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| Industry Statistics |
| Deep down, I am a numbers person. So for those of you like me who need to know the hard facts first, this information is for you. |
Salary
Medical transcriptionists are usually paid on a production basis- either by line, word, or record typed. According to the US Department of Labor’s Occupational Handbook, “Wage-and-salary medical transcriptionists had median hourly wages of $15.41 in May 2008. The middle 50% earned between $13.02 and $18.55 and the highest 10% earned more than $21.81.” |
Job Outlook
The US Department of Labor estimates the employment of medical transcriptionists to grow 11% from 2008 to 2018 which is as fast as the average. The healthcare industry is a very stable industry. This is because people will always need to see doctors. Demand for medical transcription services will continue to be stimulated by a growing and aging population, longer life spans, and new treatments and procedures. Typically, older age groups require more medical tests and procedures. Job opportunities will be good, especially for those who are certified.
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What about speech recognition technology?
“Speech recognition technology allows physicians and other health professionals to dictate medical reports to a computer, which immediately creates an electronic document. In spite of the advances in this technology, the software has been slow to grasp and analyze the human voice, the English language, and the medical vernacular with all its diversity. As a result, there will continue to be a need for skilled medical transcriptionists to identify and appropriately edit the inevitable errors created by speech recognition systems and to create a final document.” Source: US Department of Labor Occupational Handbook 2010-11 Edition |
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