This article will reveal how much medical billers and coders make.
But before hitting the nail on the head, let’s learn a little about the profession. This will be an added knowledge to those with little to no idea about these experts.
Medical billing and coding is a healthcare career that doesn’t require practicing medicine. It typically uses coding systems to manage patient details for various purposes.
These include billing, insurance reimbursement, electronic health records, and healthcare data. Experts in this field can also translate patient care into codes and submit them to doctors, nurses, and payers.
How much does a coding and billing specialist make? Here is a breakdown.
Medical Billing And Coding Specialist Salary Per Hour
Those interested in a stable career must learn about its remuneration. If not for any considerable reason, it will help you choose a rewarding profession that will meet your financial needs.
In addition, it will assist you in preparing for salary negotiations.
A Little About Medical Billing and Coding
Billing and coding are two distinct procedures that positively affect the clinical revenue cycle.
The entire field focuses on converting hospital diagnoses and procedures into codes used in claims and clinical records. Payers get these documents and declarations for reimbursement.
Some payers are parents, insurance companies, and government initiatives like Medicaid. These experts ensure that service providers receive just compensation for their labor.
They also provide top-notch care through medical professionals, clinics, hospitals, and other clinical venues.
Average Salary of Medical Billers and Coders
As of August 27, 2023, the average pay for experts in this field was around $83,003 annually. But for the most renowned positions, the amount ranges from $37,370 to $128,635 annually.
For instance, a medical coding specialist takes around $45,435 annually, while a billing manager collects about $107,851 annually.
This job demands a high school diploma or postsecondary certificate for entry, while a bachelor’s degree or more is necessary for prestigious roles.
These qualifications can be earned from multiple schools such as community colleges, universities, tech schools, or other specialized courses.
Factors That Affect the Pay of Medical Billers and Coders
Of course, the average income for practitioners in any field can vary based on many coefficients.
These include your work setting, geographical location, experience level, educational background, and certifications you earn.
Allow us to review the factors that impact average pay for medical billing and coding.
Your remuneration will depend on the business sector or type of healthcare facility you work with. However, BLS reports that insurance firms pay the most for experts in this area.
Hospitals for medicine and surgery then settle in the center of the pack. Physician’s offices and outpatient centers pay the median or least amount.
However, the payout for those working from home may not directly match overall trends. So before you leap into working from home, ensure you know how much others like you make in your area.
Where you reside can significantly impact how much you’ll make in this field. You may be asking yourself how. The cost of living in your area significantly affects your potential earnings.
For instance, states or cities with high living costs pay higher amounts to offset the expenses. However, states or cities with a lower cost of living pay workers in this field meager salaries.
Population is another element that can influence your earnings based on where you live. Regions with a high concentration of people who need clinical care offer more elevated amounts.
But it’s different in areas with fewer people needing medical care. Other influencing elements are the local job market and the demand for professionals.
Level of Experience and Educational Background
These two factors may also determine the salary for coders in hospitals. Generally, practitioners with more education and experience earn more money than those with less education and experience.
That’s because more fabulous experience often qualifies professionals for positions with higher remuneration. They also ought to advance in their careers.
Type of Certification
An attestation from a recognized authority can influence your earnings in several ways. Remember, this qualification is evidence of your relevant skills and field knowledge.
It will make you an attractive candidate in the eyes of employers. Moreover, it will open you to more job opportunities and advanced roles.
Some precise certifications will showcase your competency for a niche position. Such unique places usually translate to higher pay but require special training and education.
States that Pay the Highest Amount for Medical Billers Coders
The U.S. has some of the highest-paying states, including New Jersey with the highest tax burden, Massachusetts, Washington, D.C., Connecticut, and California.
Employees earn between $57,000 and $67,130 annually. If you want to increase your potential income, consider moving to these regions.
Firms that pay the Highest
Experts in specific fields, such as scientific research and development services, mail-order management, insurance carriers, and electronic shopping, are paid higher salaries.
The amount ranges from $57,530 to $64,170 annually for organizations like Scientific and Technical Consulting Services.
How to Increase Your Pay as a Medical Biller and Coder
You can raise your annual wage as a professional in this sector in various ways without breaking the bank. It would be best if you first thought about getting further education.
For high-paying employment, you need a master’s degree or above. The study reveals that professionals with more specialized degrees make over 29% more money than those without.
Obtaining certification from the relevant agency is another way to increase your salary. Most employers prefer candidates who are certified by recognized agencies.
Moreover, research indicates that noncertified billers and coders earn 27% less than certified ones. Yet they perform the same work.
Furthermore, having experience in admin roles can attract more income. Advanced functions such as management and supervision require practitioners with expertise in the field.
Based on reports, managers in this sector make a median annual salary of around $101,340.
Medical billing and coding is a rewarding career for anyone interested in joining the health industry. You can see how much practitioners earn in the field.
Plus, the factors that can affect your pay. Before accepting any job offer, get more details on how much these experts receive in such a facility or region.