At-home medical transcriptionists have greater flexibility in work hours than office transcriptionists.
Medical transcriptionists take recordings from physicians and other healthcare professionals and put them into written form for reference purposes. Because the healthcare industry is growing, the need for medical transcriptionists also is rising, with the Bureau of Labor Statistics projecting an 11 percent increase in the number of jobs nationwide through 2018. Medical transcriptionists often choose to work at home, both for the convenience and the benefit of higher pay.
General Salary Information
The Bureau of Labor Statistics doesn't break down the medical transcriptionist field by at-home versus out-of-home transcriptionists. However, they give salary rates for the field as a whole, which gives a starting point for assessing how much the industry pays at-home workers. Figures provided by the BLS generally are representative of at-home positions, as roughly 75 percent of all medical transcriptionist positions are at-home jobs, according to the Future MT website. The BLS indicates that, based on 2009 information, the average wage for a medical transcriptionist is $33,350, or about $16 per hour. However, pay is anywhere from $22,430 to $45,700. Both the BLS and the Medicalassistantvacancies website report that independent contractors and at-home transcriptionists may earn more because they can work more hours if desired. The BLS points out that, despite receiving higher pay, independent workers have higher expenses, don't receive as many benefits and are at a higher risk of termination.
Experience
Experience plays a role in medical transcriptionist salaries, regardless of whether the transcriptionist works from home or in an office. According to the BLS, those in the 10th percentile of workers, which generally represents entry-level positions, earn $22,430, or $10.78 per hour based on 2009 data. The Medicalassistantvacancies website indicates starting wages of $14, while MedicalTransciptionist.org reports pay between $9 to $12 for entry-level positions. Pay can reach $21.97 after a transcriptionist has been in the field several years, says the BLS. The Future MT website adds that medical transcriptionists who manage others may earn $60,000 to $80,000 annually.
Geography
The best-paying regions for medical transcriptionists, according to the BLS based on 2009 information, include Massachusetts ($42,880), Alabama ($42,640), California ($41,100), Hawaii ($38,950) and New Jersey ($38,750). However, for many at-home medical transcriptionists, region is less of an issue, as they may accept jobs from companies across the nation if they are independent contractors.
Certification
As the BLS notes, employers prefer medical transcriptionists who have completed training and who hold a certification in medical transcription. Pay for those with a certification and/or degree in medical transcription is higher than for those who do not hold such degrees or certifications. As of 2011, medical transcriptionists may receive either the Registered Medical Transcriptionist (RMT) or Certified Medical Transcriptionist (CMT) designation. Although these certifications require additional training and continuing education, they are an uncomplicated way to boost earnings.
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