Medical billing and coding have seen rapid growth in the past decade. With medical care becoming more expensive, insurance companies are looking for ways to cut costs. As a result, they have shifted responsibility for billing and coding onto hospitals and doctors’ offices.
Do you need a degree to get a job in medical billing and coding? What are the hours and pay like? Let’s explore how to become a medical biller or coder, salary expectations, and trends in the industry.
What is a Medical Billing and Coding Career?
As a medical biller and coder, you’ll become a bridge between patients, insurance companies, and healthcare providers, creating and maintaining medical records and leveraging health information technologies. You’ll process health insurance claims, code patient procedures, file forms with insurance companies and governmental entities such as Medicare, and track billing records. It’ll be your job to ensure medical providers comply with government regulations and insurance company requirements. Furthermore, it guarantees everything in the clinic runs smoothly.
So, you want to get started? First, you’ll need to be detail-oriented and enjoy working with numbers, and learn the fundamentals of anatomy and physiology.
Medical Billing and Coding Career Statistics
Since the pandemic, the medical billing and coding profession has grown exponentially and is projected to rise even higher. Medical coding jobs are expected to grow by 24% through 2026.2
The spike in growth has been contributed to by an aging population that will require additional healthcare, digitization of health records, and an increasing focus on health data and informatics. In addition, 90% of Americans have private health insurance at one point during their life. As a result, the employment of medical secretaries, including medical insurance billing and coding specialists, is projected to increase.
As the career continues to gain momentum, tech-savvy health billing and coding specialists have a greater opportunity of landing lucrative positions.
Trends in Medical Billing and Coding
With the advancement of technology, new trends have been deployed to improve efficiency in the medical sector. Some trends in the medical billing and coding industry include:
Introduction of Blockchain
Billing code errors, duplication of processes, and unintentional billings are some challenges in the medical sector. Blockchain is a ledger introduced to help providers reduce mistakes as it provides proof after the completion of a transaction.
Medical Bill Outsourcing
The medical sector has various services, including enrollment, submission of claims, patient scheduling, insurance verification, payment collection, and follow-ups. With so many complex services, giving efficient personal attention to patients is becoming a challenge.
Medical bill outsourcing saves money, time, increases revenue, and gives you better control of your business processes.
This is a medical billing practice where cloud-based software manages insurance, remittance, and claims submissions.
Medical Billing and Coding Career Requirements
To be a medical billing and coding specialist, you need to be a high school graduate, have some computer knowledge, possess a certificate, and pass specific certification exams. These certifications include:
- Certified Billing & Coding Specialist (CBCS)
- Certified Electronic Health Records Specialist (CEHRS)
- Certified Medical Administrative Assistant (CMMA)
The field offers various job opportunities, from working as an employee to being self-employed, with flexible hours that allow work-life balance than other jobs. These are only some of the many great reasons why medical billing and coding might be the right career choice for you.
The average starting salary for someone entering the industry is around $27,000 annually.1
Southern Careers Institute medical billing and coding training program is available to you on campus, at home, or anywhere with an internet connection. After graduating, you’ll be prepared to sit for various certification exams, including the Certified Billing and Coding Specialist certification exam, included in your tuition. Learn how you can start your healthcare future today.
“I’m currently enrolled in the Medical Billing and Coding training program at Southern Careers Institute. I have three mods left to complete, and then an externship. The experience has been amazing, and the teachers and staff are helpful. I’ve learned so much on my journey and can’t wait to start my career!” – Christine S., Medical Billing & Coding Student
- Starting salary is as reported by Emsi, a labor market analytics firm. The salary information is not specific to students or graduates of Southern Careers Institute. Actual outcomes vary based on multiple factors, including prior work experience, geographic location, and other factors specific to the individual. Southern Careers Institute does not guarantee employment, salary level, or career advancement.
- The estimated number of job postings over the past 12 months is provided by Emsi, a labor market analytics firm. This data may not reflect your local market conditions. Further, market conditions are dynamic and can change. This data is not intended to predict the market conditions that will be present when you graduate from your program.
This article was published on: 06/22/21 12:05 AM
* SCI does not guarantee employment or a starting salary upon graduation, completion, or withdrawal from SCI. As an accredited post-secondary institution, SCI has various federal financial assistance programs available for students who qualify and are enrolled in SCI programs. This does not apply to seminar students.