Do Certifications, Experience, Location, And Workplace Matter? A Complete Medical Billing and Coding Salary Guide

Introduction:

The medical field is very vast. There are many professional paths you can opt for besides being a doctor or a healthcare provider if you want to work in the medical field. One of the fastest-growing job subfields in medicine today is medical billing and coding. The increasing growth in this field and good medical billing and coding salary packages make it the best choice for a career in the medical field.

What Is Medical Billing And Coding?

Let’s first of all understand what you do in this job. We often use the terms medical billing and coding like it is one job title, but actually, a medical coder and a medical biller are two different jobs. In small medical settings, however, a single expert might be performing duties of both coding and billing. Let’s see what each of these jobs entails.

• A medical coder’s job is to basically translate something that is written in one way, like a diagnosis or a medication prescription, into a numeric or alphanumeric code. The job here is to translate as accurately as possible using the corresponding codes that are there for medical procedures, diagnoses, injuries, and outpatient procedures.

• A medical biller’s duty is to make a bill for the insurance company, called a claim. This claim is made by the biller by using information from the coder. The biller takes all the codes into the claim and sends it to the insurance company to evaluate. The insurance company then checks it and returns it, then the returned claim goes to the biller again, who calculates after taking out the insurance how much the patient owes.

Basically, they, especially the billers, ensure that the healthcare providers get paid for their services rightfully, so they are an essential part of any and every healthcare facility.

Now let’s see what the job market looks like for this job title, like salary, hourly pay, growth predictions, and much more.

Medical Billing and Coding Salary:

The Bureau of Labor Statistics reports on average, the annual medical billing and coding salary is $50,250. The average per-hour salary is about $24.16. But there are many layers to this information. There are many factors that play a huge role in how much you will actually end up earning as a medical biller and coder.

A lot of factors, like your location, qualifications, experience, certifications, etc., play a significant part in determining your salary. For instance, if you were a medical biller and coder working in Washington, DC, you will be earning $53,960 per year, which is more than the average salary, because in this city, the salary earned for this job is the highest. Similarly, if you are non-certified and another medical coder and biller is certified, then that certified person will earn 8.5% more than you.

Medical Billing And Coding Salary Compared To Other Healthcare Roles:

There is no denying that there are many other well-paying healthcare roles, but when it comes to being a medical biller and coder, we can’t ignore the fact that it comes with relatively more flexibility and short training as compared to other roles, and still pays a competitive wage. Let’s take a look at how much the salary of a medical biller and coder compares to other roles in the healthcare field.

Salaries of Jobs in the Medical Billing and Coding Profession:

That’s right, there are even more specialties and specific jobs in the medical billing and coding profession, and they all pay really well. The only job title you can get is not just a medical biller or a medical coder.

You can be a medical technologist, medical coding auditor, or even a certified medical coding/billing supervisor and earn an average annual salary of $53,573, $57,451, and $55,544, respectively. Other titles you can go for include medical billing manager, medical office manager, and medical billing clerk, and enjoy an average yearly salary of $50,902, $48,223, and $33,355, respectively.

Medical Coder and Biller Salary by State:

The socio-economic dynamics in each state are majorly different. Each state in the US has its own economy and different costs of living; these things affect the salaries of all jobs in each state, including those of medical billers and coders.

We can see the highest paying states for medical billers and coders in the US are the District of Columbia, Washington, California, Connecticut, and Maryland. The employment of medical coders and billers in these districts is 270, 4710, 20000, 1570, and 3040, respectively.

10 Highest Paying Cities for Medical Billing and Coding Specialist Jobs:

Location is a key factor in determining your wage as a medical biller and coder. There are some cities in which the salary for medical billers and coders is more than the national average. Here we talk about 10 of those cities.

If you are a medical coder or biller, and you want to improve your earning potential, you can move to any of these cities and unlock more growth potential.

Medical Billing and Coding Salaries by Workplace:

It is important to note that even in a favorable location and higher-paying states and cities, you still have to consider your workplace when it comes to better salaries. If you work as a medical biller or coder in a large health system, then of course your pay will be more as compared to if you work in a small physician’s office.

