Medical Coding and Billing Salaries for 2018 - How Much Can You Earn?
Medical Coding and Billing Salaries
How Much Can You Earn?
Medical coding is the perfect way to start your medical coding career in the ever-growing health care industry. It's a behind-the-scenes career that is an integral part of a smooth-running medical office or health care facility. And it's highly needed!
Employment of medical records and health information technicians is expected to increase by 20 percent through 2018 -much faster than the average for all occupations - because of rapid growth in the number of medical tests, treatments, and procedures, and an increase of aging patients who require care (Source: BLS).
Medical coders are responsible for transferring medical diagnoses, procedures and medications into nationally or internationally accepted codes for billing purposes. The demand levels in this field have increased in recent years due to the preponderance of new waves of government administered health plans, confusing HMOs, all sorts of new fangled private insurance companies, and an increasingly internet based economy. Medical coding salaries are fairly high because many health care providers are caught in the onslaught of a changing system and need somebody sharp and capable to crunch the numbers, connect the codes, and handle the software.
So the demand is there. And as you probably know if you have a even a smidgen of economics knowledge, high demand usually equates to high pay. So if medical coding is a career that interests you, or one that you're already involved in, you can take heart because the prospects look good. Demand is showing no signs of slowing down, and medical coding salaries will probably be fairly hefty for some time to come. Let's take a look at a few statistics.
Plus, according to the BLS, you can earn a solid income- the median annual wage of medical records and health information technicians was in May 2008. The highest 10 percent earned more than per year..
Medical coding and billing salaries
How Much Can You Earn?
Medical coding and billing salaries depend on the type of career you have and where you decide to work. Based on Payscale Data, you can earn a median salary of $40,248 as a Medical Billing Manager, $40,000 as a Billing Supervisor and $34,024 as a Medical Records Coder. Combine your skills for specialized career opportunities that include:
Medical Office Billing & Collections
Medical Insurance Billing Coder: 48k
Inpatient Medical Coder: 50k
Permanent Inpatient Coder: 74 k
Inpatient/outpatient medical coder: 72 k
Medical billing trainer/instructor: 42 k
The reality of the whole thing is that just as is the case with any other job, salaries vary according to area, supply and demand patterns, your level of experience and so on. Here are some of the factors that can influence how much you can expect to earn a year in medical coding:
Experience/Newness to the field - As noted above, if you're just starting out the experience factor comes into play. Being educated and up to date in coding is a great start, but experience is important in this fairly complicated field. But look on the bright side - the starting salary is still pretty good, and as your experience increases, it will climb fast.
Whether certified or uncertified - Though there is no federal or state mandated certification exam for medical coding, certifications are often granted by educational institutions that give medical billing instruction. Completion of a certain school's curriculum and a successful grade on a certification exam puts you in a good position employment wise. Though not actually required for work in medical coding, these educational credentials are favored by potential employers (or clients if you're in business for yourself).
Size of health care establishment you work for - This is fairly obvious. If you work for a small family practice and code paperwork for 10 office visits a week, you can't expect to be paid as much as if you're working for a large hospital or clinic that sees hundreds of patients a week.
Geographical area - in areas where economy is thriving and there is high cost of living, salaries may be higher. This just boils down to demographics. Certain areas of the country are relative boom areas for certain industries, and others are comparatively depressed. If you're curious about your own area, do a search on salary.com. The site allows you to search by town or zip code to find out what salary averages are in your neck of the woods.
Whether or not you run your own business - this will depend on your overhead, but once you have everything in place this shouldn't be too high. It may be less than working in an office because you won't have to drive to and from work. But then again you'll have to pay for office materials, internet access and memberships and so on. So overall this is an assessment only you can make.
Though these factors all make a difference, you can rest assured that medical coding is a basically well paid and in demand field. Research potential medical coding salaries in the area in which you plan to do business and you will probably be pleasantly surprised. If you get yourself well credentialed and up to speed, you can make quite a decent living in this profession. So hopefully this post has served as a motivator - now get to work!
Average Salary of Jobs with Related Titles
According to Indeed.com, a website that provides statistical and other business information, the average medical coding salary is 44k a year. Salary.com, another such site which focuses more exclusively on salary, puts yearly earnings for medical coding between 38k and 50k. So this is the general range. If you are just starting out, your salary will most probably be somewhat lower, probably in the 35k range, but 44k is a very attainable figure. Indeed.com goes on to list a number of variations on the job title and averages for them. Here are a few:
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Healthcare And Medical And
Medical Transcriptionist Training
Cpc Certified Professional Coder
Medical Record Technician Coder
Remote Medical Coder
Medical Coder Biller
Medical Records Technician Coder
Medical Biller Coder
Medical Billing Work Study
Clinical Data Specialist
Medical Assisting Work Study
Duel Debate Module
How much is your expected salary as a Medical Coder?