Medical Billing and Coding Salary - How Much Can You Earn?
In the medical line medical billing and coding are two very important professions. Both these professions are entirely different. Medical billing is the sub field of medical coding. In medical billing the claims are submitted to life insurance companies or to government to receive payment against their claims on the other hand medical coding specialist are those who translate medical diagnosis into numerical labels to give exact information regarding the injury or illness. Billing and coding experts (who gained knowledge through certified program) work together to handle the financial activities of the medical sector. A person who has the knowledge of both fields can earn better than having expert in one field. In Medical billing and coding salary there are different factors varies from place to place. The most prominent factors are geographical location, certification or degree, and experience.
Geographical Factor
People who work in big cities considerably earn more than those working in small cities. This is due to difference in living standards of big and small cities. The location of the worker also plays a vital role in salary. Medical billing and coding experts who work in big organizations can earn more as compared to those working in small offices.
Degree or Certification Factor
To work in the field of medical billing and coding it is not necessary that one should holds degree or certification. However degree or certification can help in boosting up their salaries. A study was conducted by American Academy of Professional Coders (AAPC) according to which certified people earns $38000 per year on the other hand non certified people earns $30000 per year. This study also reveals that due to lack of capable people 18 percent of medical billing and coding positions were left vacant.
Salaries are likely to be at rise with the increase in the demand of certified medical billers and coders. Although the salaries in this field are not very high, these are quite sufficient for normal living. Health sector is ever changing field due to lot of researches going on in this sector. A person who already holds degree in this field can upgrade his knowledge by getting advance courses. By doing this one can immensely increase his salary. There are several organizations which time to time offer these kinds of courses. Also they can work better in their perspective fields by knowing the latest developments in medical sectors.
Experience Factor
Experience plays another important role in medical billing and coding salary. The experienced people take more responsibility of their works. As they get more and more experience in their fields their salaries automatically increases. According to a survey done in 2010 the person, who has 10-19 years of experience in medical billing and coding field earns maximum $25,700 to $45,300 per year and those, who have 20 or more years’ experience earn between $28,500 to $51,100 per year. In addition to the actual career one should adopt plays significant effect on his medical billing and coding salary. A person, who wants to have less responsibility and to do less works, can have less salary. At this position one can earn less as compared to specialist or consultant in this field.
Hence, certified and experienced medical billing and coding experts are forever in demand.