Medical Billing And Coding Salary
The importance of having a good grasp of expected medical billing and coding salary for those who are interested in, or currently pursuing a career in the areas of medical billing or medical coding, cannot be stressed enough.
So often, an individual will be attracted to a particular industry, choose a career path, spend time and money getting training, only to find that the desired potential compensation is not there. The coding and billing function in the healthcare industry is very important to the smooth operation of the entire system, and growth within medical industry is definitely on the rise. There are, however, many other factors which play a role in the determination of medical billing and coding salary. Here I will discuss a few of these factors in more detail.
Most often individuals seeking a career within the field of medical billing and coding simply want to know whether they can earn a decent living. The answer is an unequivocal yes, however, factors such as the cost of living within a particular area as well as demand for billers and coders in the geographic location have a direct effect on the level of compensation. Cost of living affects disposable income and demand determines the amount an employer must and will pay.
In the current economic climate where overall demand across the country is very high, medical practitioners, hospitals, clinics, and other medical facilities recognize that they have to “buck up” so to speak, in order to retain qualified billers and coders. From the perspective of the employee, they should expect to receive a salary which is higher than similar administrative type positions in other industries.
Given the fact that the entrance requirements in terms of education are not too onerous, a career in medical billing and coding is a tremendous option – one that anyone in search of a new career path should at least explore.
Although current demand is very high, it varies quite drastically based on geographic location and as a result, is a primary factor in determining medical billing and coding salary. Within the United States, demand is much higher as you approach the States located on the West and East Coasts, and lower in the Midwest and the Southern parts of the country. Some studies suggest that the coastal areas can see compensation levels as much as 30% higher than other areas of the country.
A qualified medical biller or medical coder who does not live in a high demand area should not be discouraged, since the trend of providing medical and coding from home makes these positions very accessible to those who have a desire to pursue them. The beauty of these positions, is that it is very feasible to live in one part of the country, and perform work for a medical practitioner, hospital, or other medical facility in another. By providing a good quality of work in a timely manner, it is not unusual to see coders and billers working from remote locations earn more than those situated on premise.
As in any profession, work history, practical experience, and a list of solid references ideally from previous employers or customers plays a huge role in the determination of medical billing and coding salary which an employer is willing to pay. These qualifications generally make the hiring process easy for the employer as they reduce the need for additional costly training and have a built in trust factor associated with them.
Without experience, the challenge is to prove yourself by providing top quality work and doing so in an effective and efficient manner. You may be surprised by the number of physicians and medical institutions who are willing to hire individuals who show initiative, drive, and commitment.
A sure way to override a lack of experience is to enroll in a recognized billing or coding training or certification program which can be found and offered at local colleges or online. Often, simply being enrolled shows the employer that you are serious about a career in the field and not using them as a temporary stepping stone.
A huge benefit of undertaking these courses online is that you can for the most part, set your own study schedule and generate income at the same time. If an employer can see promise in your ability and see you as a long term asset, they may even reimburse you for the courses.
In summary, medical billing and coding salary is determined by a number of variables, some of which can be controlled or manipulated, and others which cannot. It is, however, important to know what they are and how to use them to your advantage. Careers in the healthcare field are on the rise, and are expected to continue for may years to come. It can provide a long term rewarding career if you take the initiate to pursue.