There are many jobs in the medical field that do not require a person to become a physician or a nurse. One of the options to work behind the scenes to keep hospitals and medical offices running is going into medical billing and coding.
So what is medical billing and coding? They each have their distinct functions.
Medical Coders – Coders translate the diagnosis and treatment a patience gets into numeric codes. These codes are used by insurance providers to determine coverage.
Medical Biller – Billers take the assigned codes and submit claims to insurance companies. They also follow up with the insurance provider and the patient to make sure that the bill was accurate and that timely payments are submitted.
Depending on how big the hospital or doctors office, these two rolls maybe be separate or rolled into one. Lets look further into the job outlook and salary for medical billing and coding.
The salary will of course range based on an individuals education, experience, location, employer, job function and certifications. The average salary for a medical billing and coding specialist ranges from $26,550 – $66,300.
Many people who consider a career in medical billing and coding may want to start a home-based business. In these cases, the hourly rate should be considered. The hourly rate for a medical billing and coding specialist is $19.40 per hour. This may seem great; however, you must take into consideration that when owning your own business, you will have to pay for health insurance and your own business taxes.
Top Paying States
As mentioned, location has big part in how much an average salary is in the medical and billing field. The top five states and the average salaries expected in each state is listed below.
- California – $51,800
- Connecticut – $51,400
- Washington D.C. – $53,400
- Hawaii – $50,900
- New Jersey – $54,000
How To Increase Your Salary
As mentioned above, there are factors that can increase your salary as a medical biller and coder. Here are the ways to boost your salary potential:
- Experience – Of course the more years of experience you have on the job will increase your salary. With additional years of experience you can expect upto $4,000 a year salary increase.
- Certifications – Getting one or more certifications in billing and coding can help increase your salary. You can expect an average salary of $60,000 a year.
- Employer – The type of employer you have plays a difference in your salary. Pharmaceutical companies tend to pay more than insurance companies.
- Education – A degree makes a difference. For those with a bachelors degree, they can expect about $5,000 a year more than an individual without a bachelors degree.
The medical billing and coding field is growing. It is expected to grow at a rate of 11% from 2020 to 2030. You maybe wondering why the demand will be so high? The demand will be driven by the aging population. With a large aging population, the need for medical billers and coders will increase.
If you are thinking of joining the medical billing and coding profession, your salary and job prospects look great! So what are you waiting for?