A Recent Research identifies Growth in Career Opportunities for Medical Coders
Medical coders’ status has been re-defined in the healthcare industry. This change is evident from the hike in salary experienced in this sector since past couple of months. The result of a recent survey brings positive news for medical coders. There is a growing demand for skilled coders who can add value to the business of a healthcare practice.
The Reasons for Rise in Demand of Professional Coders
- Proficient and skilled coders have known to save facilities $10,000-50,000 annually in revenue in the year 2011.
- The employers feel it is a wise investment to hire a skilled coder who can improve the flow of revenue in their practices.
- Through proper documentation, accurate billing and improved coding procedures, the coders have streamlined the process and contributed to the success of the practice.
Attaining New Career Heights
With advent of health reforms, Electronic Health Records (EHR) and the impending implementation of ICD-10, coders experience a whole new level of progression and an array of opportunities available to them. According to a poll conducted by AAPC, 38% respondents defined their job role as a ‘coder’. An impressive 62% of coders are currently working in physician based facilities and 42% of coding professionals view coding and billing jobs as a long term career path. About 55% of coders identified that certification is an important tool required to improve job prospects. In the light of this development, Certified Professional Coders (CPC) enjoyed a salary hike of $1400 to their yearly remuneration since 2010. CPC® and Certified Professionals Coder-Hospital Outpatient (CPC-H®) have gone a step further and raised their income bracket by $4000 since 2010. Certified Professionals Coder-Instructor (CPC-I®) fared even better and attracted hefty pay packages with an increase in annual salary by $6000.
Factors that Influence Pay Patterns for Coders
- Coders working in urban, suburban and rural centers are on different pay scales. On an average, coders working in an urban facility draw $2,000-5,000 more than their suburban and rural counterparts.
- Coders are paid more in states that have a higher cost of living than states with lower cost of living.
- Approximately 58% coders work in full time jobs and take home around $40,000-45,000 per annum. An average of 37% of coding professionals work more than 40 hours in a week and earn almost $50,000 per year.
While other job sectors in US are still bearing the brunt of 2009 recession; there has been a subtle yet a steady growth in medical coders’ job market. Professional coders have contracted suitable opportunities through Medical billers and coders website. It is an excellent platform for coders who are adept with HIPAA compliance standards and are well versed with ICD-9 and ICD-10 CM.
Medicalbillersandcoders.com serves 50 states across the US and matches skilled professionals with best healthcare practices in the country.