What is Medical Billing and Coding?
Medical Billing and Coding is two careers bundled into one. A Medical Biller creates paper or electronic claims that are submitted to insurance companies or third-party payers for payment of services provided by physicians and other health professionals. A Medical Coder translates a doctor’s documentation, post and preoperative reports, and medical records into numeric and alphanumeric codes that are included on an insurance claim to bill for an appropriate service. Medical Biller and Coders can be referred to as Medical Records, Health Information Technicians, or Coding Specialists.
Medical Billing and Coding is an essential part of the revenue cycle and plays an important part in healthcare statistics. Medical Billing and Coding requires attention to detail, a comprehensive knowledge of medical terminology and anatomy and physiology, and familiarity with insurance companies and billing processes. As a Medical Biller and Coder, you have the option to work in a variety of healthcare facilities and specialty practices. Follow along as we explain why you should become a Medical Biller and Coder.
Medical Biller and Coders Have a High Earning Potential
According to the U.S. Bureau of Labor Statistics, Medical Biller and Coders can earn a yearly salary of over $71,150*. This can vary depending on the facility of employment and the area you work in. Additional credentialling and experience can further increase a person’s earning capability and offer more opportunities for career advancement. Another option for Medical Biller and Coders is to own your own Medical Billing and Coding company. This has an uncapped earning potential and is a great option for Medical Biller and Coders wanting to open their own business.
Medical Billing and Coding has a wide variety of specialty practices that all range in salary potential. Either way you put it, Medical Biller and Coders essentially have the ability to expand their careers and even become business owners. The average salary of a Medical Biller and Coder can vary depending on the area you reside in and the facility you are employed at. Additionally, a Medical Biller and Coder’s salary working in a hospital will differ when compared to a Medical Biller and Coder working in a private physician’s office. Research local cities and compare using internet search engines and job market platforms to find out how much your area is offering.
Medical Billing and Coding is in High Demand
According to the U.S. Bureau of Labor Statistics, the demand for Medical Biller and Coders is estimated to increase by 8% over the next ten years*. The estimated increase in demand will create over 29,000 job opportunities for newly graduated and seasoned Medical Biller and Coders*. The skills it takes to become a Medical Biller and Coder is unique in the sense that no other health professional can complete such tasks because it requires proper training and credentialling for employers to consider an individual competent in Medical Billing and Coding.
Since Medical Billing and Coding is the lifeline of a providers, healthcare facilities, and insurance companies’ revenue cycle, when employers are reviewing potential candidates, they need reassurance that an employee has been properly trained. Nationally-accepted credentialling shows employers you have the appropriate skills and knowledge to work as a Medical Biller and Coder. Medical Biller and Coders are in high demand and can expect to see an increase in job opportunities later throughout the next few years.
Medical Biller and Coders Can Work from Home
Once a Medical Biller and Coder has gained a few years of experience, they have the option to work from home. This may not be an option for every employer, but there are career opportunities that offer this especially since the start of the COVID-19 pandemic. Working from home has increased in popularity over the years and has become a common practice among seasoned Medical Biller and Coders. More often, a few years of experience is required before a Medical Biller and Coder has the option to work from home due to the level of independence and knowledge it requires.
Usually, all that is needed to be a Medical Biller and Coder from home is the computer software and any additional office equipment commonly used for administrative duties such as a computer/laptop, printer, fax machine, landline telephone, etc. Equipment and resources can be supplied by your employer depending on their general policies and the budget allocated towards the Medical Billing and Coding department.
It Takes Under a Year of School to Become a Medical Biller and Coder
Becoming a Medical Biller and Coder does not require previous experience or additional credentials. This career is a great option for anyone looking to start a rewarding healthcare career in a short amount of time without any experience. Generally, Medical Billing and Coding programs take under a year to complete. Once a Medical Billing and Coding program has been completed, students can sit for their national credentialling examination to become certified. Certification through AAPC or AHIMA is encouraged and nationally acknowledged as the general standard for employers.
Medical Billing and Coding students will learn about different insurances, how to create and submit claims, how to code procedures and diagnosis’s, medical terminology, and anatomy and physiology. Additionally, Medical Billing and Coding students attend an externship program where they apply their knowledge in a real-life Medical Billing and Coding environment. They learn the skills necessary to be a competent and confident Medical Biller and Coder.
Thinking of Pursuing a Career as a Medical Biller and Coder?
If you would like join the healthcare field and have the option to work from home or own your own business, then consider a career as Medical Biller and Coder. Be a part of the healthcare revenue cycle that keeps medical facilities running and patients billed with integrity. Medical Billing and Coding is an important part of the world’s health research and statistics as well as ensures the appropriate services and diagnosis’s are being reported. Become a Medical Biller and Coder in under a year by visiting healthcarecareercollege.edu and speaking with an admissions representative to get started today!
Is a Rewarding Medical Billing and Coding Career Right for You? Get More Info…
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*Source: https://www.bls.gov/ooh/healthcare/medical-records-and-health-information-technicians.htm#tab-5