Your contract says you are only making 3 or 4 cents per line for voice recognition or 7 or 8 cents per line for straight typing. At first, this seems like small pennies and the truth is.....it IS small pennies; small pennies that could be turned into big bucks.
I absolutely hate it when someone asks me what my salary is as a medical transcriptionist or as a QA editor. When I tell them that I only make a few pennies per line, they look at me like I am some type of fruitcake or something. Then I have to go into a detailed explanation as to how my pay is based on line production, not hourly and not a set salary. Their response usually is, "Oh, so you are basically working for nothing". I tell them....hell no. I actually make good money at what I do and here is how I do it.
Lets say that your MT pay is 4 cents per line for voice recognition work. I am no math wiz, but lets do some math: 4 cents per line....that means that for every 100 lines, you are earning $4.00. Now, any MT with any level of experience is going to do more than 100 lines per hour. In voice recognition, a good steady line count rate per hour would be about 400-500 lines. So, if you completed 400 lines in one hour at 4 cents per line, that would amount to $16.00 and 500 lines would be $20.00....not too bad of an hourly salary.
Now lets look at it on a daily basis. If you completed 1000 lines in a day, that would amount to $40.00. A good MT can easily do 1000 lines in 2-4 hours. At this rate, you are still averaging $10-$20 per hour. In an 8 hour shift, an MT should be able to complete in excess of 2000 lines which would amount to $80 per day. Not bad for a daily pay. On some days, a good MT might push 3000 to 4000 lines per day which would amount to $120 to $160 per day.
In the wonderful world of medical transcriptions, the independent contractor who is paid per line production is in control of how much or how little they make. Medical transcriptions is the type of job that requires time, effort, and dedication. The more you put into it, the more money you are likely to make. If you work a little bit, you earn a little bit. If you work a lot, you have the power to make a lot of money. It all depends on if you are willing to make a mountain out of a mole hill. It is possible to make a lot of money as a medical transcriptionist. It all depends on if you are willing to make a mountain out of a mole hill.
TIPS ON HOW TO MAKE MORE MONEY IN MEDICAL TRANSCRIPTIONS:
1. Make a schedule. Set a specific amount of hours to work every day and stick to that schedule.
2. Eliminate distractions. When you stop typing or editing, you stop making money. So turn off the radio or TV, tell friends and family not to bother you while you are working unless it is an emergency, and don't visit facebook or other sites while working. Work time is exactly what it is....time for work.
3. Set goals. Determine a specific line count goal that you want to reach on a daily basis and aim for that goal. Do whatever it takes to reach that goal. Don't set it too high where you cannot reach it. Make your daily line count goal reasonable. You can gradually increase your line count goal overtime. Keep a daily log of the number of reports and number of lines you do on a daily basis. Don't work too fast and don't try to do more than your capability allows.
4. Take care of yourself. A healthier you is much more productive than a sick you. Eat right, exercise, and get enough sleep. Medical transcriptions is not a physically demanding job, but it does require one to maintain a healthy lifestyle.
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