Average Medical Transcription Salary

How much money can you expect to make with a Medical Transcription Business?

Resources:

Complete Medical Transcription System

Average Medical Transcription Salary
 
Your medical transcription salary will depend on a few different factors.  An MT who works from home and has her own accounts will usually make more money than an MT who works for an online service or at a traditional job setting.

According to the U.S. Department of Labor the average earnings for MTs in the year 2004 was between $11.50 and $16.32 per hour.  MTs in the higher earnings range (10%) earned $19.11 per hour.

Now, keep in mind that’s just a statistic.  Medical transcription earnings can greatly vary and it’s really difficult to come up with a “true” earnings statistic.

For example, if you work from home on your own accounts there may be months where you have extra work and months when you have less.  Your earnings could also differ dramatically from another fellow MT who works from home on her own accounts.

A great advantage about having your own MT business is you can truly have control over your earnings.  The more accounts you have, the more money you’ll make. 

As your business grows you can hire subcontractors, which you outsource, work to.  You pay them an agreed rate and make a percentage on their work.  There really is no limitation in how large your business can grow. 

You may also choose to have a smaller and easier to handle business.  You can always work a little extra to increase your earnings, or simply take on the amount of work that suits your needs.

A typical home-based MT business earnings can vary greatly.  Some one-MT operations will earn between $20,000 a year to $50,000 a year.  Larger services, which hire subcontractors can earn between $50,000 a year to $200,000 and upwards.

Medical transcription jobs outside the home can vary just as much, depending on where you live.  Earnings can be from $9.00 per hour to $22.00 per hour. 

It’s really difficult to say exactly how much your medical transcription salary will be.  But one thing to keep in mind is the earning potential is there and there are many opportunities for you to take.

This is TRULY a business which allows you to have control over how much you earn.

Resources:

Learn exactly how to start your own medical transcription business from home with Complete Medical Transcription System – includes practice dictations, read along answer key, and all the information you need to build your own profitable medical transcription business.