Medical Transcription Rates

Pricing Matters – How Much to Charge

Not sure what rate to charge?  You’re not alone, as a new transcriptionist this can be worrying as you won’t want to (and quite rightly) undercharge or overcharge for your services.  Here are some ideas to help you get started.

Medical Transcription Rates Research

You will probably already have a rough idea of the going rates for your area from your MT course and networking with other transcriptionists.  However, you may need to do a little more research to be certain.

A good place to start, is by calling a reputable company in your area and asking to speak to the manager/owner.  Be friendly and professional in your approach and you may be pleasantly surprised at just how much people are willing to help.  Make it clear that you’re just starting out and are looking for a bit of basic guidance. 

And keep in mind the rates another company charges may not be exactly what you can charge, as they may work in bulk or specialize, etc.  It will, however, give you a rough idea.  Also, don’t be put off if someone isn’t willing to share this information.  Some people worry about competition may find this information too personal to share.  But in my experience I’ve found most will usually help a fellow transcriptionist.

How To Charge

The industry standard is to charge by the line.  Although some transcriptionists charge by the page, character, hour or audio minute.  I have always charged by the line and find this is usually best for both the transcriptionist and doctor. 

For starters it simplifies things and you get paid for what you type.  As you gain more experience and start to use macros and word/page fillers you’re speed will improve and so will your earnings.  If you were charging by the hour, that’s not such a good thing. 

It also makes record keeping a whole lot easier.  Simply use a line count software when you finish the job or when you’re invoicing and bill the client. 

How Much To Charge Per Line

This varies from state to state, but according to market research you can expect to earn between 10 to 16 cents per line depending on what part of the US you’re in.  In Florida, where I am, the going rate is between 12 to 15 cents per line. 

You’ll probably also change your prices for certain accounts.  For example, if you land a big account with a steady flow of work you may want to give them a small discount.  If they make your job easier such dictating in a macro style (only changing a few words per report, etc.) then you might also want to consider a discount. 

By the same token you may want to charge extra if the client has a difficult accent or expects a very fast turn around time.

You will have to do a bit of research and adjust things as necessary until you get the hang of it.  And don’t be afraid to speak to your client about changing the fee if you feel you miscalculated.  You’re better off doing this than working for less than your time’s worth.

How To Invoice

How you bill the client will have to be mutually agreed.  In my experience, many transcriptionists choose to charge twice monthly (on the 16^th and again on the 1^st of every month).  This always worked out well for me and keeps record-keeping to a minimum.  Most doctors are also accustomed to this method of billing.

How detailed your invoice will be will also depend on your clients.  Most clients are happy for a quick line count summary, fee and total.  And you can easily print professional looking invoices on your computer.  If in doubt, just ask what your client will prefer.

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