It is good to choose a career with good opportunities and a promising future and also knowing the available 2020 medical billing and coding jobs with attractive salaries, because of the medical advances and improvement.
The medical billing and coding career outlook looks bright compared to many other career fields, with growing employment opportunities in a variety of settings including hospitals, insurance, and pharmaceutical companies, and skilled nursing facilities.
As a medical coder or biller, you won’t have to engage in direct patient care, but you will still play a vital role in helping to keep healthcare organizations operating smoothly.
Medical coding and billing education programs often don’t take long to complete, and you can earn your education online if you wish. Plus, you may have the opportunity to work from home in the future or even start your own business.
Medical coders translate the diagnosis and treatment a patient receives into numeric codes based on an official classification system. These codes are used by insurance providers to determine coverage and must adhere to federal regulations.
Medical billers take the assigned codes and submit claims to insurance providers. Medical billers follow up with both the patient and the insurance provider to ensure accurate billing and timely payments.
Depending on the size of the office, these roles may be completed by two separate individuals or one person.
Our medical billing and coding jobs in high demand?
The medical billing and coding career outlook holds great potential. Employment is expected to grow at a strong rate of 8% through 2029, far outpacing the average for all occupations, which is just 4%, says the BLS. An aging population will drive the demand for medical billers and coders.
Is it hard to find a job as a medical coder?
It can be tough to get a coding or billing job right away. Many new coders and billers start working in related healthcare fields and then use that experience as leverage to get a billing or coding job. With a lucrative, growing field like coding and billing, it’s all about getting your foot in the door.
Is Medical coding a good Career 2020?
Medical coding is an in-demand job currently, The Bureau of Labor Statistics predicts that the job outlook between now to 2024 for health information technician and medical records is 15%. Data shows how coding professionals have a promising and a brighter future. There are many opportunities.
How Much Does Medical Billing and Coding Pay?
A medical billing coding salary range will vary depending on an individual’s education, type of employer, place of residence, certifications, specific job function, and level of experience.
Average salaries for health information technicians which include medical billing and coding specialists range from $27,820 to $71,150, according to the 2019 Occupational Employment Statistics from the U.S. Bureau of Labor Statistics (BLS).
Average Salary for Medical Billing and Coding
The BLS reports that health information technicians earned an average annual salary of $46,590 in 2019.
However, another survey published by the industry organization the American Academy of Professional Coders (AAPC) points to higher average salaries. According to AAPC data, coding and medical billing salaries averaged $54,890 in 2019.
Average Hourly Rate for Medical Billing and Coding
The medical billing and medical coding hourly rate was an average of $22.40 per hour in 2019, according to the BLS. This data is mostly derived from employees who work in physician’s offices, nursing homes, hospitals, and other healthcare facilities
Many people considering a career in medical coding or billing may be interested in starting a home-based business someday. However, if you work for yourself as a contractor charging an hourly rate, you will be responsible for your self-employment taxes. You may also need to pay for your benefits, such as health insurance, as well.
Medical Billing and Coding Salaries by State
A medical billing salary and medical coding salary will also vary by location. According to the BLS, states range in their average rates for medical coding. here are the top five paying states:
$59,450 in District of Columbia
$58,000 in Alaska
$54,920 in Hawaii
$54,370 in Massachusetts
$53,890 in Washington
How to Make More Money in Medical Billing and Coding
Want to maximize your potential salary? Take a look at the following factors to see how you can position yourself for a higher salary range for medical billing and coding:
- Education: Medical coding and billing salaries differ based on education. Higher degrees typically correspond with higher salaries. According to the AAPC, the average medical coding specialist with a bachelor’s degree earns $27.59 per hour, while an average medical coder with no college education earns $24.39 hourly.
- Certifications: Obtaining one or more coding certifications or coding credentials can make a significant difference as well. Medical coders who specialize as a Certified Professional Medical Auditor, Certified Physician Practice Manager, or have another certification earn an average of more than $69,000 per year.
- Type of employer: Some types of employers also pay more than others. According to the BLS, pharmaceutical companies pay $62,740 per year, while insurance carriers pay $52,830 per year. Seeking an employer that offers higher salary ranges can benefit your bottom line.
- Years of experience: Simply building more years of experience can also help increase your income. With an additional year of experience, medical coding salaries can increase between $500 and $3,500, according to AAPC data.
How Do Salaries Compare to Other Allied Health Careers?
Here’s how an average annual medical billing and coding salary measures up to other entry-level positions in allied healthcare, based on data from the BLS:
Billing and coding: $44,010
Records / health information: $42,630
Job Growth and Future Prospects
The medical billing and coding career outlook holds great potential. Employment is expected to grow at a strong rate of 8% through 2029, far outpacing the average for all occupations, which is just 4%, says the BLS.
An aging population will drive the demand for medical billers and coders. Plus, because all types of healthcare providers use electronic health records, medical billers, and coders are needed to organize and manage this huge stream of information and help ensure an efficient flow of revenue.
It’s important to note that not all entry-level healthcare jobs have the same positive outlook.
For example, the employment of medical transcriptionists who listen to voice recordings of physicians and type them into written reports is projected to decline due to technological advances with speech recognition software. Also, healthcare providers may seek to cut costs by outsourcing these services to other countries.
How to Get into Medical Billing and Coding
Most medical and billing jobs require a postsecondary certificate or a two-year associate’s degree to enter the field. A bachelor’s degree in healthcare administration or health information management can qualify you for more career opportunities and management roles in the future.