How much does a Medical Billing and Coding Professional make?

Are you in that stage of life where you have too much family pressure to choose a lucrative career? Well, that’s common, and we guess, happens with almost all of us. Choosing the right career should be based on two things first, your interest. Second, its scope and how well it pays you off.

If you have narrowed down your choices and are stuck on whether to pursue a career in medical billing and coding, you might need to look at these numbers: according to Bureau of Labor Statistics (BLS) on average, medical billing and coding professionals earn $46,660 per annum. In fact, several medical billing companies in New York pay up to $63,940 if you have ample experience in the field. 

In this guide, we have discussed in detail how much a medical billing and coding professional makes and which areas in this field you should focus on. 

Average earnings of a billing and coding professional in New York:

As of Aug 29, 2022 estimates, medical billing companies in New York pay around $95,693 per year. However, the pay scale varies based on the job titles and an individual’s experience in the field. 

Below is a chart for localized salaries for coding and billing professionals in New York City. All the figures have been incorporated into this guide after a thorough data collection and analysis from all sizes of companies for different job titles. 

Which States pay the most for medical coders:

In comparison to all the job titles, health information technician are being paid the most due to specialization in billing and all types of coding. Moreover, they have high job opportunities and career advancement. 

On average, whether certified or non-certified, medical coders earn $54,797 per year. Typically, non-certified ones make $47,200 every year while certified ones make $60,097. Other variables that are considered in the pay equation include specialization, experience, company and location. 

On the basis of location, here is the pattern of how other states pay medical codes. 

The above table has been formulated after determining average salary for coders in different states in 2022. The highest pay for medical coders is in the District of Columbia, paying up to $70,843 and the lowest is in the Mississippi with a salary up to $46.250.

Bigger Company, Higher Salary:

The average pay of a medical coder or billing professional also depends on the company they are working in, as bigger companies tend to offer more to their employees than smaller ones. This salary trend has been proven to be consistent for 10 plus years now, as stated by the surveys. 

A typical healthcare system consists of 3 to 4 facilities, urgent care clinics, physician groups, and rehabilitation centers. A large healthcare system pays 19% higher than clinics of solo physicians. 

After that, coders and billers employed in the hospitals mark the second highest salaries, subsequently professionals working at large physician group practices. 

Where can a medical coding and billing professional get a job?

While clinics and hospitals might be your first thought, coding and billing professionals can be found employed in a wider array of settings that you hardly may think of. Here are some of the unpopular options:

• Healthcare consulting services:

Healthcare consulting services work to offer help to large healthcare facilities to design and implement solutions and make future plans for their growth and profitability. A coding professional can be employed in such consultancies where they will be assigned to analyze documents and diagnostic results for data extraction and apply the correct codes for every procedure. 

• Educational Institutes:

Medical coders are in high demand in technical schools and colleges to train medical coding students. While there is no hard and fast rule for getting certification to get a job, certain certifications can have a positive impact on your resume and will get you plenty of well-paying opportunities. 

• Insurance companies:

Of course, medical coders are crucial for insurance companies in order to check patients’ claims and reimbursement from the other side of the table. If you have an eye for detail, you can apply for this job. Your primary task will be to cross-check information and catch errors in incoming claims.

• Law agencies:

What do insurance companies do in the case of billing fraud? They refer to law agencies, right? Law firms employ billing and coding professionals to help them investigate billing fraud. 

Conclusion:

By now, you must have realized that medical coders are everywhere. In fact, there will be more job openings in the field in the next seven years. The best thing you can do for yourself is to build your career in medical billing and coding. It is by far one of the most lucrative career choices in the US.