monthly earnings
Posted By: new to board on 2006-03-09
In Reply to: Average montly income? - Question
I'm new to this board, just found it today, and have been *so* depressed with what I've been reading in regards to line counts and rates you all are being paid. I've been an IC for 15 plus years, transcribing for about 23 years now. I charge by gross lines, 12 cents a line, max 70 characters possible on a line. I make okay money, averaging between $3000 and $4000 a month, with three good dictators, and I live on the West Coast. I could easily make more if I turned off the TV when transcribing and didn't take time off to be at the kids' sporting events. Before I got married, I easily made $55-60K a year, before expenses, but taxes killed me  so I backed off a bit. (This was before the elaborate Expander programs.) Ladies, the money is out there. You just have to find the right accounts!!
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Earnings
I might add that I make less than half what I did when I worked in the hospital laboratory (I was in management), but that's OK. I'm much happier. 
Uh...30% IS near 40%. lol. And you need to put aside 50% of your earnings in CA.
.
Earnings
I work five hours a day and take home (after taxes, etc.) between $1500-1700 every pay period.
Earnings
In California. That's specific enough.
My earnings
For the last three years, I worked a 30-hour week and earned 44K with MQ each year. I expect to earn at least 60K now that I am fulltime.
How do you get your earnings up?
Hi there,
I have been working as an MT since January. It was certainly slow at first as I was on a learning curve. Now I am quite familiar with the work and have made all sorts of "shorthand" for myself with MS Word. I also spend long hours, often more than 8 a day working at this, and I am still only earning under $600 per two weeks. How do I get my earnings up? I have heard one can make very good money doing this... but I am considering going back to work outside the home. I need to earn at least $1000 per two weeks. The company I am with pays 8 cpl for typing and 4 cpl for editing.
MT Earnings
The MT Conundrum
Those in the medical transcription field flocked to our 2008 Salary Survey, eager to see how they measured up against their colleagues. We had 872 total respondents in the transcription field, and 516 full-time MTs/editors and 212 part-time MTs/editors took our annual survey. Average MT salaries did nudge up a bit--4 percent--from last year, with full- and part-time MTs/editors making an average of $28,900 in 2008, compared to $27,800 last year. Full-time MTs reported bringing in $33,500.
At the Association for Health Care Documentation Integrity (AHDI), Kim Buchanan, CMT, AHDI-F, director of education and credentialing, hears a lot of complaints from MTs in the industry reporting drops in pay. "You hear complaints that wages are going down, but overall the data shows otherwise," Buchanan said. "This stat is showing we're slowly increasing."
MTs who work for medical transcription service organizations (MTSOs) did see a dip in pay (see sidebar on the next page), but certified medical transcriptionists (CMTs) (21 percent of full-time MTs) saw average salaries poke up to $39,000. To compare with last year's results, CMTs across all HIM professions brought in $37,864, and this year, CMTs who were MTs and other HIM professionals combined made an average of $43,900. Buchanan was very encouraged by the numbers, as full-time MTs who have a CMT make nearly $7,000 more than their non-credentialed colleagues. "To me, that really shows the credential differentiates you in the marketplace," Buchanan noted. "It's really encouraging to me to see the credential is being valued, and it should be. The complexity of documentation we're starting to see is going to require a knowledgeable worker, and to me, credentials show you made a commitment to lifelong learning and you are truly invested in your knowledge."
The registered medical Transcriptionist (RMT) credentialed folks didn't fare as well, making on average $6,000 less than full-time MTs with no credential. The credential is only 2 years old, Buchanan explained, and most RMTs are entry-level MTs/editors who just came out of school. Looking at the average salary of MTs/editors with 0 to 2 years' experience ($24,500), RMTs make more than that ($26,100), and the RMT might also just be the ticket that gets new MTs hired in the field. "In a way, it's really helping them leapfrog that beginning salary you show on 0 to 2 years," Buchanan said. "It's helping them, it's propelling them, and it's putting them ahead, which is great. That's exactly what we wanted it to do."
After examining all the numbers for MTs, Buchanan was happy the average salary for MTs/editors crept up, albeit slightly. "Overall, I'm encouraged to see we continue to increase, even if it's at what looks like a snail's pace," Buchanan said. "In an economy where people are losing jobs left and right, it's good to know transcription is remaining viable, and we're still seeing our wages creep back up."
Lynn Jusinski is an associate Editor with ADVANCE.
MT earnings
What a load of crap
What do you mean they "take" 25% of your earnings?
If you mean they pay you 75% of what they charge the client, then 25% is small potatoes in my opinion for all the headaches they have for marketing, keeping the client happy, being the responsible party for turn around, technical issues, etc. It's not worth the other 25% to me to have to go out and find clients and keep them happy and covered.
Well, if you doubled your earnings, does it come up to that 60-75K
s
it does take a toll on earnings...
