A career in medical billing and coding presented excellent prospects for graduates in 2017, offering both job security and a sustainable income. The U.S. Bureau of Labor Statistics (BLS) projected a robust growth of 13% for medical records and health information technicians, a category encompassing medical billing and coding specialists, between 2016 and 2026. This positive Medical Billing And Coding Career Outlook 2017 signaled a field ripe with opportunity.
Strong Job Growth Predicted for Medical Billing and Coding Professionals
The encouraging medical billing and coding career outlook 2017 was largely attributed to the overall expansion of the healthcare sector. The BLS highlighted that the most favorable job opportunities would likely be available to candidates possessing a strong command of technology and comprehensive knowledge of computer software. This emphasis on technological proficiency underscores the increasing role of digital systems in healthcare administration and the need for skilled professionals to manage them. The projected 13% growth rate significantly outpaces the average growth for all occupations, indicating a high demand for qualified medical billers and coders. This demand is fueled by the aging population and the subsequent increase in healthcare services utilization.
Earning Potential: How Much Can Medical Billers and Coders Earn?
In 2017, the national median salary for medical records and health information technicians was reported as $39,180 by the BLS. However, compensation data suggests that medical billers and coders who pursued and attained professional credentials could significantly enhance their earning capabilities. For instance, the American Academy of Professional Coders (AAPC) 2016 Salary Survey revealed that coders holding the Certified Professional Coder (CPC) credential earned an average annual wage of approximately $52,690. This figure represented a notable 2.4% increase compared to the preceding year, further emphasizing the positive medical billing and coding career outlook 2017 in terms of salary progression.
Moreover, the AAPC salary survey data indicated a direct correlation between the number of credentials held and earning potential. Coders with two or more AAPC credentials reported an average annual salary of $60,305 in 2016, while those boasting three or more credentials saw their average annual income rise to $66,999. These figures clearly demonstrate the financial advantages of professional certification and continuous skill development within the medical billing and coding field, solidifying the favorable medical billing and coding career outlook 2017.
Factors Influencing Medical Billing and Coding Salaries
Several factors beyond credentials influence salary determination in medical billing and coding. Geographic location plays a crucial role, with professionals working in areas with higher costs of living generally receiving higher compensation. Similarly, employment in urban centers often translates to higher salaries compared to suburban or rural settings. Years of experience within the field and the type of employer (e.g., hospitals, private practices, insurance companies) are also significant determinants of earning potential. These variables contribute to the diverse salary landscape within the medical billing and coding profession, but the overall trend in 2017 pointed towards a promising medical billing and coding career outlook 2017 with competitive salaries.
Medical Billing and Coding Salary Information by Industry and Job Title
Salaries in medical billing and coding exhibit variations across different industries. According to BLS data from May 2017, the median annual salaries for professionals in the top employing industries 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
These figures illustrate the industry-specific salary ranges within the medical billing and coding sector, providing valuable insights into the medical billing and coding career outlook 2017 across various employment settings.
Furthermore, PayScale data from 2017 provides a breakdown of median annual salaries for specific job titles within the medical billing and coding domain:
- 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
These job-specific salary figures offer a more granular view of the earning potential at different career stages and specializations within medical billing and coding, reinforcing the positive medical billing and coding career outlook 2017. Experienced and educated professionals demonstrating initiative in taking on additional administrative responsibilities could also pursue career advancement opportunities into supervisory or management roles. Medical and health services managers, for example, earned a median annual salary of $98,350 in 2017, according to the BLS, highlighting the potential for significant salary growth within the broader healthcare administration field.
Why is There So Much Growth in Medical Billing and Coding?
The anticipated substantial employment growth in the medical billing and coding profession is intrinsically linked to the overall projected expansion of the healthcare industry. Healthcare is expected to experience exponential growth, primarily driven by the aging baby boomer generation and their increasing healthcare needs. This demographic shift is a major factor underpinning the favorable medical billing and coding career outlook 2017.
As the demand for healthcare services escalates, so too will the need for proficient medical billers and coders. These professionals play a critical role in the healthcare revenue cycle, assigning codes to diagnoses and procedures and managing reimbursement processes within diverse healthcare settings, including physician’s offices, hospitals, outpatient centers, and more.
The increasing adoption of electronic health records (EHRs) further fuels job growth for health information technicians and medical records technicians. The management of digital health information necessitates specialized knowledge and skills, creating additional demand for professionals in this domain. Individuals possessing in-depth knowledge of health information systems are particularly well-positioned to secure employment, with promising opportunities emerging across various high-tech medical records tracking and billing systems. This technological evolution in healthcare administration further solidifies the positive medical billing and coding career outlook 2017, emphasizing the importance of adapting to and mastering new technologies in the field.
Conclusion: A Bright Future in Medical Billing and Coding
In conclusion, the medical billing and coding career outlook 2017 was decidedly positive, characterized by strong job growth projections, competitive salaries, and diverse opportunities across the healthcare spectrum. The increasing demand for healthcare services, coupled with the growing reliance on electronic health records, creates a stable and promising career path for individuals entering or advancing within this field. For those seeking a career with good prospects and earning potential in the healthcare industry, medical billing and coding presented itself as an excellent choice in 2017, and continues to be a field with considerable opportunity.
