Working as a medical transcriptionist can be both challenging and rewarding. Some will find employment that allows them to work entirely from home. Others will work in an in-house capacity at a hospital or other health care facility. Potential salaries for medical transcriptionists vary greatly depending upon a number of factors.
As with most professions the salary earned by a medical transcriptionist will typically be higher in large, urban centers than they are in smaller, suburban settings. Additionally, the salary a medical transcriptionist commands will also depend upon the level of education and experience they have achieved. The transcriptionist who has years of experience and plenty of education will find that they have many options for maximizing their earning potential.
Salaries for medical transcriptionists may be paid on an hourly basis or on a line by line basis. It depends on the medical transcription job. In the first scenario the transcriptionist is paid for the number of hours they work. This may include extra pay for holidays, evenings, weekends and overtime. In the second scenario the transcriptionist is paid by the number of lines of transcription they complete. The opportunity to earn extra money based on when the transcription is completed, such as on a holiday, is usually not available when the transcriptionist is being paid by the line.
Many transcriptionists are able to work entirely from home. The most common arrangement for these workers is to be paid on a per line basis. Being paid by the number of lines completed allows the worker to earn as much or as little as necessary. This can be an advantageous position for the transcriptionist as they are free to be relatively flexible with their hours and are available to the members of their household when necessary. However, some find that working from home can be distracting and complicate their responsibilities. This can lead to fewer completed lines and consequently smaller paychecks.
The average medical transcriptionist will earn between $30,000 and $40,000 per year. It is possible to earn as much as $60,000 or $70,000 per year if the transcriptionist is diligent and ambitious. Such salaries at the higher end are more likely to be achieved when the transcriptionist is working in-house as opposed to working in their own home. In general medical transcriptionists earn a salary that is adequate for paying the monthly bills and ensuring their family’s security. Workers for this challenging profession are much in demand.