If you’re aspiring to be a medical transcriptionist, you must have the right educational degree to make your mark in this field. In this article, we will specifically cover information related to their earning potential.
One of the most crucial factor that an individual analyzes before stepping into any career, is salary or pay scale. While interest in the chosen field and career development opportunities are also of paramount importance, a decent salary is no less important criteria.
Medical jobs since the last 10 years have flourished, and have been one of the most stable and financially rewarding jobs. All thanks to the diversification and exponential development in medical technology, pharmacy field and advanced methods of medical treatments.
Stated briefly, medical transcriptionists are medical professionals who are responsible for maintaining and managing medical records. In other words, they listen to dictated records created by medical experts, and then they transcribe them into health care documents. These medical documents are important, as they contain all information about patient’s discharge summaries, medical history, medical examination notes, autopsy reports, diagnostic result reports and referral letters.
These reports are maintained on the guidelines stated by the American Association for Medical Transcription (AAMT). They have to check these legal documents for spelling, formatting and grammar. After proper training, employment opportunities are very good for these professionals. Excellent typing speed and good computer literacy are important requisites to prove one’s mark in this field.
Factors on Which Salaries Depend
Finding employment in hospital jobs is dependent on your level of medical education or more importantly work experience. Same is the case with salary structure. Like various salary ranges for jobs, the salary in this field, is dependent on following factors.
- Educational Degrees
- Work Experience
- Employer Type
- Work Location Area
- Number of Lines transcribed
- Number of hours worked
An associate’s degree or a medical transcription certificate is necessary for a medical transcriptionist profession. The Association for Healthcare Documentation Integrity (AHDI) gives two designations viz., Registered Medical Transcriptionist and Certified Medical Transcriptionist, to candidates who’re willing to make a career in this field. The salary in the starting years, for those who’re armed with these degrees and certificates, ranges between US$10 to US$12 per hour.
With increased work experience, the salary of a medical transcriptionist rises and with some really good exposure in this field, the salary can be anywhere US$25 to US$35 per hour.
Depending on the employer type, salary varies significantly. Working in this field, at home or in doctor’s office can vary the salaries to a great extent. Generally, the salary averages between US$12 to US$20, per hour. Even self employed individuals can earn as high as US$30 per hour, after they have decent work experience.
Work Location Area
Working area contributes significantly in salary negotiations. For instance, if you’re working in Florida, then the salaries in Florida will be less than most popular cities like Pittsburg or Dallas (as per reports of various sources). Certainly, cost of living in a city impacts salary ranges. Remote areas that are opening up to medical jobs, hold promises for better pay in the near future.
Number of Lines Prescribed
Based on number of lines you write, the wages are decided. At the rate of US$0.06 per line, in case you write 800 lines, you’ll earn near about US$ 12,480 per year. At the rate of US$ 0.14 per line, for 2,000 lines, you can earn nearly US$72, 800! This is decided by your employer.
Similarly, for number of hours one works, the salary is fixed and is decided based on that. On an average, the salary ranges between US$ 30,000 to US$ 70,000.