What is medical transcription, how is it done, and what does it pay?

Medical transcription is the process whereby one accurately and swiftly transcribes medical records dictated by doctors and others, including history and physical reports, clinic notes, office notes, operative reports, consultation notes, discharge summaries, letters, psychiatric evaluations, laboratory reports, x-ray reports and pathology reports.It involves receiving dictation by tape, digital system or voice file, and using ear phones, a foot pedal for start-stop control and a word processing program. A variety of word-processing systems are used. It requires good listening and language skills, computer skills and knowledge of medical terms.Several dictionaries are necessary: Medical definitions, medications, medical terms by specialty, laboratory terms, surgical terms and abbreviations. Specialized word lists are also helpful, and journals and computer networking are helpful for current information about new medications and terms. Transcription is done more efficiently with the use of a medical spellchecker and an extensive abbreviation system such as Instant Text or Smartype.As an employee in an office or hospital, transcriptionists may be paid by the hour. In the year 2000 in the United States, a starting transcriptionist in an office may make the equivalent of $8-12 per hour. After two years of experience, one can expect to make the equivalent of $12-20 per hour in an office. National transcription companies usually require 1-5 years of hospital experience.Statutory employee status is the same as independent contractor except that the company pays half of the FICA tax (about 7.5%) and withholds the other half. Independent contractors pay the 15% as self-employment tax. Self-employed transcriptionists provide their own benefits. They may start at the equivalent of $10-15 per hour (7-14c per line), and within several years can expect to earn $15-40 per hour, depending upon the type of work and equipment used. Quarterly payments on taxes and self-employment taxes are required. Equipment expenses are tax deductible, including a percentage of home expenses if working at home.