According to the Bureau of Labor Statistics, the mean annual medical transcriptionist salary is $35,580. in 2018, the vast majority of medical transcriptionist earned $11 per hour, with the top 10% making as much as $23 hourly. This 90th percentile had a weekly wage of $923, a monthly salary of $4,000 and a total annual salary of $48,000.
The 50th percentile (close to the median), makes a weekly wage of $665, a monthly salary of $2,883 and an annual salary of $34,600.
The top paying industries can make the medical transcriptionist salary reach $73,000 per year. With an hourly wage of $35.19 and a monthly salary of $6,100, the Management of Companies and Enterprises ranks first as the best-paid industry for medical transcriptionists.
|Industry||Hourly wage||Monthyly Salary||Annual salary|
|Management of Companies and Enterprises||$35.19||$6,100||$73,200|
|Specialty hospitals, State government owned||$20.63||$3,575||$42,900|
|Insurance Carriers and Related Activities||$19.62||$3,400||$40,800|
|Home Health Care Services||$19.38||$3,358||$40,300|
|Nursing and Residential Care Facilities||$19.28||$3,342||$40,100|
|Other Insurance Related Activities||$19.04||$3,300||$39,600|
|Specialty (except Psychiatric and Substance Abuse) Hospitals (including private, state, and local government hospitals)||$18.85||$3,267||$39,200|
|General Medical and Surgical Hospitals, State government owned||$18.75||$3,250||$39,000|
|Medical and Diagnostic Laboratories||$18.75||$3,250||$39,000|
Medical transcriptionist salary by location
The medical transcriptionist salary varies according to state. The weekly wages in the top ten highest paying regions for medical transcriptionists range between $738 – $894/week. The District of Columbia, Massachusetts and California are the most profitable areas for medical transcriptionists to work in.
|State||Hourly wage||Monthly salary||Annual salary|
|District of Columbia||$22.36||$3,875||$46,500|
The lowest paying states have an hourly wage that ranges between $13.61 – $15.10. The worst medical transcriptionist salaries are from Utah ($28,300), West Virginia ($29,300), Alabama ($29,700), Arkansans ($30,200), Louisiana ($30,600), South Dakota ($30,600), Mississippi ($30,800) and Oklahoma ($30,800).
Freelance medical transcriptionist salary
Medical transcriptionists enjoy flexibility since they can work in an office as well as at home. An independent medical transcriptionist will be able to find work from heath care offices as well as companies that are in charge with providing the health industry with transcriptions.
The medical transcriptionist salary reflects production and working hours. A skilled medical transcriptionist working from home with a CMD certification will be able to provide their services on a contract and charge on an hourly basis. Experienced freelancers that have a constant work influx and set a profitable hourly wage are able to earn between $35,000 – $60,000 per year.
The medical transcriptionist salary is influenced a several important factors: employment type (freelance, part time, full time), employer, geographic location and skill. The level of production is tightly linked to the paycheck since each new contract increases the monthly and annual salary.
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