Apr 26,2023      BY   Time Admin

The Salary and Career Guide for Medical Coding & Billing Professionals in 2024

The topic of healthcare includes an important and developing sector called medical billing and coding. Its primary function is to streamline the healthcare system's payment process and make sure that medical professionals (like doctors) are compensated for the services they deliver. In reality, medical billing and coding are two distinct but linked professions known collectively as medical billers and coders. We'll begin by defining the two independently to give you a better idea of the field as a whole.

What Is Medical Coding?

Similar to translating is medical coding, often known as medical classification. This method entails turning patient and health information including the diagnosis, treatments, services, and equipment used into an international, medical alphanumeric code. Patient records, doctor's notes, lab data, and other documentation are gathered, and the information is eventually converted into a code that insurance companies can easily decipher and comprehend. There is a medical code that corresponds to each diagnosis and operation.

Read Also: Benefits and Scope of Medical Coding Career

What is Medical Billing?

In many ways, medical billing is what its name suggests. It entails using the medical codes to produce an insurance claim, which is a charge for health insurance providers. To get paid for the services provided, a healthcare provider must submit these claims to the insurance companies of the patients. This process is known as medical billing. Following up on insurance claims to make sure the reimbursement is made is another duty of medical billers. Medical billing is a crucial aspect of the hospital since it protects and maximizes revenue.

Medical Coding Vs Medical Billing

Medical coding and billing are separate disciplines. The fact that paying healthcare providers back for patient services is their shared objective, though, means that they are interconnected. While making a doctor's appointment may seem like a straightforward, one-on-one conversation, in reality, there are many different parties and procedures involved in order to get that appointment paid for thus, the role of the medical biller and coder is so necessary. 

Read More about Medical Billing vs Medical Coding

Salary and Career Guide for Medical Coding & Billing Professionals in 2024

Healthcare is one of the fastest-growing industries for job seekers. Even if you have no interest in patient care, you can still work in the thriving healthcare field with a career in medical billing and coding. Medical billing and coding are important administrative functions within the healthcare industry.  As the overall healthcare sector continues to grow, careers in healthcare support occupations are also expected to expand. Employment of medical secretaries, including medical billing and coding specialists, is projected to increase by 22% from 2016 to 2026. 

How Much Do Medical Billing And Coding Specialists Make?

According to the BLS, medical secretaries earned a median annual wage of $34,610 as of May 2017. However, the salary for this position can vary based on many factors, such as where you live or what type of office you work in. For example, BLS data shows that medical secretaries who work in the scientific research and development services field had the highest median annual salary at $42,780. Medical billing and coding specialists who work for state governments also had a higher median wage of $42,710 per year. The top 10% in the field earned more than $50,340 a year.

Read Also: Medical Coding Career Growth & Job Opportunities

Medical Billing And Coding Job Outlooks

Like most jobs in the healthcare industry, careers in medical billing and coding are growing. As previously noted, the BLS projects a 22% increase in the employment of medical secretaries, including medical billing and coding specialists, by 2026. This rate is much faster than the average for all occupations and amounts to roughly 129,000 new job openings in the coming years.

If you work in medical billing and coding, more healthcare claims can translate to rising demand for your skill set. All of the data required to process each medical claim will need someone to organize and properly code it. And since healthcare employers are increasingly using electronic systems to run their practices, they will need qualified people who know how to use this technology.

What Classes Are Required For Medical Billing And Coding?

Medical billing and coding students take classes in a variety of subjects to prepare them for managing medical records, applying codes, submitting invoices, and assisting with other business procedures in the healthcare field.

The coursework for medical billing and coding programs includes a mix of technical knowledge, healthcare information, and business topics. Students will learn the necessary medical terminology, the cycle of healthcare claims, and the medical coding system. This combination of subjects provides students with the foundation of knowledge they need to begin a career in medical billing and coding. Typical courses in a medical billing and coding program may include;

  • Diagnostic Coding

  • Procedural Coding

  • Billing and Coding Application

  • Introduction to Computers

  • Introduction to Healthcare Communication

  • Medical Terminology

  • Medical Law and Ethics

  • Records Management

  • Healthcare Settings, Claim Cycle, and Claims Processing

  • Anatomy, Physiology, and Pathophysiology

 

Also read, 5 Essential Skills for Today's Medical Coders

What Does A Medical Billing And Coding Specialist Do?

