US$14.34 for Business support services

• US$14.31 for Outpatient care centers

• US$14.00 for Offices of physicians

Compensation for medical transcriptionist varies. The methods of basing the rate of reimbursement vary as well.

Some are paid on the number of lines transcribed, others are paid on the hours they work. Some are paid a base pay rate plus incentives for higher production.

How Many Lines Per Hour?

Payment on the number of lines transcribed will be a contracted rate. To give you a rough idea lets say a rate of 13 cents per line is agreed upon.

You type 200 lines per hour (a comfortable speed to type), gives you an hourly rate of $26. If you get to 300 lines per hour, your rate goes up to $39. A great incentive!

Usually independent contractors and employees of transcription services receive production based pay. Independent contractors earn a higher rate than those working for others, although they also have higher expenses.

The medical transcription rate that you receive as an independent contractor can be much higher than the basic employee. Rates of around US$36 per hour are quite common. The introduction of digital transcription has opened up new job opportunities and makes it much easier to operate in freelance medical transcription...

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Is a Medical Transcription Home Based Business Right for You?

Take a serious look at a medical transcription home based business if you are looking for a career that allows you to remain at home while you earn an income. You will need to consider these points -

Personality

You need to be a self motivated and disciplined person to run your own home based medical transcription business. Will you be able to tolerate the solitude of working by yourself?If you are a person who wants social stimulation a better option may be to work in a medical transcription position at a hospital, physicians office or one of the other options.This may change in the future, when you have a family the social stimulation may be less important to you.

There are advantages working from home - wouldn't you love to be their for your children?

Work Area

When you have a business at home in medical transcription you need an area that can be set aside for the purpose. You will also require the appropriate equipment and space for it - computer, transcription equipment, filing cabinet, printer, desk, office chair, etc.

Children

Consider how your medical transcription home based business will fit in with the time demands of children. At times you may need support to achieve balance and meet deadlines. Do you have that support if it is required?

Think about how you will integrate the business into your family life. A little planning can make a huge difference to the way everything flows in your medical transcription at home business.

Expectations

Do you really understand the demands of working from home? Are your monetary expectations of your home business in medical transcription realistic?

There are things you need to consider, like medical transcription rates. Talk with other medical transcriptionists who are working from home. You may be able to find an experienced transcriptionist to act as a mentor to you.

Your medical transcription home based business can be started in your spare time at home. You keep your job and gradually build up your medical transcription business.This eliminates risk and you can start out on a strong footing in your new home based business.


Expenses

To start your own medical transcription business can be relatively inexpensive. There can be savings from not needing to commute, not having to lease premises and your childcare costs may be reduced.

An option is to take some of your medical transcription work, maybe billing to an indoor children's play area. Your child will be happy playing and pleased that you are there when needed.

You can get huge amounts of work done with few interruptions and coffee and food catering to the table. With an in built modem on your computer the Internet is with you all the time and your medical transcription home based business is set to flourish... Other costs that need to be considered and budgeted for are health insurance, income tax, equipment costs and maintenance.

It is a really good idea to put together a basic cash flow forecast so that you do not get too many shocks about the costs involved in running your home business in medical transcription.A cash flow gives you an understanding as your start your own business. It gives you direction.

Support

As well as any support with children when you work medical transcription from home you will need to consider how you will deal with friends just popping in. It can be a challenge to make people aware that you are "working" when they come visiting.

You will need a supportive spouse and one that is aware of the extra demands this can place on a household. Also, consider support in the form of legal advice, accounting and mentoring.

Are there any local organizations that will help with advice?

Does the medical institution you work for or the training college you attend offer any advice or assistance in running your own medical transcription home based business?

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