Career Outlook Guide
Medical Transcription
Job Outlook
- Job opportunities will be good. Employment of medical transcriptionists is projected to grow by 23.3% through 2014.
- Growing demand for medical services will be spurred by the increasing average age of the population.
- Advances in technology will further sustain the demand for transcription services attributed to the continued need for electronic documentation that can be shared easily among providers, third-party payers, regulators, consumers, and health information systems.
- A growing numbers of medical transcriptionists will be needed to amend patients' records, edit documents from speech recognition systems, and identify discrepancies in medical reports.
What they earn
On average, wage-and-salary medical transcriptionists had median hourly earnings of $14.40 in May 2006. However, compensation methods for medical transcriptionists vary. Common ways trascriptionists can be compensated include:
- The number of hours they work or on the number of lines they transcribe.
- Base pay per hour with incentives for extra production.
Independent contractors earn more than do transcriptionists who work for others, but independent contractors have higher expenses than their corporate counterparts, receive no benefits, and may face higher risk of termination than do wage-and-salary transcriptionists.
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