Transcription is the process of converting recorded voice into written or typed format. This is an area which does not require specialized qualifications and hence transcription is most sought after by many as a source of good income.
There are different areas of transcription namely, general transcription, legal transcription and medical transcription. Compared to general transcription and legal transcription, medical transcription is a much more specialized job and hence the medical transcriptionist is expected to undergo specialized training before they can practice this profession. This specialized nature of the job means that the medical transcriptionists are better paid than general and legal transcriptionists.
As per the Bureau of Labor Statistics, the average income of transcriptionists in the medical field was about $35000. The income of medical transcriptionists can vary with a variety of factors.
This blog post will cover:
- Factors determining the income of medical transcriptionist
- Wages for home-based medical transcriptionists
- How to earn more as a medical transcriptionist
- Factors determining the income of a medical transcriptionist
Factors determining the income of medical transcriptionist
The earnings of a medical transcriptionist are dependent on a variety of factors.
Area of operation: In the US it is seen that medical transcriptionists based in certain cities much more than their counterparts in other places. Some of the highest paying states for medical transcriptionists are California and District of Columbia where the pay is around $37,000 to $44,000 whereas some states such as Utah and Mississippi paid lesser salaries between $25,000 and $32,000.
The industry: The industry in which the medical transcriptionist is working also decides the remuneration of the transcriptionist. Transcriptionists employed with Insurance companies, specialty hospitals and laboratories are the best paid.
Employers: Different employers have different methods for calculating the remuneration for a medical transcriptionist, but generally the transcriptionist is paid for the number of lines transcribed or for the number of characters keyed in. The average hourly rate for medical transcriptionists in the US is $16.36 as per the BLS.
Seniority: Medical transcriptionists are paid more as per their experience and many companies rank them according to seniority and quality of work as a) entry level transcriptionists b) editors, c) reviewers and d) quality controllers. In most of the companies, transcripts pass through all these levels before being submitted to the client. Quality controllers are paid the most.
Wages for home-based medical transcriptionists
Home based medical transcription is a very lucrative profession where you can make quite a good amount of money sitting in the comforts of your home. Clients around the world look for quality transcribers to get their recordings transcribed. With the internet explosion, home-based freelancers are in a very advantageous position and have plenty of opportunities to work with various clients from around the world.
Certain home-based medical transcriptionists work for only a particular company as their dedicated staff and hence their salary is determined by that particular company. Home based freelance medical transcriptionists, on the other hand, have the freedom to work with a variety of clients and hence in a better position to bargain for better salaries.
Home based freelance medical transcriptionists are usually paid on an audio hour rate. This should not be confused with the normal hourly rate which is the number of hours required to complete a work. In transcription-terminology, an audio hour is the required to completely transcribe one hour of audio/video.
Home based medical transcription has really emerged as a very lucrative profession for many with the rapid expansion of the internet. Clients have the option of finding highly qualified medical transcriptionists for even $9 per audio hour from India, Philippines and other South East Asian regions. With the higher currency conversion rates, freelancers from these countries are also happy to work at these rates. In the US and other western countries, medical transcriptionists work at the rate of $50 to $60 per audio hour
How to earn more as a medical transcriptionist
There is no upper limit to the amount of money you can make from this profession and the following tips will help you earn more as a medical transcriptionist.
Hone your skills: It is very important to understand that medical transcription is a specialized job and hence you should have the required training before you can practice this profession. Clients always look for experienced transcribers who are well qualified and trained.
Sign up with reliable freelancing sites: There are a number of freelancing sites where you can find any number of clients from all over the world to work on.
Never compromise on quality: Clients always look for quality of transcripts and are often willing to pay more for better quality
Stick to deadlines: Negotiate with your client and understand the job requirements completely before committing on the deadline. Once you commit on the deadline ensure that the work is done before that. Clients are often happy to pay a bonus for work submitted before time.
Medical transcription is one area where you can earn a good amount of money if you are ready to work hard. It is a wonderful option for someone looking to make some money working part time from home. If you think you have good listening and typing skills this is the job for you.