Medical transcription jobs often offer different types of pay depending on how you choose to get paid. Notice the word, “choose”. With this particular profession, you are provided with an immense number of choices. You can choose to work from home, choose to work for a variety of transcription companies, choose to work independently, choose to operate your own business, providing pay to your own employees, or you can choose to work for one particular company part-time. Depending on your decision, the type of pay you will receive may vary significantly.
By the Line – The Most Common
Just about every transcriptionist you will ever come in contact will state that they are paid by the line, but what “by the line”? Cents, dollars? Medical transcriptionist’s are generally paid cents by the line. Most of them start off making .6 cents per line (cpl). Within a few months of working for one particular online medical transcription company, that amount will be raised to .7 or .8 cpl. From there, as the transcriptionist’s knowledge, production, and overall skill increases, so will the pay.
Most professional transcriptionist’s deem that pay per the line is the best overall because it provides the individual with the opportunity to make more money per hour. Let’s say that you are making .6 cpl just starting out and you’re only typing 50 lines per hour. Doesn’t add to much, does it? It won’t – at least not in the beginning. However, let’s say one year down the road you’re suddenly typing 150 lines per hour and making .7 cpl – which adds up to $10.50 an hour. If you work 8 hours per day, you’ll make $84.00 per day. On a five-day work week, that’s $420.00. Not bad, huh?
Okay, now let’s say another two years down the road you’re making .9 cpl and typing 250 lines per hour. That adds up to $22.50 an hour. During an 8-hour workday, that adds up to $180.00 per day, which then adds up to $900.00 per week. As you can see, that’s a significant jump in pay over the course of just two years. If you choose to become a medical transcriptionist, pay per line may just be the most beneficial.
Per Hour – Less Common
A medical transcription career getting paid by the hour may be your best bed, especially if you are just starting out. In the beginning, getting paid by the line often leads to low pay because you will still need to surpass the “learning curve”. However, later on, you may consider switching to a transcription job that pays by the line for higher pay. Hourly rates can start out as low as $8.00 per hour or as high as $14.00 per hour.
Per Page – Extremely Rare
If you own your own medical transcription business or are an independent contractor, you are given the right to charge however you please. Many transcriptionists charge a flat page rate because they feel it benefits them the best. Page rates may vary from $4.00 per page up to $10.00, just depending on what you prefer.