Things You Need to Know About Medical Coding Salary

If you’re like the majority of people considering a career in medical coding, you want to know how much money you’ll make. Making money is crucial, after all. Even while money might not be your primary driving force, you’ll nonetheless appreciate knowing it in advance. What elements, then, affect your compensation as a medical coder? Here are a few important things to consider.

Your industry bounces back

Speaking of telecommuting, the COVID-19 epidemic saw a large number of home workers. How were medical coders affected by the recent pandemic?

In 2020, the healthcare sector experienced a drop of roughly 16.5%. The majority of individuals were unable to access dental care, pediatric care, non-emergency operations, and other medically related services, despite the fact that many people were visiting hospitals as a result of the infection. Due to this, the business experienced a downturn even while hospitals were overrun with patients.

Employment decreased as well. The Becker Friedman Institute in Chicago found that those who had to engage directly with clients and coworkers suffered the most.

However, as was already said, medical coders can work from home. During the pandemic, only 6% of medical coders lost their employment.

The fact that medical coders with degrees still had 98% of their jobs is even more astounding.

Over ten years have passed since this pattern began. In other words, medical coders who possess all necessary skills and certifications weren’t at all impacted by the pandemic.

Currently, employment in the medical sector is increasing again. About 10% of workers in the medical sector are still unemployed as a result of the industry’s 40% overall recovery.

A Booming Industry Leads to Boosted Wages

Some individuals genuinely think that this field is in decline. The market for medical records is growing, nevertheless. According to the Bureau of Labor Statistics, employment in this field is expected to increase by 11% over the course of the following 10 years.

Healthcare organizations must give candidates competitive wages to draw them in order to fill all of those open positions.

The average annual salary for an entry-level position in medical coding is $43,980, according to over 1,800 reported salaries on Indeed. This amount is greater than the national median income.

Certifications Make it Rain

The fact that medical coding doesn’t require a degree is one of its most alluring features. It’s one of the only healthcare positions that doesn’t require years of education or countless clinical hours.

But what if I told you that obtaining just one more qualification could increase your pay by approximately $10,000? Although you might think it’s impossible, those who try their luck in this profession succeed.

According to the AAPC, your average earnings might increase to $51,426 by earning one certification.

You’re not the only one who understands the importance of earning qualifications in this area. There are online study groups where you can seek assistance from other professionals. Nearly 4,000 people belong to one Facebook group! You might even be able to purchase a secondhand book from one of them.

You’re not the only one who understands the importance of earning qualifications in this area. There are online study groups where you can seek assistance from other professionals. Nearly 4,000 people belong to one Facebook group! You might even be able to purchase a secondhand book from one of them.

Catching Errors Bring the Benjamins

Unfortunately, mistakes do happen frequently in this sector. These make it harder for the healthcare group to raise as much money. They might even result in fraud allegations and legal action if they occur frequently enough.

The organization’s coding team is, of course, responsible for finding those mistakes. If you chance to be a part of that team and you frequently find mistakes, your pay will eventually rise.

Healthcare firms lose a lot of money due to errors. You’ll advance to become one of the team’s top programmers by catching them.

So, these were some of the things you need to know about medical coding salary. You can get in touch with A2Z Precise Medical Billing Services for quality medical billing services.

3 Pros and Cons of Being a Medical Biller and Coder

A job in medical billing and coding can be profitable, albeit it is not necessarily easy. You juggle a lot of responsibilities, and sometimes it feels like you’re constantly swimming against the current. However, there are some indisputable advantages to the profession as well. Therefore, before making any decisions, carefully weigh both the pros and cons. Below are the top 3 pros and cons of working as a medical coder and biller. Using these main benefits and drawbacks, you may decide if you should take this path.

What Is an RVU in Medical Billing?

Top 3 cons of being a medical biller and coder

  1. For training programs, you need to have a high school diploma or GED.

You require a general education development degree (GED) or at least a high school diploma to be qualified for medical and billing training courses. You will be working with fairly precise medical terminology; therefore, this is crucial. You will have the language and math abilities necessary to thrive in a medical billing and coding training program thanks to the knowledge you acquire in high school. This means that if you have not completed high school or your GED, you do not meet the qualifications to enroll in a medical billing and coding training program.

  1. You have to complete a certified training program.

You must finish an accredited training program if you want to work as a medical biller and coder. A certificate, diploma, or associate degree program is an option. Community colleges, technical schools, universities, hospitals, and other organizations that offer courses connected to healthcare can help you identify training programs. Depending on the sort of school you select, the required training program to become a medical biller and coder will take you anywhere from 7 to 24 months to finish.

  1. You will need to get certified.

To start your job as a medical biller and coder, you must obtain certification after completing your training course. A test is required to become certified. In order to work as a medical biller and coder, you must pass two certification tests. The Certified Professional Coder (CPC) test is the first one, while the Registered Health Information Technician (RHIT) exam is the second. We therefore sincerely hope that you are able to pass these tests because if not, your time and money would have been lost.

Top 3 pros of being a medical biller and coder

  1. This career path will not need years of college.

One of the biggest pros of being a medical biller and coder is that you can begin working in this industry after finishing a brief authorized training course. You can need anywhere between 7 and 24 months, depending on the program you choose. This suggests that you can begin working and making money as soon as you complete high school or receive your GED. To pursue other healthcare occupations, you’ll need to spend several years in college after high school.

  1. You can complete your training online.

One benefit of working as a medical coder and biller is that you can get all of your training online. The advantage of online learning is that you can do your trainingĀ at any hour of the day or night. You can do it whenever you have free time, even on weekends and before or after work. Your level of flexibility will be greatly increased through online training. It is also simpler to maintain your training schedule when you learn online. If you learn in a classroom, you might be engaged at first, but after a few weeks, boredom might set in, and you might quit going. Nothing truly changes when learning online; there is no need to drive somewhere, locate parking, or sit in a classroom, therefore there is no need to lose interest.

  1. You do not have to have contact with a lot of people

You won’t interact with many individuals in your role as a medical coder and biller. This is due to the fact that the patient will never see you and that practically every co-pay and claim must now be submitted online. There will be no need for you to speak to anyone in person. You may only ever communicate over the phone.