What
Are
You Worth?
Medical transcription wage and salary information.
Consider the following earnings
matrix which projects gross annual income for various combinations
of daily line count production and average wage per line:
|
$.06
per Line |
$.08
per Line |
$.10
per Line |
$.12
per Line |
$.14
per Line |
800
Lines |
$12,480 |
$16,640 |
$20,800 |
$24,960 |
$24,960 |
1,000
Lines |
$15,600 |
$20,800 |
$26,000 |
$31,200 |
$36,400 |
1,250
Lines |
$19,500 |
$26,000 |
$32,500 |
$39,000 |
$45,500 |
1,500
Lines |
$23,400 |
$31,200 |
$39,000 |
$46,800 |
$54,600 |
1,750
Lines |
$27,300 |
$36,400 |
$45,500 |
$54,600 |
$63,700 |
2,000
Lines |
$31,200 |
$41,600 |
$52,000 |
$62,400 |
$72,800 |
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Skilled Medical Transcriptionists
generally have little trouble finding work. Maximizing income,
however, requires more than just falling into the first available
job. In addition to possessing solid technical skills, the
highest paid transcriptionists generally tend to have a positive
self image and good people skills. Negotiating the right pay
package requires a healthy dose of both. Sometimes it also
means being willing to make a change or take a little risk.
It should be obvious from the above compensation matrix that
the greatest leverage lies in being willing to sell and service
your own clients.
Annual income for full-time entry-level
transcriptionists typing hospital reports averages between
$20,000 - $35,000 - depending on location and proficiency.
However, more experienced transcriptionists can expect to
make double that amount - or more - on the basis of production,
particularly if they are willing to develop their own customer
base. Unfortunately, the pay differential between experienced
and non-experienced transcriptionists is not typically as
large in hospital settings where transcriptionists are often
paid by the hour. This is one of the primary reasons that
experienced transcriptionists tend to seek out positions as
independent contractors or small business owners where they
have the opportunity to leverage their earnings potential.
As an independent transcriptionist
or service provider, the amount of money you make will be
determined by your speed and proficiency. Average production
based wages average between six and ten cents per line of
transcription (based on a 65 keystroke line). If you are able
to secure your own clients then you can expect to bill between
fourteen and twenty cents per line for your work. Of course
your overhead will have to be deducted from this amount. Still,
this can mean a significant increase in income for those willing
to learn how to sell their services to hospitals and clinics.
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The primary factors which determine
the income of a Medical Transcriptionist are as follows:
- Competence and Experience
- Speed and Efficiency
- Risk Tolerance
- Employee vs. Contractor
- Geographic Location
- Willingness to Accept
Change
As a general rule, the industry
pays a relatively high premium to transcriptionists who have
a broad base of experience and competence - particularly in
some of the more technically challenging specialties. Unfortunately,
many highly qualified transcriptionists are not fully rewarded
for their competence because they lack one of the other elements
of success. For example, they may be geographically inflexible,
or too conservative to try their hand at a more lucrative
but potentially risky contracting arrangement.
Of course, some transcriptionists
make a conscious decision to trade off a higher income for
some additional flexibility, lower stress, or the opportunity
to work from home. There is certainly nothing wrong with this
as long as they understand the decisions they are making.
Too many individuals simply shortchange themselves because
of a reluctance to rock the boat. It is always adviseable
to keep an open mind about potential opportunities to advance
one's career or income.
An inexperienced Medical Transcriptionist
will typically be better off with a compensation structure
that guarantees an hourly wage. Securing a job with an hourly
wage rate allows the new transcriptionist to earn a minumum
amount of income during the least productive period of her
career. Experienced transcriptionists are almost always better
off being paid on production - provided they have the motivation
to produce consistently.
Geographic location is still an
important driver of wages - with those residing on the east
and west coasts commanding the highest wages. This phenomena
is primarily a consequence of the higher cost of living on
the coasts. However, as remote dictation and transcription
technology continues to proliferate, geographic pay differentials
will begin to erode.
Most Medical Transcription operations
are continually seeking new employees or contractors. The
growth in the scope and complexity of medical records has
been significant over the past several years and the demand
for qualified help currently outstrips supply. There are abundant
opportunities for an ambitious transcriptionist to increase
his or her income.
If you are serious about your career
it is important that you manage it aggressively. This implies
that you do not necessarily settle for the first thing that
comes along. If you are currently working as a Medical Transcriptionist
and are dissatisfied with your current situation, you should
take special care not to jump at the first opportunity that
presents itself - simply as a means of getting out of an unpleasant
situation.
Any move you make should be well
calculated and meaningful. It should clearly move you in a
positive direction. Be mindful of the fact that once you have
made a move, you will typically be there for a while. That
is why it is so important to make every move count. Make sure
that every job change propels you to your next career plateau.
You want to avoid making strictly lateral moves unless the
new position will clearly provide an opportunity to gain a
significant amount of valuable experience.
It is important to set stretch goals.
Set your sights high and then work aggressively to sell yourself
to employers. Think about getting the specialty training you
need if that is standing in the way of your progress.
If you have not clearly thought
through your career objectives then this is a good time to
do so. Consider your objectives in the context of family,
lifestyle, personal growth and income requirements.
Individuals who are most successful
in their careers are typically those who are proactive. Waiting
for opportunities to come to you is not the best way to manage
your career. Think about where you want to be and then go
after it.
Good luck!
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