Average salaries for medical transcription can be difficult to quantify.The reason for this is that some medical transcriptionists are employed and paid on an hourly basis and in 2008 the average hourly rate was $15.50 per hour.
Other transcriptionists are paid on the number of lines of transcription they produce and generally work from home transcriptionists will earn more but will have the extra cost of running a home office/business at home.
In 2008 the middle 50% of transcriptionists in the U.S. earned between $13 and $19 in 2008 and the top 10% of medical transcriptionists earned around $22.
The best paying industries for medical transcriptionists are medical and diagnostic laboratories, insurance carriers, science and research, management and scientific consulting and finally dentists practices in that order.
The best paying states are
1. Massachusetts with an average hourly rate of $20.62
2. Alaska, $20.50 per hour
3. California with an average hourly pay rate of $19.76
4. Hawaii, hourly rate of $18.72 and
5. New Jersey with an hourly rate of $18.63.
These figures are based on medical transcriptionists in employment and excluding self employed transcriptionists.
Medical Transcription Opportunities
Medical transcription opportunities are therefore plentiful and the attraction for a medical professional such as a physician, dentist, doctor, clinic, laboratory and others make it an attractive proposition to outsource transcription work.
Medical transcription involves taking the spoken word of medical professionals such as doctors and nurses and converting or transcribing their voice recordings into written records. This allows the medical professional to outsource a task that might ordinarily be provided by a secretary sitting in his office.
Clearly this has some significant savings for the medics and other legal professionals who outsource their transcription work.
For the hard working, organized and enthusiastic home worker, the opportunity to work from home with your own independent medical transcription business is a good one. You must remember though that you will be a self employed person running your own business and you will need to show good organizational skills, discipline and an ability to meet deadlines and turn around your transcription work quickly in order to succeed.
There is no doubt though that with the right approach and attitude there is no reason why you should not take the medical transcription opportunity with both hands.
Medical transcription can be run alongside other transcription services such as legal transcription work and offers great opportunities as a career or as a work from home/office business.
And you can set up very easily with just a pc and some transcription software, a headset and a voice recorder although the latter will likely be supplied by the professional whose work you are transcribing.