Medical transcriptionists are usually paid on production. That means that the more you work, the more you can make! It also means that as you become better at your job, learning the tips and tricks that make you more effective, you can increase your earning potential.

When paid on production, medical transcriptionists are usually paid by the line. When doing straight medical transcription (listening to the dictation and typing every word) most employers pay about 6-8 cents per line. If a transcriptionist is doing medical editing (working with reports that were generated by speech recognition software and correcting the mistakes—read our article on The Future of Medical Transcription to learn more about speech recognition), employers typically pay 3-5 cents per line because this work generally goes much faster. Of course these rates would vary depending on the employer and your level of experience, and these figures are only provided to give you a general idea of what you can expect.

The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) also provides some average salary figures that can also give you an idea of what you can expect to earn as a medical transcriptionist. The BLS reports that the middle 50% of medical transcriptionists earn between $27,810 and $42,690 a year.

There are also a number of different ways to work as a medical transcriptionist, which can each affect your pay. You can find full-time, part-time, or independent contractor positions.

• Full-time – If you’re working full-time for a company, you’ll have the most traditional set-up. Taxes will be removed from your paycheck and you have the potential for traditional employment benefits. However, this is usually the least flexible of the three options, because you’re typically required to work a set schedule even though you’re working from home.
• Part-time – Part-time positions offer a little more flexibility since you aren’t working as many hours at a time. Taxes will still be removed from your paycheck, but as a part-time employee you usually will not be eligible for benefits.
• Independent contractor – Independent contractors have the most flexibility. They are not technically employees of a company—they are third parties that the MTSO contracts with to complete the work. Independent contractors can set their own hours (which could be different every day if needed), but they would not be eligible for benefits and would be responsible for handling all taxes on their own.

Since medical transcription salaries are dependent on how quickly you can accurately create the reports, quality training and typing speed are extremely important. Find out how you can choose the best training program and test your typing skills today!

Get free info from our preferred Medical Transcription school!