Eager to know the Medical coder’s salary? Carefully read all the points below.
Introduction: Who is a Medical Coder and How to Become One?
Before knowing about the medical coder’s salary you should know who medical coders are, in charge of assigning codes to medical procedures, diagnoses, and treatments. The process is usually done by checking the ICD-10 code book or consulting with a professional who has knowledge in the field.
ICD-10 codes changes annually so, you have to be well versed in codes and descriptions of the diseases. Because medical coding involves the patient money and providers money.
Coding and billing jobs are some of the most sought-after careers in the healthcare industry. They can be a rewarding, lucrative career for those who have an interest in healthcare, but may not know where to look to get started. Here is a breakdown of what you need to know about coding and billing careers.
Education Requirements for Becoming a Medical Coder
In Simple terms becoming a medical coder is just a piece of cake don’t get confused follow the instructions here. The first basic requirement is that the individual should be educated in healthcare or business.
Step-1:One of the common routes is by completing an associate degree, which is usually 2 years long and includes both courses in healthcare and business administration. Importantly, the career doesn’t require any prior experience but does require an associate degree or higher for employment purposes. Simple isn’t it!!
The above education mentioned is your first step to be a medical coder for minimal jobs like adding modifier correcting Cpt as per the companies protocol. With this basic Qualification, you can handle the coding corrections. But, to be a certified coder you should move to the next step.
Step-2: To be a certified professional medical coder who is usually hired to code the patient’s diseases have to get other routes. Taking classes at a community college, gaining relevant work experience, getting certified through organizations like AAPC, RACS, AHIMA, etc., or attending military-sponsored coding programs through the Defense Department.
Difference Between Medical Billing and Coding?
In the health care industry, two important pillars are medical coders and medical billers. There is a huge difference between them. But, both works in the same healthcare industry. Let us see some differences in medical billing and medical coding.
|Medical Coding||Medical billing|
|Analyze the patient’s disease and translate them into codes (diagnosis, Cpt, modifier )||Using translated codes biller files it to the insurance company for payment|
|Role – Work completely depends on coding under ICD-10||Roles – Working for account receivable, denial, Appeals, Rejections|
|Hired to work for Hospital, Doctor, and private billing companies||Hired to work for Provider, facility, member(For bill rejections)|
|Payscale is high for certified professional coders||Less compared to medical coders|
Okay, let us move to the important Question. How much medical coders make annually?
What is the Average Medical coder Salary in the USA?
The two most popular types of medical coders are inpatient coders and outpatient coders. The type of job can dictate the salary of a medical coder. For example, if the coder is working with Medicare data then they are likely to be on the higher end of that scale. A medical coder who is working with another type of insurance company will be significantly lower on that scale.
|The typical salary of a medical coder ranges from $35,000 to $70,000 depending on the type of job assigned to do.|
Salary by Region for medical coders
Medical professionals are in high demand across the globe. The demand for medical personal is more in developed countries than in developing countries.
The United States has more medical professionals than any other country in the world, which makes it the most lucrative market for healthcare providers.
The most lucrative markets with the highest salaries are Australia, Canada, and Japan.
Medical professionals can also make a lot of money by working in high-demand areas like emergency medicine, psychiatry, and anesthesiology.
How to Increase Your Income ratio as a Medical Coder?
Medical coders are in high demand due to the fact that there is still a shortage of qualified medical coders. But how can they increase their income potential?
Some tips for increasing your income potential as a medical coder are:
– Develop your skills and knowledge – there are various training opportunities to help you learn from various coding experts.
– Volunteer at hospitals or other healthcare facilities.
– Consider becoming a certified professional coder or coding specialist.
Statistics and Earnings for the Field of Medical coding and Medical billing Specialist
You might wonder who is getting paid more, Either a medical biller or a medical coder. As per the Survey medical coders earns a lot more than billers. According to the pay scale, Medical coders earn an average annual salary of about $43,260 from June 2021. However, you should also consider that medical billers make about $40,340 annually as per the payscale data.
One important thing you should consider is the experience. The more experience you get in the field will pay you hugely. According to the payscale report from June 2021, Late-career medical coders paid an average of $50,240 per year.
Good news for the medical professionals because BLS(The Bureau of Labor Statistics) says the profession would grow by 8% in 2029 much faster than average.
It is an exciting time for people who are thinking about entering into the field of healthcare documentation and medical coding. Due to the increasing demand, The number of jobs in these professions is expected to grow by 22% through 2026.
Moreover, the pay is also higher than most other professions. The median annual wage for medical coding specialists was $37,070 in 2016, which is well above average.
Accredited Medical Billing and Coding Online Schools
People say clearing the certified medical coding exam is very difficult. It is not what they think. it all depends on where they are educated. Poor guidance and outdated study material can lead to failure. So one should choose the best and accredited medical coding school.
Nowadays you can also opt for online classes. Well-trained certified professionals can help you clear the exams. Below are the top 10 accredited medical coding institutes.
Medical Billing and Coding Online Schools
|Indiana University–Purdue University Indianapolis||$399 per credit hour|
|University of Cincinnati||$251 per credit hour|
|Weber State University||$230 per credit hour|
|Davenport University||$241 per credit hour|
|Northwest Technical College||$249 per credit hour|
|Cosumnes River College||$335 per credit hour|
|Cowley County Community College and Vocational-Technical School||$112 per credit hour|
|Central Maine Community College||$195 per credit hour|
|Drexel University||$798 per credit hour|
|Florida A&M University||$295 per credit hour|
Top companies for medical coders 2021
After qualifying as Certified professional coders your next step is choosing the right company to work for. There is much company that can pay you more than expected. Because the demand for the job is very high. Below are the popular companies offers coding job at home.
|3||The Coding Network|
|4||Conifer Health Solutions|
|8||Maxim Healthcare Services|
In short, medical coding and medical billing both pay you well. The above-mentioned metrics and stats can be changed in the future it may increase or even decrease. But the experience you gain in the healthcare field will never get you down. The more you learn the more you will get paid. All the best !!! Thank you, Cheers.