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 2010 the mean annual wage was US$33,530. The mean hourly wage for a medical transcriptionist was US$16.12.

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 Scientific Research and Development Services followed by Office Administrative Services.

In the US the highest concentration of jobs was in South Dakota, where the annual mean wage was $28900 and the hourly mean wage was $13.89. The top paying state was Alaska where their annual mean wage was $44130 and with an hourly mean Medical Transcription wages rate of $21.22.

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!

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