One of the great benefits of a (CBCS) career is the medical billing and coding salary potential and outlook!
According to the latest data from the bureau of labor statistics, the national median medical billing and coding salary is over $34,000 a year, or $16.42 per working hour. Another exciting part of the equation is that there is an expected job growth of 21% over the next decade too!
Below we will cover the outlook, determining factors and earning potential for your medical coding and billing salary.
Factors That Effect Medical Billing & Coding Salary
Your actual medical billing salary is going to be influenced by a few key factors. These factors are location, certifications, experience and the type of employer and environment you work in. Below we cover these factors closer.
Your Location
Location determines a lot in a lot of fields. Not unlike real estate, your salary can be determined by location. In a major city like New York you can expect to be paid more than in a small healthcare center in upstate New York. Not in all cases but as a general rule of thumb it holds up in most cases. Paired with the other factors it can boost your earning potential. The job market at the time you are looking for work will also play a role. Hopefully to your advantage.
Your Certifications
The basic (CBCS) Certification gets your foot in the door and sets you up for success. But you will find that there are more certifications that can boost your career even more!
Credentials make you a more reliable, consistent and more efficient employee. It cannot be overstated how much these help. Be sure to check your state’s regulations for what may be necessary for you to attain these certifications. you may find you have enough experience for a shorter path towards your next step!
Your Experience
Experience matters. Always will and always has. Medical coding and billing is no different. if you have lots of experience you can command a higher salary. Pair that with some extra certifications and you are in business. There are fast track methods for certifications with multiple years of experience in the medical coding field. be sure to check with ahima.org for your state’s regulations on such matters.
Your Type of Employer
The range is wide for which type of employers pay what. Use this chart as a guide but it works best if you use all four factors in your formula for medical billing and coding salary. Hospitals, offices and health centers vary their pay by ll the above factors. It is a tricky job to figure out exactly what you can command as a salary. But if you use these factors you can get a closer look at it!
Medical Billing and Coding Job Outlook
With the stated 21% growth and more than 74,000 new jobs being created through the next decade it is a great time to be a medical coder. As medical care grows so does the demand for medical billing specialists. Which is why it could not be a better time to become one!