Assessing The Medical Billing And Coding Salary
Medical billing and coding salary figures are influenced by a host of factors. Geographic location determines wage levels. In areas with a flourishing local economy, salaries tend to be higher.
The size of the establishment one works for is another factor. Larger institutions tend to offer higher medical billing and coding salary than smaller private operations. Education and work experience also affect wage levels.
According to Salary.com, fifty percent of employees in medical billing and coding jobs earned an average of $35,999 to $44,562 in 2008.
Experience, Education and Salaries
Work experience can increase a medical coding salary. This can also be achieved with specialization or a promotion. One receives a higher medical billing and coding salary by specializing for instance in Medicare coding.
Education is a major factor in determining salaries. Specialist certifications can mean career advancement. A bachelor's degree in health information can mean a management position in a health records facility.
Some employers have policies for training on-the-job. Several medical billing and coding online courses are also available. These allow employees who can earn as they study. Training courses usually take three months. But mastering coding can take years of education.
While most schools give graduates a Certificate of Completion, a professional certification is an advantage. Employers prefer the National Health Career Association Certified Medical Biller and Coder Certification. A certification means better chances at finding a job that pays higher.
Workplace and Medical Coding Salaries
The 2006, the US Bureau of Labor Statistics reported that two out of five medical coders worked in hospitals. Others were employed in doctors' offices, insurance companies, nursing homes and other health care facilities.
A medical billing salary in a hospital is usually less than a medical coding salary in an insurance agency. A medical billing clerk usually earns the lowest about $30,000 a year. Medical records coding specialists can earn higher up to $45,000 a year.
Current Trends
Medical billing and coding specialists have some work benefits. The health care industry is relatively stable even in an economic downturn. So the job is relatively stable. Those working in hospitals and health care facilities enjoy vacations. Some even have retirement plans. Home-based specialists of course enjoy more time with their families.
There is a growing demand for certified medical billing and coding specialists. This is why salaries tend to increase. The median salary for a medical coder and biller is between $36,000 and $44,000 annually.
Variable factors affect wage levels. But health care services will always be in high demand. So medical billing and coding salary prospects look promising.
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