Billers and Coders Show a Stronger Incline towards Hospital Billing Jobs than Private Practices
Medical billers and coders have become an indispensible resource for healthcare practices. According to a recent poll done by the US Bureau of Labor Statistics, the job market for healthcare skilled workers is the fastest growing occupation in the medical billing industry. Billers and coders are in an advantageous position of choosing the discipline they want to join. They are no longer limited to physician practices and have now ventured into diverse healthcare branches such as hospitals, special care centers, convalescent homes, hospice, HMOs’ and even joined insurance companies or become remote consultants.
What has created this boom for Medical Billers and Coders?
- Insurance claim filing procedures have become lengthy and time consuming. This has created a need for medical transcriptionists who can dedicate time and code claims appropriately.
- Earlier insurance companies directly dispersed the payments to medical providers but due to increasing complexities of this method, a shortage of skilled administrative staff was felt which in turn led to creating more billing and coding jobs.
- With increasing number of patients, physician practices found it harder to deal with excessive paper work required to fill in insurance claims.
- An increasing necessity for medical attention in the aging population is also responsible for accelerating the demand for billing specialists.
- The constant need to regulate billing cycles led to creation of a pool of specialists who could accurately code claims and streamline the billing process as per HIPAA standards.
Employer Size influences the Pay Scale of Billers and Coders
Medical billers and coders find themselves amidst a wave of reformation that has washed over the healthcare industry. They are being sought after like never before. The US Bureau of Labor Statistics survey confirms that the salary package for billers and coders ranges between $20,850 and $51,510 depending on their experience, specialization, location and type of employer. Hospitals seem to attract more billers and coders than any other discipline. A simple explanation for this choice is better remuneration offered by hospitals to healthcare technicians. The average wage for a biller and coder in a Hospital is $35,870 as opposed to $28,460 in a physician’s office.
Other benefits that make Hospitals a preferred place of work for medical staff are benefits like job security, working with a diverse group of specialists, better growth and development opportunities and rewards and recognition for good work.
Groups within Healthcare Industry that offer higher wages
It is interesting to note that within the healthcare sector, there are various employers that are ready to offer billers and coders competitive packages for their skills and knowledge in medical billing procedures. According to the US Bureau of Labor Statistics, the following are the top paying industries:
- Pharmaceutical: $61,210
- Business, Professional, Labor, or Political Organizations: $ 45,850
- Federal Government: $45,120
The above salary brackets are dependent on the biller’s and coder’s certification, specialization and tenure in the healthcare industry. Certified coders with more than 20 years of experience can earn up to $50,000 yearly. Larger employers such as Hospitals pay between $44000 and $47000 whereas solo practices manage to disburse up to $39900 on an average to an experienced certified coder. Non-certified coders earn 10-15% less than their certified counterparts.
MBC connects billers and coders with prospective employers across 50 US states and 40 specialties. Its comprehensive job board is designed to cater to professional billers and coders who are looking for lucrative careers in the healthcare industry.