Freelance medical writers often debate the best approach to charging for their work, with some favoring project-based pricing and others preferring hourly fees. In practice, no single fee structure or pricing method works in every situation.
This blog post explores the challenge of setting freelance medical writing prices, the pros and cons of common strategies regarding fee structures, and practical tips to help you get compensated appropriately for the value you bring.
The Challenge of Setting Freelance Medical Writing Rates
Figuring out how to charge fairly for freelance medical writing services can be tricky.
Choosing the right strategy to set your fees for freelance writing depends on several factors, including project tasks, writer experience, market rates, and what clients expect to pay. Below is a closer look at hourly vs project pricing, along with a flexible combination approach.
Strategies for Structuring Freelance Medical Writing Fees
Hourly Rate
Pros:
Hourly billing reduces the need to renegotiate if the scope changes. When deliverables expand, you simply add time to your invoice.
Cons:
Writers and editors can produce varying amounts of work in an hour. Even the same person may work faster or slower depending on the type and complexity of the project. That’s why the amount of time a project takes isn’t always a fair measure of value or effort. Your rates should reflect the value of your expertise and experience, not decrease simply because you can work efficiently.
Hourly pricing can also make clients uneasy. Many want to know the approximate total cost up front so they can confirm it fits their budget. An open-ended hourly rate may feel like a “blank check.”
Strategy:
Set a “not to exceed” cap. Make a projection of the hours required and present it before the project begins
Be sure to factor in common challenges (like scope creep). If, as you are approaching that cap, you anticipate that the project will require more work than expected, pause and discuss next steps with the client.
Project Based Fees
Pros:
Because project fees aren’t based on hours of work, it’s easier to tie your rates to the knowledge and experience you bring to the work.
Cons:
Scope creep is the biggest risk. If deliverables aren’t clearly defined in writing, additional requests (extra revisions, new sections, expanded goals) can quietly increase your workload.
Client-specific factors can also affect project fees. For example, unclear expectations or shifting priorities may lead to additional requests or multiple revision rounds if the project scope is not well defined.
Strategy:
Make sure the scope of work is defined clearly, with deliverables, revision limits, timelines, and expectations in writing; ensure that terms work for both you and your client.
Use your hourly rate as a reference point by multiplying it by the estimated hours required to come up with a project fee. This confirms if the fee makes sense for the work involved.
Mixed Fee Structures
Pros:
Charging hourly or project fees on a case-by-case basis gives you flexibility. You can pick the structure that best fits each project and client.
Cons:
This approach takes more upfront thought. You need to understand project goals, scope, and client needs before selecting and agreeing on a structure.
Strategy:
Choose a project fee for some jobs or clients and an hourly rate for others. Evaluate the nature of the work and preferences—both yours and the client’s. This may be easier with repeat clients.
- Consider project fees when you have deep experience with the topic and can estimate time accurately.
- Consider hourly rates when the work requires extensive research or the time commitment is unpredictable.
Approaches to Setting Fee Structure
While hourly and project-based fees are common among freelancers, medical writers might also use the following fee structures
- Daily rate: A fixed amount for each day, often appropriate for onsite work at meetings or in a client’s office.
- Per word or per page: A common pricing model for writing or editing work commissioned by trade publications and magazines.
- “Living wage” formula: A rate calculated by adding 30% for business expenses and 30% for benefits to your desired annual income, then dividing that total by your estimated annual billable hours (typically around 1200).
- Market-based pricing: Rates that vary based on client expectations, budgets, and willingness to pay.
- Variable fee: Pricing that adjusts by type of work (writing, editing, project management) and timeframes. Many freelancers add a rush fee for extremely quick deadlines.
How Experience Influences Freelance Medical Writing Rates
Experience and market benchmarks matter when setting prices. One of your best tools is your experience based on previous projects. As you build a body of work, track how long projects actually take so you can refine estimates and increase confidence.
After each project, evaluate
- How much did you charge, and what did that translate to as an estimated hourly rate?
- Did you feel fairly compensated for the work and expertise involved?
- How accurate was your time estimate?
If you’re new to freelance writing, you may want to research how other medical communicators are setting their rates and what they are being paid by hour or by project. AMWA’s Medical Communication Compensation Report is an excellent resource to get started. Available as an AMWA membership benefit or for purchase by nonmembers, it compiles information on income, benefits, and rates for medical writing, editing, and communication professionals.
Resources for Pricing Freelance Communication Projects
In addition to the compensation report, AMWA members can tap into colleagues’ experience through the Engage virtual discussion board. Members can ask questions of experienced medical communicators about medical communication topics, including navigating compensation issues and situations working with clients.
What to Remember When Setting Rates
Knowing how to establish freelance medical writing rates is an essential part of building a successful career as a freelance medical writer. Once you understand the pros and cons of each pricing method, you can determine which one is the best fit for each client and project and set rates that help you achieve your medical writing career goals.
AMWA acknowledges the contributions of Eleanor Mayfield, ELS, Cyndy Kryder, MS, MWC, and Sunali Wadehra, MD, in the development of this blog. AMWA thanks Jill Sellers, BSPharm, PharmD, RPh, for additional peer review.
