Here’s a little insider information about the transcription industry: The rate advertised by most companies is not the rate you’ll actually pay for your transcribed documents. The reason? It usually comes down to fees.
How Transcription Pricing Works
Transcription is charged per word, line or audio minute. But many companies will even charge per hour, page, or by volume for their services.
The various pricing structures make comparison shopping pretty difficult. But lost in all the math is the difference between advertised rates and actual costs when the bill comes. Consider some of these common fees that inflate costs:
- Poor audio quality
- Specialized terminology
- Corrected grammar
- Closed captioning
- Setup etc.
Not only can fees like these drastically change the real rate of your transcription, but they can be hard to avoid, often encompassing commonly needed items and services.
How to Avoid Fees
Avoiding fees comes down to selecting a transcription company that fits your industry or business.
Tacked-on fees and upcharges are a sign of a transcription company’s capabilities and focus. If a service is “value-added,” requiring more time and expertise, then there’s nothing inherently wrong with charging more.
But the problems start when you’re charged fee after fee, consistently, for your transcription needs. Perhaps you were initially attracted to a low rate, but with each bill the costs add up far beyond what you expected.
Many general transcription companies, for instance, do well to transcribe lectures, sermons or podcasts while gawking at the Greek and Latin prefixes/suffixes of medical transcription. Here, spelling “pericarditis” on the fly from a doctor’s dictation might very well be extra!
All this is to say, the burden is largely on you, the client, to look beyond baseline rates and find a company that truly meets your needs — without fees to make it happen.
Getting the best value for your money by finding the right fit
Because E-Typist is a legal transcription company, we don’t charge fees for verbatim transcripts, timestamps, templates, and the rest. None of this is “extra” in our world because of the kind of transcription company we run for our clients.
There are plenty of tips out there to find the right transcription company, but when it comes to cost, dig deeper than the advertised rate. Consider your own needs above all else, because in the long run, you’ll be saving a lot.