First and foremost, happy Thanksgiving. As with most great writers, I’m going to take the time away from preparing to the holiday to write about something I know everybody will want to read about: Audio transcription and pricing. As stenographers, we tend to get very focused on a per-page pricing structure. This often leaves us trying to measure our time by pages, and is not always the most ineffective way of being paid.
For purposes of this post, let’s talk a little about CART, audio transcription, and pricing generally. CART and audio transcription are not the same thing, but they have similarities. One key similarity is that they tend to charge by the hour. For CART it’s per hour of writing, usually with a set minimum, and for audio transcription it’s money per hour of audio, sometimes prorated for audio that doesn’t last a whole hour or end exactly on an hour.
Succinctly, for CART, captioning, and audio transcription, despite having different prerequisite skills, the pricing for all of them must take into account the amount of work we’re doing, the quality of the work we’re doing, and ultimately the time it will take us to do the work. So speaking strictly for transcription: I’ve guesstimated that it takes me approximately one to two hours for every hour on the machine to transcribe with pretty close to 100% accuracy. That means for every hour of audio, there are about three hours of actual work involved. So, for me, honestly, working for less than $30/hr becomes painful, so the transcription deal isn’t sweet until maybe the $100-something range. The bottom line of this story? We must examine our time and really decide what it’s worth.
In examining our time, we can also consider other factors. For example, what are other people charging for the same work? As we can see from this Google search here, there are companies that boast a $1/minute transcription fee. So if we do an independent assessment of our time, and we come to the conclusion our time is worth $2/minute, that’s perfect, but just bear in mind that we may lose a couple of customers to the person who is half our price. A potential solution? Split the difference and charge $1.50 per minute.
There’s a lot that goes into economics, buying, selling, demand, supply, and no one blog post could ever impart all of that knowledge on anyone. Even top economists who have devoted their lives to understanding value and money disagree with each other. The best we can do is urge every reporter, where applicable, to look at what they charge, whether charging an agency, lawyer, or outside consumer, and consider how our pricing practices affect all different areas of the field. There’s tons of literature and articles on price matching and how it can help consumers, hurt consumers, help businesses, and hurt businesses, and the cold truth is that it’s up to us to take the time out and learn about these things, because many of us are our own business, and our business rises or falls on our willingness to learn beyond the machine.