Medical Transcription School

Medical Transcription Salary Information

Salaries and wages for medical transciptionists vary considerably. Your actual medical transcription salary will be determined by a number of different factors. And while it is true that in general, wage rates tend to vary widely from one geographic area of the country to another, this is not as true with medical transcription wages. Because most medical transcriptionists work from home geographic location is not that important. Large national employers of medical transcriptionists typically disregard location when making medical transcription salary determinations.

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However, medical transcription salaries will vary considerably from one company to another, as will the method of payment. Increasingly, medical transcription companies are paying on a production basis. This means that ultimately, your medical transcription salary will be determined by your speed and proficiency.
An inexperienced Medical Transcriptionist will typically be better off with a compensation structure that guarantees an hourly wage. Securing a medical transcription job with an hourly wage rate allows the new medical transcriptionist to earn a guaranteed medical transcription salary during the least productive period of her career. Experienced medical transcriptionists are almost always better off being paid a production-based wage - provided they have the motivation to produce consistently.

According to the Department of Labor, the average annual medical transcription income for full-time entry-level medical transcriptionists typing hospital reports averages between $25,000 - $38,000 - depending on location and proficiency. More experienced medical transcriptionists can expect to make medical transcription salaries or incomes that are double or even triple that amount on the basis of production - particularly if they are willing to develop their own clients. Unfortunately, the pay differential between experienced and non-experienced medical transcriptionists is not typically as large in hospital settings where MT's are often paid by the hour. This is one of the primary reasons that experienced medical transcriptionists tend to seek out positions as independent or sub-contractors where the opportunity exists to leverage their income potential.

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