Medical transcriptionists are paid in a variety of ways, depending on the employer or client. Payment might be made based on the number of hours worked or the number of lines transcribed. Monetary incentives might be offered to hourly transcriptionists achieving a high rate of production.
In January 2020, Salary.com reported that medical transcriptionists earned an average annual salary of $46,421. The U.S. Department of Labor reports that in May 2018, the lowest 10 percent of all medical transcriptionists earned an annual salary of $21,840, and the highest paid 10 percent earned $51,780 or more, annually. The median annual salary was $34,770. Medical transcriptionists who worked in hospitals earned $39,190 annually and those who worked in offices of medical doctors earned $35,300. Medical transcriptionists who are certified earn higher average salaries than transcriptionists who have not earned certification.
Medical transcriptionists who work in a hospital or company setting can expect to receive the usual benefits, including paid vacation, sick days, and health insurance. Tuition reimbursement and 401(k) plans may also be offered. Home-based medical transcriptionists who are employed by a company may be entitled to the same benefits that in-house staff members get. It is important to check with each individual company to be sure. Self-employed medical transcriptionists have to make arrangements for their own health and retirement plans and other benefits.
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