Many times medical coding and medical billing are combined despite the fact that each requires proficiency in different areas. This occurs because some of the skills required for each profession overlap. The medical billing and medical coding professional is accountable for the accurate translation of patient information into an alphanumeric code. This code is utilized by health care providers and the health insurance companies to establish an accurate bill and keep track of payment information.
The profession of billing and coding in the medical field is an extremely fast growing sector within the health care industry. This growth is taking place because of the increased reliance on the information technology being utilized to store and then retrieve important medical data.
The job outlook is extremely positive for the medical billing and coding profession due to a shortage of professionals who are qualified to perform this job. This shortage has afforded medical coders and billers with the proper qualifications to demand higher salaries.
Overview
Individuals who are interested in working in the medical administration field are advised to consider a career as a medical coder and biller. The main reason this is advised is that the entry-level pay for this position is substantial when compared to similar positions in the healthcare field. A simple medical biller will not have the ability to earn as much as the individuals who expand their skills by becoming proficient in medical coding as well.
The actual salary earned by medical billers and coders will depend on several factors. Education level and work experience are the most significant factors. Other factors that determine salary include geographic location and employer size.
The Salary for a medical billing and coding professional varies depending largely on which part of the nation the professional resides in. Medical coders that work for large hospitals in urban areas that are densely populated have high costs of living. Because of the higher living costs, they will be given a higher salary. Fortunately, the majority of the entry-level salaries for these positions will be rather high.
The average yearly salary for medical billing and coding professionals’ currently ranges from $29,000 to $46,000 yearly.
Education Requirements & Training
At this point in time, there is not a set educational requirement necessary to acquire employment as a professional in the field of medical coding and billing. Nonetheless, individuals interested in obtaining a higher salary in their initial years of working in this field, should consider obtaining some kind of formal training.
Because medical coding and billing requires professionals to be knowledgeable about more than one coding system, obtaining training for this profession is advisable.
Individuals with a diploma from a secondary school may choose to enroll in a two-year associate’s degree or a four-year bachelor’s degree in medical billing and coding. Individuals who have already obtained a degree in a similar field have the option of earning a diploma or certificate to supplement their education with specific skills related to healthcare.
The usual course load for a medical coding and billing specialist includes physiology, anatomy, diagnoses and pathology. These are crucial subjects because the medical coder needs to understand the medical jargon to properly translate it to alphanumeric code.
The other subjects that will be taken will cover basic office procedures, business operations, insurance claim processes and how to correctly use the medical billing software. Students will also be required to study the various systems used within the healthcare industry. These in-depth programs will cover the CPT/HCPCS, ICD-9-CM, ICPM (International Classification of Procedures in Medicine) and the DSM-IV.
Job Description & Outlook
A medical billing and coding specialist will work in the healthcare industry within the administrative sector. The job description of this professional is to accurately translate pertinent patient information into an alphanumerical medical code.
This pertinent patient information includes the patient’s health, treatment history, diagnosis and everything else in-between. This information is utilized by the health insurance as well as the health care providers to determine the exact amount of payment that is owed to each party. For this reason, accuracy and attention to detail are essential to become a successful medical coding and billing professional.
The job outlook for this profession is very good. The demand is supposed to increase by 18%. Because the healthcare industry is in the process of shifting patient information and documentation to data storage, it is anticipated that job openings for this profession will continue to increase.
Certification
Currently, certification is not mandatory for medical coding and billing specialists. Individuals who decide to seek certification are much more competitive while in the job market. Being certified is an outstanding way to exhibit a high standard of knowledge and professionalism.
There are numerous local and national organizations offering certification for medical coding and billing professionals. The certification requirements vary according to the organization, however, usually the successful completion of the exam and a combination of on-the-job experience and formal training are enough to earn the certification.
Companies are not just relying on the individual’s certifications. The salary offered will also depend on how well the individual performs on the coding test. The coding test is a test to check the knowledge skills of the potential employee. An employee working as a medical coder and biller will generally work 40 hours weekly. If the individual works in a 24/7 medical setting, various shifts will be available.