Medical Billing and Coding Salary
Medical billing and coding is a growing career field that has a low barrier to entry and has served as a great access point into the medical industry for men and women alike. Because medical billing and coding education is readily available, many people have been able to get certified in their spare time, or when studying full-time, in less than a year’s time so that they can earn a medical billing and coding salary very quickly.
According to the US Bureau of Labor Statistics, the growth in demand is outpacing many other health service careers, which bodes well for future medical billing and coding salary increases.
A medical billing and coding salary is structured so that in most cases, new entrants into the field can repay education costs within a few years, and will likely earn much more than they spent receiving said education. In fact, a typical medical billing and coding salary will actually pay for itself in the first year of work.
Medical Billing and Coding Salary vs Hourly
Depending on where you get hired, you can expect to be offered an hourly position or a salaried position. Medical billing and coding professionals rarely work on contract, though it’s possible that in some rare circumstances, you might be asked to do so. Doctors have a permanent need for people with billing and coding credentials, so you will likely be brought on full time as part of the office staff.
Direct inquiries are usually required to determine which organizations pay salary versus hourly, but regardless of how you are paid, according to current figures on PayScale.com and Salary.com, a medical billing and coding salary will typically pay between $10-$20 per hour or $30,000 to $45,000 per year. Obtaining medical billing and coding certification as a specialist, and industry experience can attribute to higher income expectations. Geography can also impact on salary award wages and structure.
Medical Billing and Coding Salary – Experience
If you are hired into an entry level position, you can expect to be paid at the bottom of the medical billing and coding salary scale. As you continue to gain experience in the field, and perhaps collect additional credentials, you can expect to earn steady raises over time.
On the other hand, those with experience and/or a proper university education will find that they can earn near the top of the medical billing and coding salary scale, mostly because they work faster and can train junior employees when they are added to the team.
Being able to combine a positive work ethic with some industry based experience, and specialist certification is one way of ensuring you achieve your full salary potential. As with most employment positions, ensuring your employer views you as an asset to their business is a key element in future salary increases. If you have long term aspirations within the health services industry, it may also be that entry level positions provide you with the experience you need to then consider your own medical billing and coding home based business for greater financial gain.
Medical Billing and Coding Salary – Company Size
Another factor to consider is the size of company you interview with or eventually work for. Larger companies tend to pay higher salaries and offer better benefits than small clinics will, but the downside is that those jobs tend to come with higher workloads and longer hours.
This is one of the reasons many medical billers and coders prefer to work hourly, so that they can earn overtime pay when asked to work more than forty hours per week.
Medical Billing and Coding Salary – Long Term Prospects
As stated earlier, earning a medical billing and coding salary is a great way to gain entry to the medical field, but it does not pay nearly as well as other medical professions. Something to consider when looking for work in this field is to find a company that will pay for future education, so that you can earn additional certifications and improve your work prospects and salary. Your medical billing and coding education will have already introduced you to life in the medical field, so you should be familiar with most of the concepts. For example, from there it would be easy to earn a nursing degree or become one of the many types of therapists.
If you are happy earning between $30,000 and $50,000 annually, then you will be very happy with the medical billing and coding salary and with your career prospects in that field.
Medical Billing and Coding Jobs
We have a dedicated job listing section of this website for both employers and employees. To find a job in your area or to create a listing, visit medical billing and coding jobs.