Explained: The Medical Transcription Pay Scale and How to Figure it Out

It has been my experience that a lot of people have varying views on medical transcription pay. Some people have claimed that medical transcriptionists make very little, while others claim that medical transcription is where the money is. Well, I am here to let you know that both beliefs are true.

If you have ever conducted any research at all regarding!in relation to how much a medical transcriptionist earns, you probably found a ton of different blogs and websites providing you different amounts. I will admit that it can get pretty confusing. The reason why is because there really is no certain fixed amount of money that a medical transcriptionist can make. So all of the different figures you have found are correct. But the one thing to keep in mind is that if you have your heart set on making $50,000 or even $100,000 a year, then you can create that possibility.

In the beginning, transcription pay may not even be a livable wage. I have heard of people making only $4.00 per hour and $400.00 to $600.00 a month. A lot of those same people realize that medical transcription isn’t for them, so they move on to something different. Let me be the first to say that switching careers when you first start out isn’t a very good idea. The reason why people receive such low pay in the beginning is because they have to get better at what they do. You see, medical transcription is all about speed and accuracy. The faster you get, the more you can make, it is as simple as that.

If you are just starting out in the career of medical transcription, then you are most likely going to land your first job working under a company making about .8 cents per line. Since it might be hard at first to understand what the physicians are saying, you may only end up typing about 500 lines per day – full time. I know, that sounds like a huge waste of time, but about six months later, you’ll be able to type that in half the time and still make the same amount. So, what I am saying is that at first, it might take you eight hours to type 500 lines, but later on, it will not take that long, maybe only three or four hours. As you get even more experienced, you’ll be able to type that same amount in two hours.

The whole concept of medical transcription pay can be a bit confusing until you gain a better understanding of it all. Something else you might want to consider is looking into medical transcriptionist jobs where you are paid by the hour. The majority of them will pay around $9.00 to $14.00 per hour, depending on experience. While you can still make a legitimate paycheck with that hourly amount, you will not be able to excel.

I encourage people who are either in medical transcription or who are considering going into it apply to work for a company from home at first. The reason why I advise this is because the pay is much higher. I am not going to lie to you and say that you are going to be making $500.00 a week in your first month. Realistically, your paycheck may look more like $80.00 to $150.00. It may sound discouraging but I promise you that within five years, your paycheck will look more like $700.00 to $1200.00 if you keep at it and focus on your quality and production.

So yes, all of the hype about medical transcriptionist jobs being a very high-paying area of work is true. It is just that you have to get over the hump. Everyone will have to get over the hump before making more money. The key is to be patient and persistent.