Medical billers and coders are considered as one of the highest-paid individuals in the medical and healthcare industry. However, the salary of billers and coders largely depends upon their education, workplace, certifications, specializations, etc.
So, how much do billers and coders make? Well on average it is noted that medical coders and billers make about $54,797 per annum.
Let’s learn more about how much do billers and coders make and what factors affect their salaries.
How much do billers and coders make annually?
The medical billers and coders come under the U.S Bureau of Labor Statistics, the category is medical records specialists. According to the BLS, the average salary is $46,660 per annum.
The medical coders and billers are highly paid because it is an established notion that without the coders and billers the patient’s data cannot be translated into codes and further billed so that the physicians and medical organizations can get reimbursements for their provided medical services and treatments.
The billers and coders are always in demand and you will notice that in medical organizations, there is a strong demand for these to counter the growing demands of the patient’s requirements and needs.
As we have established that billers and coders are in demand but there is a need to find out why the salary varies from person to person. As stated above, there are many factors that affect the per annum. Let’s find out the factors that can affect the salary of medical billers and coders.
Factors affecting the salary of billers and coders
Here are the factors listed below that can affect the income of medical billers and coders.
Here are the factors listed below that can affect the income of medical billers and coders.
1. Location
Sometimes, location is indeed everything. Salaries of medical billers and coders are heavily affected by the location where they work.
The medical billers and coders get paid according to the location where there is a large population.
For instance, if the medical coders and billers are working in a locality where the population is dense and the majority of people need medical care that means they are in demand, and then of course the salary will be more.
According to recent research, the west coast of America especially Alaska and Hawaii are the states where the salaries of the medical coders and billers are the highest paid. The BLS data suggests that after Hawaii and Alaska, regions like Kentucky, Alabama, Missouri, and Tennessee are the states where the medical coders and billers are paid the least.
It has been noted that the urban localities pay the medical coders and billers better as compared to the rural locations.
2. Work responsibilities
The salary is affected by the work responsibilities as well. The medical coders’ and billers’ job responsibilities can vary according to their level of organization, their job title, their locality, etc.
The healthcare facilities determine the paycheck of a medical biller or coder.
For instance, if a medical biller or coder is hired by a tertiary level hospital, then the work responsibilities will be more because there will be a lot of medical services being provided under one umbrella. Therefore, more work means more salary.
Insurance companies usually pay generously to medical billers and coders. They rely on the work of billers and coders, especially for reimbursement claims.
The lowest salaries offered to the medical coders and billers are at the outpatient care centers or the individual physician’s practices.
It is not astonishing to know that a lot of medical coders and billers like to work from home. These are the individuals who can opt for remote jobs because of their experience and education.
Their employers can be a hospital or an insurance company or a company that is on contract with a healthcare facility to provide billing and coding services.
The work-from-home trend in the billing and coding industry is not favored and this opportunity is not provided to beginners in the field.
3. Education and certifications
The education level and the extra certifications definitely upscale the chances of getting paid more in the field of medical coding and billing.
The certifications influence the salary in more than one way.
For instance, if you have a skill and you have polished it as well with the help of certification then understand that you are an attractive candidate to do the job.
An instructor of medical billing and coding at the Purdue University Global, Robyn Korn who is an MBA, CPHQ, RHIA stated “If you have coding credentials, that looks good on your resume, they show you have a knowledge base employers are looking for, making them more likely to consider you.”
Another positive aspect of acquiring the right certifications is that they help you move above on the pay scale, regardless of what salary you started the job with.
A lot of credentials are very specific about the job descriptions and want to check out a demonstration of the skills and abilities before filling up the desired niches.
For instance, the certification in the field of gastroenterology and ophthalmology are of a specialized level and not a lot of coders or billers pass these credentials. But the ones who do – are assured of getting higher positions in the company along with a hefty increase in salary.
4. Pay scale
When a medical biller or a coder is hired on the job then most likely he is paid on an hourly basis. The medical coder or biller is a non-exempt hourly-based employee or an exempt salaried person at the beginning of their career. They work according to the work hour and get paid accordingly.
Usually, the coder or biller is supposed to work for 40 or more hours per week to get a salary at the end of the month.
An extra overtime of 1.5 hours can be done as well but that is also charged according to the hourly based rate by the employer. A lot of employers try to avoid paying overtime but they do want the biller and coder to work extra hours so that they can fill the gap between the patient’s data records and the physician’s given treatments and performed procedures.
The medical billers and coders who work for organizations that are mainly in the business because hospitals outsource their bills get more paid as compared to the hospitals and medical organizations.
How can a biller or coder get paid more?
A biller or coder can get paid more or can climb the stairs of more salary in less time by stepping up his game through different strategies such as getting more skills, doing certifications, and working extra to gain more experience in less time.
Also, you cannot deny the power of networking. Once you are in the field then it is best to grow the network by spreading the word about your certifications, experience, and niches. This will also lend you a better job in a better position in less time, thus increasing the value of your paycheck in no time.
Conclusion
It has been repeatedly established that as the medical and healthcare world tends to shift its data and day-to-day record to electronic and digital mediums, the need for medical billers and coders is rapidly increasing.
The professionals are in demand and this is one of the highest-paid jobs in the field of medical and healthcare.
A medical coder or biller can easily increase his pay scale by working on his networking skills, acquiring experience, and getting mandatory certifications which will automatically increase his salary.