Pricing methods vary from one recorded statement transcription vendor to the next. Some charge by the completed page, some by the word, and still others charge by the audio minute. This complicates the vendor selection process. The two most common pricing methods we see for insurance transcription, are per-page and per-minute pricing.
We price our verbatim transcripts by the typed, completed page. Over the years many people have asked us how to convert our pricing to a per-minute basis. Here we would like to share the simple formula we use internally. While not 100% accurate, it acts as a reliable “rule of thumb.”
To Convert Transcription Pricing Per-Minute to Per-Page Pricing
Price Per-Minute x 1.335 = Price Per-Page
Example: $2.50 Per-Minute x 1.335 = $3.34 Per-Page
To Convert Per-Page Transcription Pricing to Per-Minute Pricing
Price Per-Page x .75 = Price Per-Minute
Example: $3.34 Per-Page x .75 = $2.50
Keep in mind that these calculations are not exact. We recommend asking vendors for a sample transcript to evaluate other factors such as format, layout, and spacing rules. Page header height and margin standards also play a role in how many words are on a page.
When speaking with recorded statement transcription vendors charging by the audio minute, ask how they charge for sections of blank audio. For those charging by the page, ask how they charge for partially completed pages (e.g. the final page of a transcript contains two sentences. Are you billed the price of a full page or is the pricing reduced by a certain amount?).
Finally, transcript turnaround speed also affects pricing. Most vendors offer multiple turnaround speeds, and the faster the turnaround, typically the higher the price.