Medical Transcription Salary Optimization Tips

Increase your medical transcription salary with these expert tips...

The starting salary for many home-based medical transcriptionists averages $30,000-$35,000 a year. As you gain more experience and grow your client base, you can potentially earn quite a bit more. Here's how...

Increase your earning potential by broadening your transcription horizons

Your potential for career advancement and increased salary depends on your exposure to different medical fields, and the types of transcription work you take on.

Remember that earnings for a home-based medical transcriptionist are not based on an hourly or salary wage. Instead, medical transcription salaries are based on workload. The more dictations you complete, the more you earn.

The number of lines typed during your typical workday pays your medical transcription salary. Because medical dictation reports vary by size, it's nearly impossible to predict monthly earnings. However, on average, most home-based medical transcriptionists earn between $30,000 and $40,000 a year.

Experience coupled with a large client list can help you earn up to $70,000 a year.

This is opposed to average wage of between $14,000 and $28,000 a year for medical transcriptionists working part-time under major contractors, such as hospitals or outpatient centers.

The key to increasing your earning potential depends on your dedication, schedule, and commitment. The good news is that jobs in the medical transcription field (both home-based and facility) are expected to increase by over 10% through 2018, so there's definitely capacity to grow your income.

Tips for increasing your medical transcription salary

Here are a few easy-to-implement tips you can follow to help increase your income. Remember, your earnings are based on your speed and accuracy. Take steps to improve both. For example:

• Focus on clients who pay the most for the least amount of work.

• Practice every day to increase your typing speed and accuracy.

• Set targets for completing a certain number of files per hour, if possible.

• Work on similar types of reports at a time, e.g. operative reports, consultations, or history and physicals. Each follows a certain format - by 'clumping' them together you'll save time by not having to constantly change page settings for format.

• Set line goals in increments until you can type approximately 1,500 lines a day (At 12 cents a line, that's $180 a day). Some experienced transcriptionists can type up to several thousand lines a day.

• While you may be tempted to set high line goals for yourself, protect yourself from 'burnout'. Start gradually, and take frequent 5-minute breaks during the course of your workday, whether you're working part-time or full-time. Doing so helps keep you fresh and focused, and your accuracy levels high.

When it comes to starting a new business, preparation, knowledge and research go a long way toward reducing your risk. Take care not to bite off more than you can chew. Follow these tips for increased profits when you're starting out on your own:

• Start small. Take the time to get your feet wet. Start with one or two clients and gradually work your way toward a larger client base. Doing so helps you determine what type of work schedule works best for you, and allows you accurately gauge your speed, focus and abilities.

• Be prepared to work extra hours and make personal sacrifices as you grow your business.

• Market yourself! Here are some ideas:

  • Create an effective "marketing" letter to offer potential clients
  • Advertise in local newspapers
  • Create flyers or advertise in specialty medical journals and magazines
  • Use a magnetic signs or decals on your car to advertise your business as you drive around town
  • Invest in a well-constructed website

On the personal front, explore trial-and-error methods to determine a work schedule that works for you, your home environment and your ability to focus. For example:

• Create a routine that keeps you motivated and positive. Run your home office like the business it is.

• Encourage family and friends to respect your work hours. They wouldn't just drop in on you in a workplace environment, so don't allow them to do so just because you work at home.

• Most importantly, don't put off until tomorrow what you can do today. Procrastination can be a huge hindrance, and those who work at home can be especially susceptible!

Take your home-based medical transcription business seriously - this is the mindset you'll need to grow your income!

It's up to you whether you work 2 hours a day, or 10. Owning your own home-based medical transcription business is challenging, but also fun and liberating.

Increase your medical transcription salary by consistently enhancing your knowledge base and your understanding of medical terminology in all medical fields.

Constantly challenge yourself to broaden your medical transcription horizons. With a little thought and focus, you'll be well on your way to earning a great living as a home-based medical transcriptionist.

You may find these ideas for marketing a small business useful.

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