The Expected Rise in Baby Boomers Boosts Career Opportunities for Billers and Coders!

Billers and Coders Digest

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Wednesday, February 13, 2013 | Edition 18

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A monthly update on Billing and Coding Information

In spite of increasing economic woes, opportunities for medical billers and coders continue to increase especially as the health care industry continues to hire at an alarming rate. Additionally as baby boomers age and the generation X have children there is even further increase expected in the demand for healthcare professionals.

Industry Standards State :

Currently, 172,500 individuals are working as medical billing and coding professionals, however a growth of 20% is expected owing to increasing needs of aging baby boomers over the next 10 years

Approximately 22% growth or 3.2 million new jobs, expected in healthcare jobs within the next 5 years, which is faster than any other industry.

Aging Population trends :

Individuals over the age of 65 usually need to spend 3-5 times more on healthcare compared to people under 65.

Who Will Be Investing in ICD-10 Training You (Medical Coders) or Provider?

Training and educating coders is the most significant requirement in transiting to ICD-10 compliant practice management. It is estimated that roughly 30% to 40% of time and resource will have to be spent on this aspect.

News Feed
1	As healthcare fraud cases continue to increase; CMS estimates that healthcare fraud and abuse costs the system over $200 billion annually.
2	Employment for Medical Records and Health Information Technician is projected to be 200,000 with an overall job growth rate to be between 18-26% by the year 2016.

CMS Updates
1	CMS Announces New Initiative to Improve End-Stage Renal Disease Care Read More
2	Reforms of regulatory requirements to save health care providers $676 million annually Read More
3	Affordable Care Act "sunshine" rule increases transparency in health care Read More

Healthcare Medical Coder – Pro's & Con's

Healthcare medical coders may be required to have an associate's degree by various employers but at times just a certificate program may be sufficient. Jobs in the medical coding field are predicted to grow, like many other healthcare careers. Being a healthcare occupation which doesn't require patient care has various Pro's and Con's, few of which are listed below to help ascertain the value of opting for a medical coding career.

Pros	Cons
Diverse specialties to choose from depending on the coder’s area of interest	An increasing shortage of coder’s could make overtime, weekend & nighttime hours a necessity
High growing expected (21% increase from 2010-2020)	Low level of salary for entry- level roles
Normally a Postsecondary certificate is adequate	Additional preparation costs as some employers may require certification
Opportunity to work from diverse locations – work from home, remote locations, etc	Unclear Role demarcation can lead to additional tasks at times (answering phones, scheduling appointments, etc.)

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