It is no secret that the largest employers of medical transcriptionists are hospitals. In fact, 40% of the medical transcriptionists employed are employed by hospitals. However, hospitals are not the best payers in the industry.

It is true that hospitals pay medical transcriptionists a fair wage. If you are employed by a hospital then you can expect to make about $16.58 per hour, or $34,480 per year. These numbers represent the mean earnings of medical transcriptionists in a hospital setting. Depending on the part of the country in which you are employed, your skills and your experience, you earnings could be more or less.

But who pays more?

Medical and diagnostic libraries, in May 2009, paid medical transcriptionists $18.60 per hour mean salary and $38,680 annual salary.

These salary figures are an increase over the May 2008 means of $15.88 per hour for MTs in a hospital setting and $17.26 mean hourly wage for medical transcriptionists in a medical and diagnostic library setting.

Just as well, medical transcriptionists are the second highest paid healthcare support occupation in a medical and diagnostic library setting. Only physical therapy assistants make more. Medical assistants and medical equipment preparers fall below in average yearly and hourly salary.

It is clear that the medical transcription profession is growing. The demand for qualified medical transcriptionists is driving salaries upward and this will likely be the case at least a few good years into the future.