Coder turnover has become frustrating for medical practices, especially with ICD-10 looming. With an increase in demand for ICD-10 coders, practices have no choice but to offer a competitive employment package in order to retain certified and trained coders. Due to the impending transition, coders’ salaries have increased to a great extent. They are not only being lured with a good package but also receiving retention bonuses.
Industry Highlights
| According to Bureau of Labor Statistics, national hourly rate for a certified coder is $13.90-$29 whereas the hourly rate for overtime ranges between $20-$42 (as per July 2015 data) |
| The minimum to maximum annual wage for a certified coder in 2015 has been ranging between $29,450 and $62,100 |
| According to AAPC, on an annual basis, salaries for certified medical coders increased to an average of $50,775 in 2014 |
| Specialties such as Neuropsychiatry coding can pay up to $62,000 yearly to experienced ICD-10 coders |
In the current US healthcare industry, medical coding job is being touted as one of the best employment options. As per the industry reports, if you are a certified coder, you can earn up to $7000 more than a non-certified coder. However, certification isn’t the only requisite for a good package. Providers are looking for the right mix of skills in a coder, with top-notch coding skills being just the tip of the iceberg.
MBC understands that recruiting, training and retaining coders is not only time consuming but also expensive for medical practices. To end a physician’s struggle with the shortage or reduced productivity level of coders, MBC has been offering top-notch coding services to medical practices across the country. From hiring the best coders in the industry to ensuring timely delivery of reports and payment, MBC has been instrumental in helping many practices make a successful ICD-10 transition.