I agree about the rates for VR. It can take a while to fix a botched report and in some cases I have to fix them by typing in the corrections, but still only getting paid half the rate. I used the Edit Script platform, which is awesome, but the company I work for is heavily supported by ESL docs, so it is a challenge. I do, however, use the IT Expander and get free lines from templates.
My solution was to also work for a second company that uses the same platform, but is mostly American docs and has a higher percentage of typing rather than editing, about 60/40 (40 typing). My first company is around 80/20 (only 20% typing). I agree with another poster who said that you have to find the combination that will work for you and increase your pay. She is right because for me, the second company is a smaller company and I will make more money with them. I like the other company also because they will give me experience with ESLs, but I will earn less money. I do the smaller company full time so I can eventually get the benefits and the larger company with the ESLs part time. Now I am receiving 2 paychecks, but working extremely long hours. I feel it will balance out with time. I have flexible schedules with both and can usually take off anytime I choose,which I feel are the perks of being an MT. It is hard to have this situation with a traditional job, so I take the good with the bad. I am new to this field and want to stay optimistic about my future with MTing.
Weekly earnings
Am relatively new to at home transcription so I am not doing as well as most poster.
Instant Text is relativley new to me, but helping prodcution.
I am not familiar with MP Lite. I know someone will be kind enough to share.
Thanks!
Monthly fee
Is there a monthly fee when you use it through your phone? I can use my phone but I have to set up internet service and its $60 a month. I work at the inlaws cottage but they have high speed internet.
earnings - what can i expect from home?
Hello all ... I've been an MT for 13+ years and my current hospital has OUTSOURCED  my position! I'm in a crappy job at the hospital currently, working 3-11, to keep my benefits until I decide what to do, and go on interviews. I'm considering working for the company that took over the hospital account - but I'm not sure what to expect as far as pay per line.
If its not too personal - how much do you guys earn at home per hour/week?
THanks so much! Joanne
I live on one job and save the earnings from the 2nd.
I am retiring at 55. Only 10 years left.
I've always worked 2 jobs and saved 100% of the 2nd one.
Have a list of places I want to go and things to do when I retire. Gotta get started early. :)
Poll: Earnings vs Expenses
1. What are your monthly earnings -- just you (no spousal income) -- doesn't matter how many jobs....monthly earnings?
2. Do you work more than one job?
3. What is your base line rate? If you have more than 1 job, list all base rates.
4. Now what is the minimum bring-home pay you need to survive each month? This is your housing, energy, transportation, insurances, food -- what you have to have to make it.
5. What's the difference? Are you in the hole? Got surplus? Breaking even?
My answers:
1. About $3100 each month.
2. One job.
3. $0.095 cpl plus some incentive bonus each month.
4. $2287 gets everything paid. Savings and pocket money not included in that figure.
5. Surplus but not much. Trying to save as much as possible and have a few greenbacks in my wallet each week.
Monthly fees
May I ask which carrier this is through? I have ATT and to use my laptop I can hook it up through my phone with a USB cable but in order to get on the internet I would have to buy the data package for $59.99 a month. Thanks, we do a lot of traveling in the summer.
You only have to report earnings over $300 on a 1099 form.
Most people don't want to mess with it, so they don't report it. I don't think it's right. I know of people who are selling things on Ebay, parting out cars or doing construction for income, but they still collect unemployment, social security disability, foodstamps, utility payments, and welfare. It's not fair. Those of us who work hard and follow the law do with less while other people cheat the system and live high on the hog. Their kids have designer clothes, $50+ shoes and the latest electronics.
Yes, I've reported it for babysitters before.
I make 7.5 CPL and earn over $4K monthly
Maybe to you that's not a decent wage, or maybe you're not as fast. I don't know. But this IS production-based work. So type more and earn more. I think I clear about 14,000 lines in a 40-hour work week and I bring TAKE HOME about $4K a month. To ME that's good money. Maybe I'm stupid. I know people that earn much more (are much faster than I) at 7.5 CPL. Call me dumb, but I think that's good take home.
Jennifer, recognized your name from MT Monthly
I enjoyed the publication and have referred several MTs your way for ROS through the years. Hope all is well with you.
Try the FDA website. Updated monthly.
FDA.gov
submit invoice monthly, get ck
x
I used to call it Monthly Martha or
Nasty Nancy. Anyway, I can't help you on that. I had a hysterectomy and plenty of those awful hot flashes. I would just be sitting there and whoosh, I felt like I was in a sauna and had to go outside no matter where I was. I would just seem to get severely claustrophobic and have to leave for 10 minutes, then I was fine. It does get better.
Monthly Prescribing Reference SM
http://www.prescribingreference.com/
Monthly audits = QA score. sm
Usually companies audit your work monthly. They will pull 5 or 10 reports you have transcribed and do a random QA check on them. If you have critical errors, they will deduct whole points, noncritical errors usually a half point.
If you total QA score is below 98% three or more times in a row, some companies will do what they can to help you, put you back on QA review for a while so every report will go to QA. Other companies may just fire you or let you go.
