Medical billing and coding professionals are in high demand in the job market. With the fierce competition, many applicants are trying hard to enter this profession. None of those positions require a graduate degree. However, applicants must have a professional certificate issued by AAPC related to the medical field.
According to the BLS, more than 29,000 new jobs will be added in the medical manufacturing and health informatics sectors in 2022. That is, after the Covid-19 epidemic, the demand for these professions has increased drastically. One of the most important facts about this increased demand for medical billers and coders is the exciting career opportunities available. That is, anyone can quickly complete the certification related to the profession, even briefly.
Job Outlook for Medical Billers and Coders
As the US population ages and becomes sicker, demands on the health sector will increase exponentially. The Bureau of Labor Statistics projects that the number of current positions in medical records and health information technicians, such as medical billers, coders, and coders, will increase by 13% by 2026. Digitization of health records, billers, and coders to file reimbursement claims from insurance companies will be in high demand.
In addition, the AAPC publishes an annual salary survey in Coding Edge magazine as an additional employment-related resource. Through that survey, we get the opportunity to gain vast knowledge about the industry’s trends in the last few years very quickly. Thus, anyone can see the projected growth in the coming years.
According to the AAPC’s publications, it is clear that with decreasing reimbursement, providers need to have highly skilled medical billers to meet the increasing needs of providers. Also, they further state that candidates with credentials and certifications in this field can get a higher salary.
In this employment industry, more effective health systems tend to increase the number of healthcare staff more quickly than smaller facilities. Additional job options include educational institutions, billing, and consulting firms.
Demand for Medical and Health Care Managers
According to BLS reports, employment opportunities for medical and healthcare managers will grow by 20% between 2016 and 2026. More than 70,000 new job opportunities will be created in the next few years. As a result of this effect, older babies will eventually live longer. That employment rate is much faster than the national growth rate for general industries.
In 2022, there is quite a high demand for managers in the health sector. They should have a bachelor’s degree or more to be competitive in the job market. Any medical biller and coder may apply for a management position after completing a bachelor’s or master’s program and passing relevant certifications. In addition, they need to have a lot of experience in the field and leadership qualities to get more job opportunities.
It usually takes you 2-3 years to complete a degree program. In addition, it includes supervision and practical training as part of the curriculum. If you have excellent administrative experience, you will be able to do consulting related to a health institution.
Apart from that, it would be nice if you had a degree for higher promotion. Medical and healthcare managers have bachelor’s degrees in health administration, business or nursing administration, and management.
Importance of certification
The International Classification of Diseases (ICD) is updated annually. For medical billers and farmers to increase in demand, they must be well-informed about the latest health trends and global statistics. That is why education is important to them. You know that in 2015, the healthcare system switched from ICD-9 to ICD-10. Currently, that code system has a widespread organizational background that can support large numbers.
Because of this transition, healthcare professionals must know how to work with ICD-9 and ICD-10 codes to transfer information and records successfully. We call this overlap “Cross Walking.” As these codes transitioned, healthcare facilities hired more workers to fill their lost vacancies. Because of this, the demand for medical billers and coders has increased.
Additionally, with the implementation of ICD-10, medical billing and coding professionals were in high demand due to the increasing aging population.
Find our more about Certification: Medical Billing And Coding Certification 2022
Another reason medical billers, coders, and professionals are in demand is their high salaries. According to the US BLS, the median medical billers’ and coders’ salary in the US is $44,090. It would be super if you had the opportunity to earn more with medical billing and coding certification.
In addition, according to a survey conducted by the American Academy of Professional Coders, certified professionals earn a salary of $55,923 annually. Also, the salary potential can quickly increase if you have additional certifications. On average, medical billers and farmers with two certificates earn an average salary of $64,890. Also, professionals with three credentials earn 70,608.
Providing essential services to the healthcare team
Another primary reason for the increasing demand for medical billers and coders in the industry market is that it provides essential services in the healthcare sector. As this professional, you assign correct codes to patient diagnoses. Later, payment is sought from insurance companies.
Without this profession, healthcare providers cannot get adequately paid to provide their care. Your tasks as a professional may include reviewing bills, organizing statements and data, assigning codes, and quality control. In addition, you must have leadership qualities and the ability to work with others to ensure the correctness of those vehicles.
Advances in the Medical Billing and Coding Profession
Being a rapidly growing profession in the healthcare sector is another primary reason for the increase in demand for these professionals. There is an excellent background for further development of these fields in the future.
Integrating medical billing and coding disciplines with artificial intelligence can lead to a broader range of services. That is, a medical subject is a unique tool for automatic coding. It allows professionals to evaluate large amounts of healthcare data and make accurate judgments over time.
Over the past few tenners, the use of computerized medical coding systems has led to the continued standardization of health care. Also, the innovation has provided a perfect medium for the complexity that arises in diagnosing medical codes. Accordingly, artificial intelligence has dramatically improved the capabilities of a computer systems.
With AI’s operation, medical billing and fielding services will be automated, and as a result, medical billers and fielders will be in high demand. The healthcare sector is looking for many well-qualified medical clerks and billers with extensive professional knowledge. Also, since healthcare companies will use more electronic tools in the future, they will need people who are highly knowledgeable about that technology.