How Much Does it Cost to Become a Medical Transcriptionist?

Becoming a medical transcriptionist has always been a sought-after method of making money from home.

Who isn’t seeking a job where you can make a decent living and set your own hours?

In reality, you don’t simply jump into the transcription field.

You must take several months to several years of specialized training to enter the field.

These programs teach students how to properly transcribe, code, and utilize software that maximizes output and accuracy.

The program costs and additional post-graduation costs are essential to understand before proceeding to the next step.

Keep reading to learn more!

How Much Does It Cost to Complete Medical Transcriptionist School?

Medical transcriptionist school can range from $1,000 to $5,000, including all books, materials, and fees.

In recent years, more online programs have emerged that are significantly more affordable, at around $100 per month, with a discount for those who pay in full.

The total cost of a medical transcriptionist school varies due to the type of program, location, and whether tuition includes certification examinations.

Prospective students must also factor in required equipment costs, which can add another $200.

How Much Does a Medical Transcriptionist License Cost?

Transcriptionists aren’t required to be licensed at the state or national level.

However, several certifications exist for those who want to gain a competitive edge, especially when starting a business.

Transcriptionists have two available options:

• CHDS (Certified Healthcare Documentation Specialist) – for those with greater than two years of experience, CHDS validates more advanced knowledge of the profession. The cost to take this certification exam is $150 for members of the Association for Healthcare Documentation Integrity and $230 for non-members.
• RHDS (Registered Healthcare Documentation Specialist) – this certification is specific to those with under two years of experience or those working in a specialty, like oncology or radiology. The certificate proves to potential employers or clients that you have the knowledge to manage healthcare documentation. The exam cost for members of the AHDI is $100, and non-members pay $180.

What Are the Additional Costs After Becoming a Medical Transcriptionist?

Although graduates of a medical transcriptionist training program can join an established company with minimal cost, most choose to freelance or start a business.

The first two expenses will be for transcription software and equipment.

Software costs up to $200 per month for top-of-the-line platforms.

However, there are numerous other excellent programs available for significantly less money that should be considered.

Transcription equipment can cost from $50 to over $1,000, depending on the quality of the units, the reputation of the brand, and the features needed to perform the job.

Since medical transcription is an entirely remote profession, you can work from home and not need to pay rent or insurance, which can be massive costs for business owners.

Your utilities may increase due to time spent at home, but this will not be a significant cost to your bottom line.

Furthermore, expect to invest in advertising and marketing to gain clients, which may cost a few hundred dollars, and join professional organizations as part of your networking efforts.

This can pay dividends by gaining new clients and learning more about the latest in the industry.

Is Becoming a Medical Transcriptionist a Good Investment?

Depending on your career focus, becoming a medical transcriptionist can be an excellent investment.

The cost of completing a program, buying the required equipment, and earning a certification can be considerable at the beginning of the journey, but the flexibility of being an entrepreneur, working from home, and choosing the hours that work best for you heavily outweighs the upfront costs.

Also, medical transcriptionists can have a solid living without eliminating any of these benefits.

Since most transcriptionists work for themselves, there are countless employment opportunities available that aren’t limited to the medical field, including:

• Manage social media accounts – create and manage ad campaigns for small businesses, which can provide $1,000 to $1,500 per month.
• Proofreading – for those with a keen eye for spotting grammatical, punctuation, and spelling errors, proofreading documents is a good way to make up to $40 per hour.
• Virtual assistant – help businesses with social media management, scheduling, billing, and inbox management. This can pay up to $1,000 per month.

These alternative functions can be performed in conjunction with medical transcription.

Also, many of the transcription skills are transferable to these roles, such as attention to detail, strong writing, excellent organization, and robust time management.

Key Takeaways

Although a training program isn’t required, entering a program to become a medical transcriptionist is a great way to learn the basics and refine your skills.

These programs typically cost from $1,000 to $5,000 and can help prepare students for the certification exam, which costs $100.

Additional costs, like equipment, advertising, and professional organization membership dues, can cost an additional $1,000.

While these costs may seem high, they are considerably lower than other business costs, specifically due to the work-from-home nature of the position.

This makes becoming a medical transcriptionist an excellent investment.