In an uncertain economy, people are constantly on the lookout for careers where they can enjoy job security, greater employment opportunities and a decent salary. A career in medical transcription meets all those needs, and demand to employ more people in medical transcription is only supposed to increase over the next seven years.
The U.S. Bureau of Labor Statistics projects employment in medical transcription to grow 14 percent from 2006 to 2016, which is faster than the average for all occupations tracked by the government. The Bureau asserts that job opportunities in medical transcription should be good, but better for those who are certified as RMTs or CMTs.
Why the growth in medical transcription careers? Because the need for them is expected to increase, just like other careers in the health care field. Demand is expected to rise due to general population growth coupled with the increasing number of elderly people as the baby boomers age. It is common knowledge that older members of the population receive more medical tests and go to more doctor’s visits than younger members of the population, and each visit and procedure they schedule requires documentation by a medical transcriptionist. Demand is also expected to be driven by the ongoing need for easily-sharable electronic documentation, so that the medical information can pass appropriately from hand to hand as needed.
The Bureau projects that while there will be a steady stream of jobs available in hospitals, the real surge in job growth is expected in other industries, like doctor’s offices, notably in large group practices.
In May of 2006, the Bureau calculated that the average hourly wage for salaried and hourly medical transcriptionists was $14.40 per hour, meaning the middle 50 percent took home between $12.17 ad $17.06 per hour. However, your potential to earn money is not limited to this wage. The highest 10 percent earned more than $20.15.
The amount of money you get paid often depends on what medical industry you are employed in. Those who worked in medical and diagnostic labs were paid the most on average and those who worked in physician’s offices were paid the least on average, the Bureau reported.
Something else to take into consideration is that for some medical transcriptionists, the amount of salary earned is production-based, or contingent on how many lines they type. This is especially true for independent contractors and those employed by transcription service companies. Independent contractors typically earn more on average than those who work for companies, but that must be countered by the contractor’s higher personal business expenses.