According to AAPC’s salary survey, here’s what you can expect to earn by working in common medical billing and coding workplaces:

• Large group practice with 50+ physicians – $65,042
• Individual hospitals – $65,502
• Health system – $68,290
• Solo practice or small group practice with 1 to 10 physicians – $57,797
• Medium group practice with 11 to 49 physicians – $59,441

Effects of Certifications on Earning Potential:

As mentioned earlier, medical billers and coders with certifications earn 8.5% than those who don’t have certifications. Here’s how your earning potential increases with more and more certifications you get:

• If you are non-certified, your average salary will be $61,002
• If you are certified, your average salary will be $66,979
• If you have 2 AAPC certifications, you will earn $79,988 salary on average
• With more than 3 AAPC certifications, you will be able to earn $84,414 salary on average

The most common certifications include:

• Certified coding associate (CCA)
• Certified billing and coding specialist (CBCS)
• Certified professional coder (CPC)

How Does Salary Change With Experience?

Even entry-level jobs for medical billers and coders pay really well, still it is very clear that as you gain more experience, you get to enjoy a huge increase in salary as well. Say, you start with entry entry-level medical coder and biller salary of $48,204 today, after 30+ years working in this field, you will be able to transition into a more advanced and high-paying role, and your average income will become $83,544. That is a whopping increase of 42.3%. The best part is that you will begin experiencing the gains in the beginning 15 years already. Here’s the breakdown of how much your income will increase as your experience increases:

Job Growth and Outlook:

If you want to pursue this job title, and even after finding out about the amazing salary packages, you still have some doubts, they will all go away once you know how promising the growth is in this field. In this field, there will be an 8.7% increase in the employment rate by 2033. To put things into perspective, the average growth rate of all other jobs is 5%. This clearly shows a promising future for medical billers and coders.

There is a very logical explanation behind this rise. The aging population is playing a major role in this. As more and more people age and experience short-term illnesses or chronic illnesses, they will need more medical attention than ever before. Since the healthcare institutions will experience a surge in the number of patients, they will also increase their demand for medical billers and coders accordingly to ensure proper reimbursement.

Even though the use of electronic coding systems and auditing software will also increase in the coming years, it is clear that they will not replace human professionals. An experienced coder and biller cannot be completely replaced by tech, as they will always be needed to make sure that the correct codes are used, there is an efficient flow of revenue, and proper management of huge amounts of electronic information.

Tap Into Your Potential as a Medical Biller and Coder:

If you have always wanted to work in the healthcare sector but you did not want to become a doctor or a nurse, then the medical billing and coding profession is for you. With easily attainable certifications, better entry-level pay, and nationwide great salaries for this role, it is time to become a medical coder and biller and secure your future.

Conclusion:

When we talk about the professions in medicine, we usually think of doctors, nurses, therapists, physicians, etc., but there are many more job titles in this field that a layperson might not even know about. One such example is medical billing and coding. This profession offers good entry-level job opportunities, positive future growth prospects, good salaries, and flexibility.

FAQs:

Q1. Can I enter the medical billing and coding field without prior experience?

There are plenty of entry-level positions that hire freshers, and for entry-level jobs, you will still get a handsome salary as compared to other entry-level roles.

Q2. Working in which workplace setting offers the best medical coder and biller pay?

Working in a large health system, individual hospitals, and large group practices will give you more pay.

Q3. Can I work as a medical biller and coder without certification?

It depends on the specific job requirements stated by the hiring entity, although for most entry-level positions, you can get hired without a certification too.

Q4. Which is better, medical coding or medical billing?

Even though there is not much of a difference, keep in mind that your personality matters here a little bit when it comes to better handling day-to-day tasks, because if you are more of a technical person, medical coding will be right for you, and if you work well with people, then medical billing will be a better choice.

Q5. Is there job growth in this field?

The future of this field is very promising with an 8% growth rate over the next years.