Medical Transcription Salary Outlook by:Mila Sidman
MT salaries can vary greatly, and your actual earnings will depend on a few different factors. For example, 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. How much you actually earn can vary greatly and it's really difficult to come up with a "true" earnings statistic.
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 and take on even more 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.
If you have a home based MT business and you do all the work yourself, you can make anywhere between $20,000 a year to $50,000 a year. A larger transcription service, which hires 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.
About the author
Mila Sidman is an experienced MT and owner of www.AskTheMT.com - an informative website dedicated to answering all your medical transcription questions.