Is this the answer your were looking for?
With state and Federal, you 40% of your earnings GO, bottom line.
I don't know what's up for debate, it's fact.
Housing prices have gone up 40% in the past year alone in California.
That should be 15% social security of your gross quarterly earnings also. n,
:
Does anyone have the website for Monthly Prescribing Reference? Thanks. nm
xx
This is cool...ShortHand offers monthly SM
subscriptions. I have a free trial right now and was worried I wouldn't have the whole $99 after my trial, but I can buy a subscription and save for another month! That's so cool! I didn't know they did that. Didn't know if others knew, so thought I'd share. :)
Chickadee
Were you thinking of MT Monthly.....see link inside
xx
The Monthly Emesis is clever! :) no message
:0
I do all my standard maintenance religiously at least monthly. sm
Thinks like Diskclean and Defrag. Keeping all those temporary Intervet files off your computer makes a huge difference in performance. I have McAfee because it comes with my Comcast service. Used to have Norton -- hated it because it made my computer do all sorts of weird things, and then had a he!! of a time trying to uninstall it. I have an MQ computer that I have had for over 3 years and a couple of months ago it started running really slow, no matter what I did to it. So I called tech,support thinking maybe I needed a new one, and they suggested a free antispyware called Superantispyware, so I downloaded it and run it regularly and it has made a marked improvement.
Okay - to make it simple, what's your monthly takehome pay?
Mine is $1600/month. Assuming I worked 5 days a week (which I dont... I work 6 to 6-1/2), and 8 hours a day (I dont - I work 10-12), it would be $10 an hour. Where in this country is that a good wage? Working my average week, and my average hours per day, this further drops to about $6/hour. (Again, we're talking take-home, not gross.) I don't base anything on gross pay because I never see a large chunk of it. Part goes for Social Security which I'm sure I'll never receive. Part goes for healthcare, which is often denied and I end up paying out of pocket anyway. Part goes for state & federal taxes. My state is already issuing IOUs, not refunds, and last year they gypped me out of what should've been a $300 refund. The feds? Forget it. Let's not even go there.
So unless you live in some wonderful Utopian town where gas is 20 cents/gal., Cheerios are 85 cents/box, and rent is about $150/month, then spare me the lecture about how far a crappy 8 cpl will go, or even a crappy 9 or 10 cpl.
Oh, and by the way? I aint no 'newbie'. Try 34 years.
Just making sure--$60/mo + monthly phone bill? sm
Talk about perfect timing! I told my bro last night about connecting via his cell phone. (Found that info here by searching the archives.) Anyway, he also uses AT&T. So that is $60 plus his regular phone bill, correct? TIA!
It is irrelevant what percentage the service takes of 'your' earnings...sm
what matters is: is it worth it to you to work for that rate? On some accounts, my IC's might make only 50% of what I charge the client, on others they might be paid 80%. For one physician, I might charge 12 cents a line - if another calls, says they are in a jam and desperate to get their backlog done, I might bid it at 14. But if you are satisifed with say 8.5 cents a line, it doesn't matter if your MTSO charges them 9.5 or 19.5.
As far as line rates to physicians, again, it depends on what the market will bear. You could call local physician offices and tell them you are an independent MT service and you are getting price ranges for the locality, and ask the OM what they are paying. That would give you an idea of what is competitive. In West Virginia, they might be charging 18 cents per line, in Chicagoland they might be charging 11.
The line rate
I also like to use online references, which by the way I invest in by paying my monthly fee
for high-speed internet service. Why knock someone's way of doing something just because it isn't your way? I personally find it much quicker to find something online than to finger through a bunch of books, which by the way are outdated quicker than you can get them delivered.
Sounds like where I used to work- PHNS- 5% of our total MONTHLY - sm
work was our limit to QA. You'd get your butt chewed off if you went over that....and this was 80% hard ESL too. Totally unrealistic. They did not penalize you though, but that was a while ago too, now, who knows, wouldn't put it past them.
Oh..it's way possible. I've averaged $7000 monthly for the last 5 months sm
I have four accounts and work probably 60 hours a week, but have most weekends off, sometimes I'll work a few hours on Saturday morning or Sunday evening. It can be done, but it isn't easy.
Isnt there a transcription paper/magazine that comes out monthly??
I remember years ago when I was working at a transcription agency that there was a monthly subscription of a magazine/newspaper-type that came out monthly that I read. It was always sitting around. I cant remember the name of it. Can anyone tell me the name of this?? And do they still publish it monthly? Thanks!
My earnings are very similar to shipaddict. Really good week I can top $1000 but rarely. nm
;
QA, 2750/monthly, salaried, excellent benefits-no complaints here.
Was a long time coming though.
My cost of living expenses monthly is $2200/month
I'm self employed, so I'm killed in taxes AND I live in NY...but I wouldn't have it any other way
I LOVE NEW YORK!!!!
The Latest Word was a waste. Stedman's might have monthly updates on their site, not sure. nm
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