Note: Although this article is a few years old, there still are some valid points of view expressed. The monetary compensation paid to MTs varies greatly depending on location, size of the account, and the individual needs of each client. Typically, transcriptionists who work at home can expect between 6 and 10 cents per 65-character line. The amount you will be paid depends on all these factors, and will take into account your experience and need for supervision.
So How Much Can an MT Actually Make?
MT salaries can vary greatly, and your actual earnings will depend on a few different factors. For example, an MT who works from home and has her own accounts will usually make more money than an MT who works for an online service or at a traditional job setting.
According to the U.S. Department of Labor the average earnings for MTs in the year 2004 was between $11.50 and $16.32 per hour. MTs in the higher earnings range (10%) earned $19.11 per hour.
Now, keep in mind that’s just a statistic. How much you actually earn can vary greatly and it’s really difficult to come up with a “true” earnings statistic.
If you work from home on your own accounts there may be months where you have extra work and months when you have less. Your earnings could also differ dramatically from another fellow MT who works from home on her own accounts.
A great advantage about having your own MT business is you can truly have control over your earnings. The more accounts you have, the more money you’ll make.
As your business grows you can hire subcontractors and take on even more work. There really is no limitation in how large your business can grow.
You may also choose to have a smaller and easier to handle business. You can always work a little extra to increase your earnings, or simply take on the amount of work that suits your needs.
If you have a home based MT business and you do all the work yourself, you can make anywhere between $20,000 a year to $50,000 a year. A larger transcription service, which hires subcontractors can earn between $50,000 a year to $200,000 and upwards.
Medical transcription jobs outside the home can vary just as much, depending on where you live. Earnings can be from $9.00 per hour to $22.00 per hour.
It’s really difficult to say exactly how much your medical transcription salary will be. But one thing to keep in mind is the earning potential is there and there are many opportunities for you to take.
Author: Mila Sidman