Bachelors degree in medical billing and coding salary

A career in medical billing and coding will provide graduates with good job prospects and a livable salary.

Employment of medical records technicians and health information technicians, which includes medical billing and coding specialists, is expected to grow 13% between 2016 and 2026, according to the U.S. Bureau of Labor Statistics (BLS).

The best job prospects are available to those who have a solid grasp of technology and a thorough understanding of computer software, according to the BLS.

HOW MUCH DO MEDICAL BILLERS AND CODERS EARN?

The national median salary for medical records technicians and health information technicians in 2017 was $39,180, according to the BLS. However, salary data suggests that medical billers and coders who have earned additional credentials could have greater earning power.

The American Academy of Professional Coders 2016 Salary Survey showed that coders who had earned the Certified Professional Coder credential earned an average wage of approximately $52,690. That average was a 2.4% increase from the previous year.

The salary survey also showed that coders with two or more AAPC credentials earned an average annual salary of $60,305 in 2016, while those with three or more credentials earned $66,999 per year on average.

It’s not just credentials that influence medical billing salary potential. It’s also important to consider location, as coders who live in areas of the country with higher costs of living tend to be paid more, as do coders who work in urban areas as opposed to suburban or rural areas. Also playing a role in salary determination is years of experience and type of employer.

MEDICAL BILLING AND CODING SALARY INFORMATION BY JOB TITLE AND INDUSTRY

Medical billing and coding salaries vary by industry. In May 2017, the BLS reported that the median annual salaries for the top industries in which these professionals worked were as follows:

• Professional, scientific, and technical services: $42,420
• Hospitals; state, local and private: $42,090
• Administrative and support services: $40,590
• Nursing care facilities: $36,500
• Offices of physicians: $34,250

With experience, education, and a willingness to take on new administrative responsibilities, medical billers and coders may become qualified to move up into a supervisory role or management position, further increasing their salary potential. Medical and health services managers earned a median yearly salary of $98,350 in 2017, according to the BLS.

Below, we’ve listed the median annual salary for specific job titles within the medical billing and coding profession, as gathered by PayScale.

• Medical billing clerk: $33,355
• Medical billing/coding supervisor: $58,979
• Medical office manager: $48,223
• Medical billing manager: $50,902
• Medical technologist: $53,573
• Certified medical billing/coding supervisor: $55,544
• Medical coding auditor: $57,451

WHY IS THERE SO MUCH GROWTH IN MEDICAL BILLING AND CODING?

The medical billing and coding profession is expected to see substantial employment growth because of the overall projected need for professionals in healthcare. Healthcare is expected to grow exponentially due to the aging baby boomer population.

As the demand for health care services increases, so will the need for medical billers and coders. These professionals assign codes to each diagnosis and procedure and manage reimbursement within physician’s offices, hospitals, outpatient centers, and other healthcare settings.

Job growth for health information technicians and medical records technicians will also be spurred by the rising use of electronic health records, and the need for specialized knowledge to manage such data, according to the BLS.

Those who have in-depth knowledge of health information systems will have an advantage in finding employment, with prospective positions in all types of high-tech medical records tracking and billing.

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