Medical Billing specialists play a vital part in preventing the US healthcare administrative system from falling apart. Their astuteness in creating detailed billing records and efficiently coded invoices ensure that the business side of healthcare does not hamper the medical attention that patients need. The contribution of these specialists goes a long way in helping the provider as well as payers to carry out their roles efficiently. They carry out the unenviable task of ensuring that payments and reimbursements are made properly and on time.
Industry Fact File
It seems that the medical billing industry will grow steadily in the next five years. Their revenue is at four billion dollars and it is growing at 1.5% percent annually. The reason for its steady growth is the growing ageing population which will create demand through Medicare. The rise in ageing population will increase demand for the industry which will help the industry’s revenue. Moreover, the number of insured people will see a longer queue with the healthcare reform, as people with preexisting conditions will be able to receive insurance.
Employment Opportunities Galore
One gauges that the outlook is bright for billers and coders. With the introduction of ICD-10 the medical billing and coding work will become more accurate; which means there will be more jobs and higher salaries and more providers will have to switch to specialized billers.
Medical billing specialists enjoy an array of employment opportunities from various specialties involved in medical billing. They can find positions in medical facilities such as clinics, hospitals, private practices or other health related facilities. They will have opportunities with insurance and outsourcing companies as well.
Prerequisites for Becoming a Specialist
As far as their educational qualification is concerned, there is no requirement of any particular degree; however, employees prefer to consider candidates who have an associate’s degree from a renowned college. Moreover, if they can show coursework in particular subjects like biology, mathematics, computer science and chemistry, it gives more weight-age to their resume. Apart from that a diploma course is needed along with the CPB (Certified Professional Biller) certification course.
As far as training is concerned, employers usually provide on-job training; however, the employee should have mastery on the coding standards. With the introduction of ICD-10 it is especially desired that billing specialists be aware of the new and revised coding standards.
The skills required for billing specialists are:
- Confident about understanding and getting a hold on the coding
- Ability to work independently
- Possess strong subject knowledge
- Good communication skills and critical thinking
As we have seen in the course of the report there is a lot of opportunity for the medical billing specialists in the healthcare job market. According to the Bureau of Labor Statistics (BLS) the average salary for billing specialists is in the range of about US $30,000 per year. On top of that the kind of work they do is very vital. They take care of the administrative aspect for the provider which lets the latter focus on the medical aspect of the business. Physicians can tie up with companies like MedicalBillersandCoders.com for outsourcing their billing process as they have a team of specialized billers who aim to get the claims reimbursed in the lowest possible time frame. They are amongst the largest consortium of billing professionals who have been serving over 40 specialties for 15 years now.