As a medical transcriptionist, money has always been my main reason for being employed in this field. At first, I never thought about how lucrative this job would be until I discovered how much money my friend was earning just by transcribing a few medical reports in a day. She even did it at home.
But for some reason, pay rates have somewhat slowly been decreasing. And I was beginning to think that maybe medical transcription is not a profitable job for me.
Later, I soon came to realize that “Hey, medical transcription’s not that bad, I just have to know how to use it as a tool to increase my profit.”
As with any other jobs out there, money has always been a top priority in terms of choosing a profitable job. It is one of the main factors that influence a person to choose his life-long career. A job that provides ample monthly salary and annual income is more likely to be chosen as a career choice for anyone who is seeking it. Otherwise, if it does not provide any of these, the job position is not chosen as a career/professional option.
This is also true for medical transcription. Unless this profession can provide many benefits, rest assure that you will have a good future in this career. But generating an income here means that you have to sacrifice so much. And sometimes, even though you’ve worked you butt off throughout the day, there would come a time that all that hard work would come down to nothing.
Here are the 3 main reasons why your medical transcription salaries decrease and how you could avoid them.
1. An MT works online as a freelancer. While the internet provides anyone with so many portals for success, it is also one of the pitfalls of bad luck. Not everyone in the web or the sites who hire freelance MTs is legitimate. And so, a lot of MTs are fooled to think that they are working a descent job online well in fact they are not. They work for these sites and is either underpaid or never paid at all. To protect yourself and your services, I encourage you to find a legitimate company that is either near your place or is well-known in the internet.
2. Decreased accuracy. As for medical transcription, accuracy has always been the benchmark of a good report. The more accurate a report is, the better the feedback. Hence, better pay. Otherwise, if there have been a lot of errors in the file, the employers would most likely terminate the account and you would lose your account. Also the facts that, as editors see errors in your transcripts, it would most likely cut a portion of your salary for the inaccuracies you have made. So try to increase your accuracy when it comes to medical and pharmaceutical terms by reading and studying continuously.
3. Not reaching the minimum quota for the day. In medical transcription, your performance sets your salary in a day. How much reports you have finished is how much your salary will be. Everybody in the MT business tells that you can work at your own pace even at your own home. But the truth is, if you work at your own pace, you will not be determined to reach the minimum quota and in return will not reach the minimum amount required to earn a normal day’s salary. You have to set in your mind that you need to reach the quota of the day.
Keep these tips in mind and in no time you’ll see that increasing your earnings in medical transcription is not that hard to achieve.