That really is only natural after all - what is the point in learning the medical terminology skills if the rewards are not there?
The first thing you need to note is that MT wages vary considerably. They increase with both your competence and experience.
According to the US Department of Labor, Bureau of Labor Statistics, in May 2007 the mean hourly medical transcription wage was US$15.44. The mean annual wage was US$32,120.
As you read on you will see how you can far surpass these medical transcription wages.
Industries with the highest levels of employment were General Medical and Surgical Hospitals, and wages rates were highest in Medical and Diagnostic Laboratories.
The top paying industries for a medical transcription salary were in Agencies, Brokerages and Other Insurance Related Activities.
In the US the highest concentration of workers was in South Dakota, where the hourly mean wage was $13.28 and the annual mean wage was $27,620. The top paying state was California with their hourly mean medical transcription wages of $19.15 and an annual mean wage of $39840.
In May 2002 a survey was conducted by the AHDI that reported an average medical transcriptionists salary to be US$31,400.
A survey conducted towards the end of 2002 by the magazine Advance for Health Information Professionals revealed that certified medical transcriptionists earned more than their non-certified counterparts.
The average medical transcriptionists salary was US$29732 with the CMT’s earning an average of US$36,225 annually.
Medical Transcription Wages Per Line Rates
The number of lines you can produce on a daily basis is an important factor and often the medical transcription wages you earn are determined by this production. This is especially so for those employed by a medical transcription services company or as an independent contractor.
Medical transcription pay rates vary on the number of lines and the price you are being paid per line.
To give you an idea, a medical transcriptionist typing
800 lines/day @ 8 cents per line = annual income US$16,640
1500 lines @ 6 cents per line = annual income US$23,400
1500 lines @ 10 cents per line = annual income US$39,000
1500 lines @ 14 cents per line = annual income US$54,600
2000 lines @ 6 cents per line = annual income US$31,200
2000 lines @ 12 cents per line = annual income US$62,400
As you can see from these figures two important factors in your income are your ability to negotiate the best package, and your productivity. Remember you also need the accuracy.
A positive self image and good people skills helps when negotiating.
An average annual income for full-time entry-level medical transcriptionists typing hospital reports is in the range from US$20,000 to US$35000, depending on your location and competence.
As you gain experience, and if you chose to become an independent contractor, you are in a position to increase your earnings. Overheads need to be deducted from your income when you are a contractor.
The average production based medical transcription wages are between 6 cents and 10 cents per line. As your speed and proficiency increase and you gain your own clients, you can bill 10 cents to 16 cents per line.
Primary Factors Affecting Medical Transcription Salary Income
1. Competence
2. Area of Specialty
3. Experience
4. Whether you are a Contractor or Employee
5. Speed and Efficiency
6. Flexibility
7. Geographic Location (this is becoming less important with technology changes)
Those specializing in areas of health like acute care, multi specialty clinic ER, Oncology and Radiology are in demand and this increases the rates paid to the competent transcriptionist.
When looking for the best position consider the medical transcription jobs employee benefits that go along with the job.
Summing it all up to achieve the best medical transcription wages you need to:
• Become certified
• Specialize in an in demand field that you enjoy
• Get your speed and accuracy up
Then as your experience increases, you WILL be in demand! Sphere: Related Content
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