Medical Billing And Medical Coding Salary
Take a glance no further than medical billing and coding if you’d like a healthcare career with a short path from program to profession and plenty of opportunities for advancement. Within these fields, there are numerous paths to take.
If you’re like most people who are considering a career in medical coding and biller, you’re curious about how much you’ll be paid. After all, making money is essential. According to LinkedIn, more than 70% of people want to hear about salary in the first message from a recruiter.
They all, even so, involve handling medical records and ensuring their accuracy in order to facilitate the billing process. As the role of healthcare expands, the need for trained professionals to perform these operations will expand.
While money may not be your primary motivator, it is something you will appreciate knowing ahead of time. So, what factors influence your salary as a medical coder? Here are a few key variables to think about.
Salaries for Medical Billing and Coding
Salaries for medical coders and billing experts vary depending on a variety of aspects. These elements include specialization, certification, location, workplace type, and experience.
With these variations in mind, the Bureau of Labor and Statistics (BLS) determined that the average median salary for medical records and health information specialists in 2020 would be $44,090 per year or $21.20 per hour.
Certifications Cause Rain
Many of the most appealing aspects of working as a medical coder are that no formal education is required. It is one of the few healthcare jobs that does not require decades of education or clinical hours.
And what if I told you that obtaining just one more certification could result in a $10,000 increase in your pay? You might think that’s impossible, but people who work in this field do it all the time.
According to the AAPC, obtaining one certification could increase your average salary to $51,426.
The Highest Paying States in the United States for Medical Coder Jobs
We found 11 states where the average salary for a Medical Coder job is higher than the national average. Hawaii tops the list, with Massachusetts and Rhode Island close behind in second place.
Rhode Island outperforms the national average by 9.0 percent, and Hawaii follows suit with an additional $5,770 (12.9 percent) above the national average of $44,772.
Considerably, Hawaii has a very active Medical Coder job market, as several companies are currently recruiting for this sort of employment.
What Is the Average Salary for a Medical Coder?
Medical coders (both certified and non-certified) earn an average of $53,051 per year. Medical billers and coders without qualifications earn approximately $41,543 per year, whereas certified coding and billing experts earn an average annual salary of $57,646 — 39% more so than their non-certified colleagues.
According to the 2020 Healthcare Salary Survey, medical coding certification needs to pay. Health information technicians with two credentials earn an average salary of $63,085.
Billing and coding specialists with 3 or more credentials earn an annual salary of $68,589 on average.
Health information technicians, unless freelance or contracted, usually receive basic employment benefits such as health, disability, and life insurance, paid time off (holiday, sick leave, vacation), and defined-contribution retirement plans, in addition to competitive salaries. Many companies also pay for professional association dues and continuing education.
Given the correlation between medical coding salaries and the credentials, a coding specialist has attained, paid continuing education is an especially valuable employee benefit. Other factors that influence salary include experience, specialty, employer type, and location.
How Much Do Medical Coders Earn?
Medical coding salaries vary across the United States based on the state’s employment cost index and customer price index. The variance between the price indexes of the 50 states is 37%, with California having the highest average wage and Alabama having the least.
A health information technician in California earns $8.35 for each hour further than a medical biller or certified coder in Alabama. Once more, the gap in average state salaries reflects primarily the expenses of living in this country.
Inside the states, there is a comparable gap between urban and rural areas.
Increased reimbursement pressure on independent physicians has resulted in a trend of hospital-physician practice consolidation. Across the country, physicians are leaving private practice to work for healthcare systems.
Salary Trends in Medical Coding and Billing Based on Employer Types
Over the course of less than a decade, the proportion of hospital-employed physicians risen by more than 70%. Then according to most of the USA figures provided by the Physicians Advocacy Institute, hospital-owned practices increased from 91 percent to 303 percent across all U.S. regions during the same time period.
Self-employed physicians are now outnumbering employed physicians. The AAPC Healthcare Salary Survey also shows this trend.
In 2020, only 11.2 percent of respondents reported working for small physician practices. This is a significant increase from the previous year’s figure of 37.2 percent. More than half of all medical coders and billers now work for one of the largest employer types.
Is there any hope for medical coding job growth in the future?
Medical coding and billing careers offer steady employment opportunities. Medical coding is in such high demand that the U.S. Bureau of Labor Statistics ranks it as one of the top 20 fastest-growing occupations.
The Affordable Healthcare Act has helped to increase the demand for medical coders by making more people qualified for medical care. Given that every patient encounter by every healthcare provider necessitates coded documentation and records, it’s no surprise that medical coding is one of the most in-demand healthcare careers.
Not only has the United States The Baby Boomer generation — 20 percent of our population has reached retirement age, but the U.S. According to the Census Bureau, the number of people aged 65 and up will increase by 55% by 2030.
Due to the rise in chronic conditions within this population, the Association of American Medical Colleges (AAMC) predicts a physician shortage of nearly 105,000 by 2030. Medical coders and billing specialists who work in hospitals and physician-based practices are also in short supply.
How Can Medical Coders and Billers Raise Their Salary?
Education is the easiest way to a higher medical coding salary. You may have extra capabilities based on your situation.
Non-certified medical billers and coders are doing the same work as certified counterparts but are paid significantly less.
If you’ve started learning the health information profession through on-the-job training, becoming certified and potentially able to earn up to 39 percent more money per year could be as easy as taking the CPB or CPC exam.