Why should you learn medical coding in 2021 and build a career in it?
Learn medical coding is the best way to seek a job in the health care sector. Since 2020, we have seen the emergence of the Covid 19 pandemic that has affected every industry. As a result, the healthcare business has taken center stage throughout the world, bringing with it both hidden and apparent issues that require quick action.
Why should you learn medical coding?
In this Covid 19 pandemic condition, everyone is unsatisfied with their current job or seeking new opportunities. Nowadays, healthcare is one of the most sought-after and most acceptable job alternatives.
Also, healthcare is more than just doctors treating patients. It goes far beyond those administrative duties (such as medical billing and medical coding) are crucial parts of a reliable healthcare system. It has created several chances in medical coding, which has expanded in recent years like never before.
Healthcare providers (including small clinics and hospitals) are continuously looking for skilled medical coders to assist their teams. Medical coding includes converting prescribed procedures, diagnoses, and medical equipment into generally recognized medical alphanumeric codes. The demand for medical coders is growing as the healthcare industry evolves and discovers new methods and treatments.
In addition, correct coding is required for fast claims processing and timely payment by insurance carriers, and healthcare providers are always on the lookout for experienced coders. As a result, medical coding training programs and billing schools are offered in various remote places. Applicants from these areas may also look forward to a rewarding future in medical coding.
Five reasons why should learn medical coding in 2021
1. Medical coding is a high-demand occupation.
The demand-supply gap for qualified medical coders is roughly 40%, and it has grown considerably in the previous year. As a result, medical coding is expanding significantly faster, with the employment of medical coders expected to increase by 15% by 2024. The need for competent medical coders is expected to grow, as they are critical to the efficient operation of the revenue cycle in the healthcare industry.
2. There are several chances for job growth.
Professionals who work as medical coders might gain abilities that will be useful in various healthcare industry jobs. These include, among other things, practice management, audits, documentation enhancement, and compliance. In addition, the new abilities gained over their professional journey will allow the applicants to grow in their professions and take on larger tasks.
3. A rewarding job in healthcare
The integration of technology and increasing use of data in the healthcare industry is expecting to raise demand and compensation for medical coding specialists. Therefore, medical coding job is a very profitable alternative in the healthcare industry.
4. Begin your career as soon as possible
Most medical coding programs are completed in less than a year, allowing applicants to begin their profession quickly. It is especially beneficial for professionals considering a job shift in their forties or fifties.
Some academies provide intensive full-time training that complete in roughly two months. For example, Omega Medical Coding Academy (OMCA) offers a 35-day course both in-person and online and includes real-life case studies as part of the training.
The course equips students to begin working on charts of all types from day one, grasping the codes and recognizing them expertly, whether ICD-10 or HCPCS codes.
5. There is a high need for analytically adept developers.
There is a higher demand for medical coders’ analytical and decision-making skills with automation into the medical coding sector. Their prompt involvement can result in significant revenue cycle improvement, eventually benefiting both providers and patients.
Why medical coding consider a career pathway
- It is an excellent way to begin a career in healthcare.
Medical coding may be an excellent method for many people to get their foot in the door of the medical industry. Medical coding, as well as billing, are required in all sectors of healthcare. Therefore there are opportunities in any specialist field you are interested in. And also, you can obtain a sense of the healthcare sector and gain personal experience with medical language, diagnosis, and more, all from the comfort of your workstation.
- It has a bright job outlook.
Medical coding and billing have an 8 percent expected job growth rate, which is significantly greater than the national average, according to the U.S. Bureau of Labor Statistics (BLS).
- You have the option to work from home.
In a world where remote work is becoming increasingly popular, you may never want to return to an office environment again. As a medical biller or coder, you don’t have to. Many medical billers and coders operate from their homes. Specialist Medical Coders would also have the option of working from home. To keep in touch with their team, all they need is an active internet connection. They can finish their task from anywhere in the entire globe.
- You can run your own business.
Similarly, working from home as a medical coder allows you to run your own business and work for various customers while setting your schedule and workload.
- It is possible to work part-time.
It is another significant advantage. Medical billing and coding is a highly flexible job in that you may work it full-time or part-time. As a medical coder and biller, you may perform a few additional hours on your day.
Medical coders can advance their careers.
Medical coding is regarded as an entry-level position. Still, it may be an excellent opportunity to get experience in the healthcare industry and act as a turning step to other medical jobs. Here there are some of the jobs you can pursue following a coding career, as well as what you’ll need to do to get there.
1. Medical Coding Manager – $82,656/year
A job as a coding manager may be perfect for you if you work as a medical coder and want to improve your income, enhance your abilities, and take on more responsibility.
What you’ll do is as follows: Medical coding manager is in charge of supervising medical coders for larger-scale operations, such as a hospital. Therefore, you’ll need to be knowledgeable with all of the medical codes used in the environment you’re working in (which, in a hospital, will be a lot! ), as well as be capable of instructing, supervise, oversee, assess, and manage your team of medical coders.
Qualifications: The requirements for this job vary; however you should have many years of medical coding experience and some managerial experience. An AAPC or AHIMA coding certification is also recommended.
Salary: The salary for a coding manager is $82,656, up to $117,500.
2. Medical Coding Auditor – $94,936/year
Working as a medical coding manager is essentially overseeing a team of medical coders. However, working as a medical coding auditor entails much more than merely functioning as a medical coder.
What you’ll do is as follows: In this job, you may work for an outside organization, insurance company, or even as an independent consultant to undertake audits on previous and current coding. It would be your responsibility to assess the accuracy of medical codes with diagnoses and interventions performed by providers, look for errors, and possibly work with the healthcare team to ensure future conformance. As well as explore any changes that need to be made to the medical coding process to avoid errors.
Requirements: In addition to several years of experience as a medical coder, you will almost certainly require an AAPC medical code auditing certificate, which will certify you as a Certified Professional Medical Auditor.
Salary: The salary for a medical code auditor is $94,936 per year.
3. Medical Claims Processor – $46K per year
Insurance companies can also engage medical coders with significant expertise and further qualifications to process claims and work directly with medical providers for billing and payment.
What you’ll do is as follows: As a Medical Claims Processor, you’ll work for a health insurance company, processing claims submitted by healthcare institutions for payment. You must be knowledgeable in all medical coding and billing areas and possess personal qualities, organizational abilities, and communication between offices.
Requirements: Most claims processors have extra qualifications, such as a Certified Medical Reimbursement Specialist (CMRS) certificate, in addition to medical coding and billing expertise.
Salary: The average salary for an Insurance Claims Processor is about $46K.
4. Medical and Health Services Manager – $104,280 per year
What you’ll do is as follows: In this position, you would be in charge of handling the administrative side of a medical practice office, which would involve supervising billing and coding staff and paperwork, electronic medical records, and employee administrative responsibilities.
Requirements: Although your experience as a medical coder and biller is an excellent foundation to the inner workings of medical practice, progressing to a job as a medical manager will necessitate further training and education. You must have at least a Bachelor’s degree, and many managers additionally have a Master’s degree, such as an MPH (Master of Public Health). Medical and administrative experience is also necessary.
Salary: A medical and health services manager’s annual pay is $104,280, or $50.13 per hour.