Medical Transcription Rate Depends on Your 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 98000 medical transcriptionists in employment in 2006. This figure is expected to rise to 112,000 by 2016. That is a 14% 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 specializing 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 Transcription 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 transcriptionists 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.

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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