I have come to realize that medical transcription can either be a good and bad job. Just recently this morning, I have been contemplating on why a lot of people (who are medical transcriptionists themselves) are telling that the salary here is big.
Yes, its true. But I realized that wouldn't it be small if a lot of us were employed in this career?
After the recession, businesses resumed its natural course and for us ordinary people, that meant rehiring and opening of many or more jobs. And with more jobs that reopen, so would the pay grade decrease.
If you know the Law of Supply and Demand, you'd get my point. More jobs meant lesser pay, this is also true for medical transcription.
Although many people have been saying that the medical transcription industry will steadily grow in the next 10 years, the salary will likely decline.
As of now, more and more medical transcription schools (that offer online and home based learning) are gradually increasing. This means that more and more graduates from this career will be employed in the next few years. And as more and more medical transcriptionists are employed, the less will be the pay, not just in pay rate but also in the number of dictated files from the physician.
If a medical transcriptionist today has to transcribe 100+ dictated files, in the next 10 or 20 more years he could only transcribe probably less than 100 files.
Added to the increasing number of workers is the increased use of voice recognition machines that in time will reduce the need for medical transcription services.
My point here is that becoming a medical transcriptionist for the rest of your life is not the only solution for your present and future financial freedom. Who knows what will happen in the future. Maybe my article would portray the future or the industry, and maybe not. Who knows?
We now live in a sophisticated world. Back then, only one job is needed to live happily, but 1 job is not enough. You have to have other ways of creating a profitable income otherwise you won't survive the next 10 to 20 years or so.