Medical Transcription Salary Information

Salaries for medical transcriptionists vary a great deal. Even though wages typically have a tendency to differ from a specific geographic region of the country to another, this doesn't apply to medical transcription work. Because nearly all medical transcription work is done from home geographic position is not that important. Large national employers normally disregard location when determining how much to pay medical transcriptionists.

However, salaries will differ significantly from one particular company to another and so will their systems of payment. Gradually more medical transcription companies are paying on a production basis. This means that ultimately, your salary will be determined by your speed and proficiency.

A transcriptionist with little experience will typically have a higher income under a compensation structure that guarantees an hourly wage. Securing a medical transcription job with an hourly wage rate allows the new transcriptionist to be guaranteed a salary throughout the least productive stage of her career. People who have a great deal of experience are virtually always earning a better income when it is based on production, that is, if they can motivate themselves to produce quickly.

The average yearly income for a full-time entry-level medical transcriptionist (as stated by the Department of Labor) is $25-38,000. Those with more experience under their belt can expect to earn salaries that are 2-3 times more than 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 hunt for work as independent contractors where the opportunity exists to raise their income potential.

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Chris Dunn loves writing articles about medical transcription training. See also: About-Medical-Transcription.com.