Medical coding and billing salary varies according to a number of factors, but averages over $40,000 per year in the United States. Even more encouraging for those interested in pursuing their medical coding and billing certification is the fact that entry-level median salaries for medical coders and billers have increased by an average of six percent per year since 2010.
This article will take a brief look at the variables that determine the salary for professionals in this field, and examine strategies you can follow to maximize your earning potential.
What Determines Medical Coding and Billing Salary?
The exact medical coding and billing salary one can expect to earn is influenced by such variables as: the person’s specific credentials, his or her score on the certification exam, the type of employer in question and, of course, the amount of experience the person has. A brief review of each follows.
Credentials
There are various types of credentials one can acquire by completing accredited programs at medical coding and billing schools. A few of the more common ones are the CPC (Certified Professional Coder’s Degree), CCS (Certified Coding Specialist Degree) and CMRS (Certified Medical Reimbursement Specialist Degree) but there are literally dozens of different credentials that can be earned.
These credentials represent the amount and type of training that an individual has completed. Holding one or more of them significantly increases the degree holder’s earning potential, as well as employment opportunities.
Test Scores
In order to become a certified coding specialist or medical biller, you must first register a passing score on a recognized certification exam. The major certification exams are the CMRS (recognized by the American Medical Billing Association), the CPC and CPC-H (American Academy of Professional Coders) and the CCS (American Health Information Management Association). Employers are known to favor hiring people who posted high scores on these exams, and are also known to offer them better pay.
Type of Employer
The type of institution and field in which a person works has a massive impact on their actual medical coding and billing salary. Per the latest numbers from the U.S. Bureau of Labor Statistics, professionals who work at facilities like nursing homes and hospitals earn significantly more (20% on average) than those who work at physician’s offices and outpatient centers. The median pay also increases if the individual is employed in a highly specialized field.
For those interested in working medical billing and coding jobs from home, pay varies considerably depending on the type and number of clients serviced. It is quite common, however, for a self-employed medical coder salary to reach as high as $25 per hour.
Experience
A strong correlation between experience and pay exists in almost every profession, and medical coding and billing is no exception. On average, medical coding and billing salary increases by an average of three-percent-per-year of experience that a person has in his or her field.
Maximizing Your Medical Coding and Billing Salary
If you want to guarantee yourself of the highest pay possible in the medical billing and coding field, there are several steps you can take. These include acquiring a specialized credential, earning a degree rather than a certification, and looking for work near major metropolitan areas. Each of these three steps will lead to you earning the highest medical coding and billing salary possible.