Medical Transcription Billing Simplified

If you are going to become a medical transcriptionist, you are going to need to know how the pay system works. Right now you may be wondering if you are going to be getting paid by the hour, audio hour, line, or page. Concerns of not getting paid what you are worth may lurk inside your mind. Do not worry, because the information here should settle your anxieties quite a bit.

The very first thing you should know is that no matter what, charging by the line is the smartest decision.. Sure, charging by the hour may seem more appealing, especially if you are new, but when your production speeds up, you are going make much more than you would any other way. So, just remember to charge by the line, and you will be one of those people who make a nice-looking paycheck a couple of years down the road.

As an independent contractor working on various medical transcriptionist jobs, you are presented with the opportunity to charge whatever you wish. However, it is important to remain realistic because overcharging could cause you to end up getting laughed right out of the contract. Undercharging will cause you to feel overworked and like your job isn’t worth the time you put into it. You want to make sure that the transcription pay you charge makes sense both to you, and to your client.

One thing to be aware of is what the going rate is in your area. You can easily find this out by asking other medical transcriptionists what they charge. Or, if you prefer a more direct approach, you could call around and ask a couple of physician’s offices what they are usually charged. Keep in mind that what you charge and your level of experience go hand-in-hand.

For example, if beginner’s transcription pay is 10 cents per line in your area, and you have five years of experience, you could probably get away with charging around 11or12 cents per line. Take into account the type of reports you will be transcribing, the turnaround time required, and the amount of work you are expected to obtain from the client each month. If the reports are simple enough for you to understand, and the turnaround time is reasonable, you could probably provide a discount, but that is up to you. Only you know how much you and your time are really worth.

Medical transcription billing is made a lot simpler through means of a contract. The contract that both you and your client come to an agreement on should make very clear the amount being charged, as well as payment dates. Payment is usually requested by most transcriptionists twice per month, but again, that is completely up to you.

The amount of medical transcription pay you charge should be within reason, but also be a reflection of how valuable your skills are. Once you get the hang of it, medical transcription billing really isn’t all that complicated. As you grow in experience, you should be able to come up with the perfect rates for your accounts.