Medical billing and coding specialists are essential to all areas of healthcare. They organize health-related data and make sure that it is accessible to everyone at the healthcare facility. This position generally involves working with electronic data, though some offices also maintain paper files. Other duties of medical billing and coding specialist also include;

  • Making sure that all medical and billing information is accurate. Having correct data is essential to ensure that patients receive proper care and that insurers receive the information they need to process and reimburse claims.

  • Verifying that the patient data they deal with is secure at all times. Patient confidentiality is required by law, so medical billing and coding specialists must uphold security measures to make sure that all of the data they deal with is safe.

 

Requirements to become a Medical Coder

Knowledge of classification systems is one of the major requirements for medical billing and coding jobs. These specialists use universal codes to categorize all patient information. This data is used to help healthcare providers get reimbursed by insurance companies for their medical procedures. The codes are also used to standardize patients’ medical histories and treatment data for physicians’ records. 

The Medical Coding training can be good option for you, if you want to pursue a career as a medical coder. The medical coding certification is your professional recognition of achievement, expertise, and judgment in this healthcare industry. 

Read Also: How to Prepare for the AAPC CPC Exam?

Steps To Start A Career In Medical Billing And Coding

A career in medical billing and coding can be within your reach if you are willing to devote the time needed to train and prepare for this role. The following steps can help you find the right school, get your certificate or degree, attain industry certification, conduct your job search, and land a position in this growing field. Here are eight basic steps to help you pursue a career in medical billing and coding;

  • Step 1:Research the specific job requirements in your area. Before you decide what kind of credentials to earn, you may want to look into the requirements for local medical billing and coding careers. Do most job postings specify a certificate/diploma is needed, or are local employers looking for candidates with an associate degree? Do they list industry certification as a requirement?

  • Step 2:Choose between a medical billing and coding certificate/diploma or degree program. If you want to prepare for a career in medical billing and coding as quickly as possible, you may wish to enrol in a diploma program. If you’d like to enhance your credentials, consider investing the time to earn an associate degree. Don’t forget to factor in your long-term career goals.

  • Step 3:Explore your financial assistance options. If you need help paying for school, you may want to seek out scholarships and financial aid programs that you may qualify for. The schools you’re considering will be able to provide more information; just look for the “Financial Aid” section of the website.

  • Step 4:Enroll in the program of your choice. Once you choose a program and are admitted, you can enrol in classes and begin working toward your credential.

  • Step 5:Graduate and take your certification exam. While you can apply for medical billing and coding jobs as soon as you graduate, if you’re planning to pursue CPC/CPC-A certification, it’s a good idea to take the exam as close to graduation as possible while the material is still fresh in your mind. Achieving certification may also help increase your starting salary.

  • Step 6:Get your resume ready and start your job search. After your education is complete and you have your diploma or degree, you're ready to start looking for a medical billing and coding job. Find out if your school offers career services, such as helping write a résumé to showcase your new abilities and/or job search assistance to help you find and apply for local positions.

  • Step 7:Go on interviews for medical billing and coding jobs. If prospective employers are impressed by your résumé and qualifications, they may invite you for an interview. Find out if your school’s career services include job interview preparation to help you practice your skills before you meet with employers. Once you’ve mastered practice interviews, you should be ready to excel at the real thing!

  • Step 8:Get the job and start your career in medical billing and coding. When you accept an employment offer and begin your first job, make an effort to create a great first impression and then live up to the expectations you’ve set.

Read More: How to Become a Medical Coder?

Wrapping Up

If projected job openings are an important consideration in your career search, medical billing and coding could be a good option based on the current job outlook. As the population ages, people will need more medical care. The increase in these services means a related increase in medical record updates and more insurance claims to process. Once you are a trained and certified medical billing and coding specialist, this occupation’s faster-than-average employment growth should bode well for your long-term job prospects.

Time Admin

Time Training Center (TTC) is a leading education institute in Abu Dhabi that focuses on providing quality education and training programs. We provide authoritative info and blogs on various topics in which we focus our training programs. 

Through our expert blogs, we aim to hone and develop the human capital of Abu Dhabi in the field of Computer and Management education, fostering professional competencies in diverse areas. 

Search for Desired Courses

© 2022. All Rights Reserved by Time Training Center