If you want to get the best medical transcription wages you can then it is essential you read this information!

After all, what is the point in completing all the medical transcription training, if you do not get paid what you are worth?

The first thing you need to note is that medical transcription wages vary considerably. They increase with your experience, credentials and your competence. Regional variations occur and the rates also vary dependent on the sector you are employed in.

According to the US Department of Labor, Bureau of Labor Statistics, in May 2009 the mean annual wage was US$33,350. The mean hourly wage for a medical transcriptionist was US$16.03.

There are ways to surpass these mean wage rates.

Industries with the highest levels of employment were General Medical and Surgical Hospitals ahead of Offices of Physicians. The wage rates were highest in Medical and Diagnostic Laboratories followed by Insurance Carriers.

In the US the highest concentration of workers was in South Dakota, where the annual mean wage was $28410 and the hourly mean wage was $13.66. The top paying state was Massachusetts where their annual mean wage was $42880 and with an hourly mean medical transcription wages rate of $20.62.

Advance for Health Information Professionals Survey

Each year at the start of the US summer the Advance for Health Information Professionals runs a survey of professionals in the Health Information Management (HIM) field. 21% of all the professionals who answered the 2009 survey were medical transcriptionists.

Only 34% of medical transcriptionists reported receiving a raise in 2009, while 20 % said their salary actually had gone down over the past 12 months. Some of this must be due to the tight economy we are facing.

Looking at the results of this survey it seems wise that if you are looking at getting credentials as an MT you would be wiser to become a Certified Medical Transcriptionist (CMT) rather than a Registered Medical Transcriptionist (RMT). It is well worth reading the summary notes found with the survey results. You will find the Salary Survey Results under Careers on the Advance for Health Information Professionals site.

Medical Transcription Rates per Line

How many lines you can produce on a daily basis is an important factor. Often the medical transcription wages you earn are determined by this production. This is particularly 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 @ 6 cents per line = annual income US$12,480

800 lines/day @ 8 cents per line = annual income US$16,640

800 lines/day @ 10 cents per line = annual income US$20,800

800 lines/day @ 14 cents per line = annual income US$24,960

1000 lines/day @ 8 cents per line = annual income US$20,800

1000 lines/day @12 cents per line = annual income US$31,200

1250 lines/day @ 6 cents per line = annual income US$19,500

1250 lines/day @ 10 cents per line = annual income US$32,500

1250 lines/day @ 14 cents per line = annual income US$45,500

1500 lines/day @ 6 cents per line = annual income US$23,400

1500 lines/day @ 10 cents per line = annual income US$39,000

1500 lines/day @ 14 cents per line = annual income US$54,600

1750 lines/day @ 8 cents per line = annual income US$36,400

1750 lines/day @ 12 cents per line = annual income US$54,600

2000 lines/day @ 6 cents per line = annual income US$31,200

2000 lines/day @ 10 cents per line = annual income US$52,000

2000 lines/day @ 14 cents per line = annual income US$72,800

These figures show two important factors in your income. Your ability to negotiate the best package is dependent on your rate per line and your productivity. Remember, you also need the accuracy.

A positive self image and good people skills help when negotiating your pay rate per line.

An average annual income rate for full-time entry-level medical transcriptionists typing hospital reports is in the range from US$20,000 to US$35,000, depending on your location and competence.

If you choose to become an independent contractor, you are in a position to increase your earnings as you gain experience. 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 Income

1. Experience
2. Speed and efficiency
3. Competence
4. Flexibility
5. Area of Specialty
6. Whether you are a contractor or employee
7. Geographic location (this is becoming less important with technology changes)

Those specializing in areas of health like radiology, acute care, oncology and multispecialty cline ER are in demand. This increases the rates paid to the competent transcriptionist.

When looking for the best position, consider the employee benefits that go along with the medical transcriptionist jobs.

Another option well worth considering is to pick up the skills of medical transcription billing and coding. A number of medical transcriptionists have gained skills in these additional fields and combining this with the transcription duties is a valuable asset.

