While doing a course in medical transcription is a great idea if you are serious about this career option, you must also consider whether such an education will be worth it. This is because, any course you do, must have commercial value or else your investment goes to waste. Therefore you should know that while there is a huge demand for trained medical transcription professionals in India, the starting salaries are not too much.
As a medical transcription professional you can expect to earn INR 3500-5000 per month for the first the first 6-12 months. Now if you consider cost of living in these times, this salary is peanuts! Part time Jobs pays more. But the fact is that medical transcription jobs are outsourced to India because the countries like USA know that Indian labor is a lot cheaper than anywhere else.
This means that as a professional in this sector you will have to accept the fact that you will be paid a low starting salary. But the silver lining is that once you start gaining experience your salary will start rising at a rapid pace. With more than a year of experience under your belt, you can expect to earn INR 10000 and more.
Salaries will also increase as you move up the hierarchy of this profession of Medical transcription. With more experience you can expect to become a senior medical transcriptionist, a proofreader, a sub editor and editor, a supervisor and even a manager. So, the opportunity of growth, in terms of salary as well as designation and authority is definitely there in good measure.
So, the only problem with the salary of a Medical transcription professional is for the first one or two years. You may not earn as much as an MBA or CA would in India, even if they lack prior work experience. But should this dishearten you? Certainly not!
This is because if you can overcome the fact that the entry level salary is a pittance, you can make a career in an industry which is facing exponential growth. As the US and world economy gets back on its feet after the global crisis, the healthcare sector is likely to bloom in the coming years. India is already one of the global leaders in providing medical transcription service and many new transcription businesses are being set regularly. With increase in intra-industry competition, the salaries will also surely go up in due course of time.