According to U.S. News and World Report, medical billing and coding specialists’ jobs have below-average stress levels and above-average flexibility that is an appealing combination for many workers. The medical billing and coding career appears to be bright with growing employment opportunities in a variety of health care services including hospitals, clinics, and skilled nursing facilities, as medical billing and coding specialists help health care businesses run efficiently and smoothly.
Medical billing and coding specialists have a big perk in a way that one doesn’t need to go through the extended training programs; even though there are many effective online education programs for the students to learn the streamlined process of medical biller coding. The medical billing and coder specialists can pursue their knowledge to earn from their home with a flexible earning.
It is often considered that medical billing and coding specialists perform the same functionalities, but actually, medical coding and billing are different expertise.
Medical coder transforms the information of healthcare diagnosis, procedures, medical services, and equipment into universal medical alphanumeric codes by using CPT®, ICD-10-CM, and HCPCS Level II classification systems.
Medical biller translates a health care service code into a billing claim. It involves the submission of succeeding claims of patients with health insurance companies to ensure that health care providers receive reimbursement for their health care services.
Now you are curious to know the earning of medical billing and coder specialists!
The medical billing and coding specialist’s career outlook holds great potential. The employment in this niche is expected to grow at a strong rate of 13% through 2026, far outpacing the average for all occupations, which is just 7%. An aging population will up-thrust the ultimatum for medical billing and coder specialists. However, as all types of healthcare providers use electronic health records; medical billing and coding specialists are needed to organize and manage this massive stream of information and help ensure an efficient flow of revenue.
The factors that differentiate the salary ranges of online medical billing and coding are:
- Individual’s education.
- Type of employer.
- Place of residence.
- Specific job function.
- Level of experience.
Average Salary range of medical billing and coding specialists:
According to the Bureau of Labor Statistics (BLS) average salaries for health information technicians including; medical billing and coding specialists, range from $26,550 to $66,260.
According to the report of the Bureau of Labor Statistics in 2018, the medical billing and coding specialists earned a median salary of $40,350.
Average hourly salary range of medical billing and coding specialists
However, another survey published by the industry organization the American Academy of Professional Coders (AAPC) in 2018; points to higher average salaries. According to AAPC data, coding and medical billing specialist earned average salaries up to $52, 44. The medical coding and billing specialist hourly rate were a median of $18.83 per hour (as recorded in 2017), according to the BLS.
This data is mostly derived from the medical biller coding specialists who work in physician’s offices, nursing homes, hospitals, and other healthcare facilities. As this information on the earning of medical billing and coding sounds promising to you, then don’t hesitate to find an opportunity for yourself as a technical assistant for health care services.