Earnings of Medical Biller
Medical Billing and Coding Earning and Annual Wage
Chances are if you have gotten into medical billing and coding, you are concerned with making a reasonable salary. The pay is usually part of the motivation for taking any job. This profession can pay reasonably well, but you need to take the right steps to maximize your salary potential to get the most out of it payment wise. Let’s take a look at some facts and figures relating to this profession and then get a sense of how you can enhance your ability to make the kind of money you want in the medical coding and billing field.
Average Medical Billing and Coding Salary
First let’s take a look at some rough salary averages. The median range tends to be around 28k to 35k annually. The lowest paid workers in the field make about 25k a year or possibly less, and the highest can make up around 40k a year. So though this is not exactly a field to get rich in, it will pay the bills as they say.
Ways to Improve Salary
Experience is perhaps the surest way to a higher salary. The more experience you get with medical billing and coding, the higher medical billing and coding salary you can expect. However, if you are just starting out in the field, this is obviously not much of an option. The whole point is that you don’t have much experience. So what else can you do to boost your salary potential?
Get Well Educated
One of the best medical billing and coding salary enhancing courses of action to take initially as you get into the field is to get the best education you can. The most common degree to have in this field is an Associate’s degree. These two year programs are given at a variety of different institutions such as community colleges, career schools, technical schools, and hospitals.
It is also fairly common to get a diploma or certificate in this field from a program of shorter length, say 1 year. This can also be a good option, but bear in mind it may be slightly less favorably regarded by employers and that can be reflected in the salary you are offered.
There are a number of different professional organizations that offer certification in the field of medical coding and billing. These associations or organizations offer exams that when successfully completed earn you a certification title as well as membership in the organization. It is in your interests to pursue a certification in the field. This is your classic resume enhancing credential, and employers regard it favorably from a salary standpoint because it assures them that the applicant has met certain professional standards and will be an asset to the medical practice.
These certification exams are not all that difficult. The majority of them are multiple choice tests. They can be passed with flying colors if you study well. The websites of these organizations often have all kinds of study materials like practice exams and test outlines and you can buy commercially available study guides as well. So make the necessary effort and take a certification exam, preferably a nationally recognized one. In so doing you’ll be putting yourself in a position to be a better wage earner in the medical billing and coding field.
Types of Employers
A final approach you can try for maximizing medical billing and coding salary potential is to try to get jobs with employers that tend to pay the best. According to the US Bureau of Labor statistics, which is a reliable government based statistical and general information source, the highest paying employers of medical billers and coders are hospitals and the federal government. Nursing care facilities come in around the middle, and outpatient care facilities and doctors’ offices tend to pay the lowest. So you can try to select higher paying facilities as a way of getting a higher medical billing and coding salary. Another idea is to think in terms of working part time at two or several different facilities in order to insure that at least a certain portion of your work falls into the highest paying brackets.
If you get yourself well educated and credentialed and are selective in your job search, you should be able to find a fairly well paid position. And as you get more experience, the medical coding and billing salary you can expect will tend to increase as a matter of course. But you’ll make that much more money if you start out at a fairly good entry level rate, so take care of the educational and certification issues first and then put your energy toward finding a well paid position.