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Medical transcription costs
Vendors base their prices on each line of text that is transcribed – typically 65 characters with spaces. This cost can range from 7 to 20 cents per line with an average price of 12 to 15 cents. If you only need a series of short reports transcribed, a vendor may provide pricing per report. Make sure to work that out with the vendor before agreeing to work with him.
A quality digital recorder can be purchased for $200 to $300 and allows you to convert the audio to any format you wish. Avoid low-cost recorders that may not provide top audio quality Otherwise, the vendor will provide a toll-free number to call in notes as part of their service offering.
Additional factors that could impact pricing include transcription volume, extra-fast turnaround, and transcription services for specific industries that may require specialists in a particular practice.
While signing a contract is not necessary, you could lock in a better rate for your practice. Make sure you are 100% comfortable with a vendor before making that commitment as you may be responsible for cancellation fees if you need to break the agreement.