To sum it all up to achieve the best medical transcription wages, you need to:

• Specialize in an in demand field that you enjoy

• Get your speed and accuracy as high as possible

• Become certified

Then as your experience builds, you WILL be in demand!

Technorati Tags: medical transcription salary, Medical Transcription Wages, medical transcriptionist wage

To start with we need to make clear the difference between medical transcription salary and wages.

Salary and wages are the main forms of payments made to an employee. Generally they are considered to be payments made:

• To an individual
• As remuneration for services, and
• Provided under a contract of service (employment contract)

Unless specifically exempted from tax, all salary and wage income must be declared on your tax return.

Workers may also work as medical transcription contractors. There are criteria around contracting work as well.

What is the difference between wages and salary?

A salary is a fixed periodical payment paid to a person for regular work or services, whereas a wage is usually paid by the day or week for work or services which are of a more irregular nature.

Examples

Sally is employed as a medical transcription editor and receives a medical transcription salary income. She has regular set working hours and receives an annual income of $52,000 which is paid to her on a fortnightly basis.

Tanya is employed as a medical transcriptionist and receives a medical transcription wage income on a weekly basis. Her working hours change from week to week in line with current workload, and her annual income is dependant on the number of hours she works.

There are key factors to achieve the medical transcriptionist salary you deserve. Statistics for transcription employees in the health care industry are helpful to give you an idea of the likely returns for your work.

For those who want to know how to get the best medical transcription wages they can, there are keys to achieving top wages.

One thing well worth considering is the fields of medical billing and coding. They make a great back-up to the medical transcription field and by adding to your skill base, you become more valuable to any employer.

Medical transcription salary and wages certainly vary with some transcriptionists feeling frustrated and thinking that they are not paid what they are worth.

Take the time to read all this information including the two key pages (links above) and you will be more directed to achieving the best reimbursement possible.

Technorati Tags: medical transcription, Medical Transcription Wages, medical transcriptionist salary, wages

Q. What is most satisfying about medical transcription?

This will depend on you. A number of comments that come from transcriptionists in answer to this question are:

• The flexibility of the job

• Working from home

• Being able to work anytime

• The flexible hours have allowed me to make some extra money and still be here for my kids

• It suits me as I am task oriented and self-motivated

• It is satisfying having a chunk of work to do and getting it done

• I like typing and words

• I like bringing a sense of perfection to the job

• You have the option to work full or part-time, casual, contracted or permanent

Q. Where do medical transcriptionists work?

Medical transcriptionists work in hospitals, clinics, physicians offices, transcription offices, insurance companies, for home healthcare agencies, and also in other places where dictation is required for the purpose of healthcare documentation requiring transcription. The improvements in technology mean an increasing number of medical transcriptionists are working from home and digital technology has made this a totally viable option.

Q. How do I get started in medical transcription?

Getting started in medical transcription you can head in different directions. For an experienced word processor it is possible to learn medical transcription while working in an entry-level position. This is rare though because of the need to learn medical vocabulary and formats. You can take courses either at some colleges, hospitals or by home study. Online courses offer some great systems for quick learning.

It is best to gain some experience to start with working in physicians offices, clinics, hospitals or for a transcription service company. After 2-3 years experience in an office or hospital you can work from home. It is possible to work from home for a service company right from the start although there is great benefit a any transcriptionist in having gained the experience of working on site.

More medical transcription frequently asked questions.

Technorati Tags: getting started in medical transcription, Medical Transcription FAQ, medical transcriptionists

I don’t know how much actual money you would make doing but do know that most all companies was 2 years of outside before companies will let someone do it from home. But from what I have heard, the money can be good but don’t know what this means in dollar amounts.

I have a work from home website and the companies I have even listed want people with experience.

I also belong to many work at home forums and people have stated this and have been upset to have taken online medical transcription and courses only to find out they need experience working in outside setting first before they can apply to companies who hire from home. I just thought I should mention this to you since you are interested in doing this from home.

powered by Yahoo Answers

Editors Comment:  This is a site with comprehensive information on Medical Transcription Wages

Technorati Tags: Home Medical Transcription, medical transcription, Medical Transcription Wages, Online Medical Transcription