In very general terms, medical coding salary may ranges between thirty thousand dollars and fifty-thousand dollars per year which is largely determined by the place of work – a medical practice, medical facility, or conducting medical coding from home.
Medical coding and billing professionals assist in the work place by handling charges and aid healthcare companies ensuring that proper medical codes are used. In the event that the medical biller or medical coder operates from their home, they have the ability, to a certain degree, to set their own income level. Naturally, their personal productivity levels determine the amount of work they perform, as well as the number of projects they can accommodate.
Typically, a basic medical coder operates in a medical practice or hospital setting, managing and administering the billing charges incurred by their employer. Medical coders must understand common medical codes as these are the basis for submitting claims to healthcare insurance providers, ensuring that the medical practice or medical facility receives payment in a timely manner. On the other hand, a medical biller has the prime responsibility of administering and tracking accounts receivables. Both positions require similar skills, however, their roles and duties are entirely different.
There is no question that the level of medical billing and coding salary is a huge benefit enjoyed by medical coders. Additionally, they are somewhat recession proof as the work is steady and is not as affected by the poor economic climate as with various other lines of work. With the aging population, healthcare services are on the rise and are not expected to decline soon.
Further, there are benefits derived from working in larger medical centers such as paid vacations, healthcare benefits, and retirement savings programs. Billers and coders who work from their homes, have the advantages of setting their own hours, being their own boss, limited commute time, and some possible tax advantages.
As in any profession, there are some inherent problems associated with the industry. Firstly, technology could potentially jeopardize the industry and in turn do away with jobs. Secondly, hospitals can also be extremely frugal with the way they spend the funds and in the current economic climate, if costs can be reduced, they will. Finally, the medical billing and coding field is extremely competitive, and as a result some sort of formal training is required. It is often difficult for new billers and coders to enter the field without spending the time and money to receive training. However, those who have made the effort will ultimately have no difficulty finding work and in turn be compensated very well.
The current medical billing and coding salary is an excellent indicator of the strength of the field. When salaries are high, and the educational requirements are lowered, it typically signals that the demand for jobs is increasing. Conversely, when wages fall, demand is lower, which indicates the marketplace has an abundance of medical billers and coders, or the healthcare system have found a less expensive method to perform this function.
The healthcare field as a whole is rapidly expanding and growing, and one area in particular which is showing great demand and tremendous promise is that of medical billing and coding jobs. Additionally, the level of medical billing and coding salary is at all time highs and expected to increase for years to come.