How Much do Medical Transcriptionists Make

Medical transcriptionists work in the lucrative healthcare field and they enjoy a vast range of additional benefits. One of the most attractive characteristics of the job is that it can be practiced from a home office. The flexibility and opportunities stemming from this occupation make many individuals eager to give it a try.

The freedom of being a medical transcriptionist is undoubted but how about the salary? Do these professionals earn enough? The answer to this question depends on several factors that determine just how much medical transcriptionists earn.

How Much does a Medical Transcriptionist Earn in the US?

Though the vast majority of medical transcriptionists work part-time, some of these professionals have found full-time employment opportunities. The median annual salary of medical transcriptionists in theUS is 29,912 dollars, PayScale.com reports. The best-paid professionals in the field can expect to earn up to 43,009 dollars per year.

The median hourly rate is 14 dollars. More experienced medical transcriptionists can expect to earn slightly over 20 dollars per hour and approximately 31 dollars per hour for overtime work.

The national average is slightly higher than the median annual salary – 31,000 dollars per year. The most experienced medical transcriptionists that have 20 years of experience or more will make 12 per cent more than the national average.

How Much does a Medical Transcriptionist Earn in Canada?

Medical transcriptionists inCanada earn salaries that are similar to what theirUS counterparts make.

The median annual salary for medical transcriptionists in the country is 29,541 Canadian dollars. Some of the most experienced and reputable professionals in the field can make up to 47,413 Canadian dollars per year.

The median hourly payment is 18 Canadian dollars. The amount can reach up to 23 Canadian dollars per hour and up to 29.36 dollars for overtime work.

In terms of national average, medical transcriptionists make 37,000 dollars per year. Though entry-level professionals earn 13 per cent less than the average, late-career professionals in the field can expect to earn 14 per cent more.

Industries and Differences by Place of Employment

The industry in which medical transcriptionists are employed will also have an impact on their salaries. Specialty hospitals are the ones that offer the highest medical transcriptionist salaries. Professionals that work for such institutions earn 18.28 dollars per hour. The medical transcriptionists employed by insurance companies follow with 18.23 dollars per hour.

The vast majority is employed by hospitals and physician offices. The mean hourly income in hospitals is 17.19 dollars and in physician offices – 16.35 dollars per hour. Laboratories and business support companies also rank among the most popular medical transcriptionist employers.

Medical Transcriptionist Salary by Location

Working as a medical transcriptionist in certain states will make more sense because these parts of theUS offer much higher salaries.

Some of the best-paid medical transcriptionists work inDistrict of Columbia. The hourly wage there is 22.36 dollars and the average annual salary is 46,500 dollars. InMassachusetts, medical transcriptionists earn 22.07 dollars per hour and 45,900 dollars per year.California ranks third with 21.3 dollars per hour and 44,300 dollars per year.

The worst-paid medical transcriptionists work inUtah (13.61 dollars per hour and 28,300 dollars per year) andWest Virginia (14.09 dollars per hour and 29,300 dollars per year).

Career Outlook

According to Bureau of Labour Statistics data, medical transcriptionists are going to enjoy a positive career outlook in the years to come. The number of medical transcriptionist jobs available in theUS in 2012 was 84,100. This number is expected to increase by eight per cent in the period until 2022. The percentage translates to 6,400 new workplaces.

Some believe that technological advances and the creation of “smarter” software will limit the demand for professionals in the field of medical transcription. Still, experts that are familiar with these new technologies can expect to benefit from rather lucrative employment opportunities. Continued qualification and technological courses will help these professionals stand out and enjoy better employment options than their counterparts.

Keep in mind that the projected growth for medical transcriptionists is much lower than what other fields in the medical industry are going to experience. Though the career does offer flexibility and it doesn’t involve work with patients, there are still some limitations that will need to be taken in consideration when choosing a career path.

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