The job outlook for a medical coder looks promising which means the time to start preparing for this career is now. Since we are not expecting a shortage of people seeking healthcare services anytime soon, providers will always be in need of these professionals for the smooth operation of the coding and billing process.
Medical coding and billing is one of the fastest growing jobs in healthcare now that the value of information technology in the medical field is on the rise. Medical coder positions are in high demand for this reason alone, but the retirement of baby boomers means that even more employment opportunities will open up in the very near future. It’s unlikely that strong candidates for this profession will struggle to find work in hospitals, clinics and private practices as the healthcare industry expands. Another positive aspect of this profession is that advancement opportunities are endless. There is plenty of room for growth through promotions to supervisory and managerial positions. Some workers even move on to counseling jobs in the medical coding field. Plenty of at-home work opportunities are also on the rise. About a third of current medical coders have had opportunities to work at home at some point in their career and the concept is increasing in popularity.
Salary
The country has seen an 11 percent increase in salary for medical coders over the past year. The income for this profession is greatly affected by a number of factors such as geographic location, experience, place of employment, specialty and level of training.
A position in a big city where cost of living is higher than other parts of the country may warrant a higher salary. A medical coder in Chicago or Boston can expect to earn about $15.00-$20.00 an hour where the same position in Springfield yields $11.00-$15.00 an hour.
How long you’ve been working in the field affects income as well which usually is the case for most careers. Entry-level positions as a medical coder make $14.73 per hour. That average increases to $19.33 after five years of work experience. After ten years, medical coders make $21.75 per hour and 15 years in the field can increase salary to $23.37 per hour.
One interesting factor that affects a medical coder’s salary is the specialty in which they code for. Coding for neuropsychiatry looks to be the most lucrative specialty earning these professionals $62,500 a year. Coding for rheumatology isn’t far behind with a salary of $57,800 a year. Nephrology, plastic surgery and interventional radiology are specialties that also pay coders higher salaries earning them $47,100-$50,900 a year.
Whether a medical coder works in a large institution such as a hospital or a small private practice will also determine income. Owning a home-based business and being self-employed can put a medical coder’s salary at either end of the spectrum in terms of earning potential. An experienced, self-employed medical coder who has been building a business from home for years will likely earn a higher salary compared to someone who is just starting out in this venture.
Certification
Although formal certification is not required for some positions in the field, more and more medical coders are receiving certification and graduating with degrees, making proper education an increasing factor for getting hired and earning a good salary. Medical coders can expect to work for competitive wages as the value of certification in the field increases. 89 percent of medical coders are either certified or have had some schooling and the number is increasing. There are institutions willing to offer on-the-job training for medical coder positions without certification, but advancement in the field is rare.
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