Billing and Coding Salary: What to Expect in 2023? (2023)

Welcome once again to another interesting guide to payroll accounting and coding in the United States!

We recognize that you need to understand what your total compensation should be as a medical biller and coder and how factors such as years of experience, specialization, education, certification, and location can affect your annual earnings.

If you have read this interesting article, you already know what to expect when your career finally takes off.

Below are some points that we will cover in this article:

Without wasting any more time, let's get straight to the point!

Medical coding in the modern world is the conversion of medical terminology and information into a commonly known and accepted language.

Medical coding is performed to ensure collaboration between healthcare providers and insurers.

Alphanumeric code is a language formed and used by medical coders to translate diagnoses, procedures, medical services, and medical devices.

Medical coding is essential in the industry because:

• Facilitates the medical billing process
• It is a common language that unites healthcare professionals and institutions
• Helps researchers monitor health trends and analyze treatments

Medical billing involves collecting payments for primary care provided by the hospital by combining the information encoded into an invoice and sending that invoice to the insurance provider or payer.

Medical billers and coders also need to collect payments.

It's no longer news that most people confuse medical coding with medical billing.

However, there are some important differences between them:

medical coders– Evaluate patient records and prepare the standardized information required by Medical Billers for effective data management.

medical bills- Retrieve and merge patient information to create bills for patients and prepare claims for insurance companies.

They often work with healthcare providers, patients, insurers, payers, etc. in order to do this.

Although the Bureau of Labor Statistics (BLS) did not list medical coders in its recent detailed career article, the Occupational Outlook Handbook, it did include medical secretaries, a broader category.

The BLS has outlined average and median salaries for medical secretaries.

In addition, it has categorized the wage data in its wage and job profile overview by industry and location.

The BLS salary statistics provided a comprehensive summary of what medical programmers and typical medical secretaries earn, although programmers with an industry-specific programming certification may earn more (more on that later).

The median (average) salary for a Medical Secretary/Medical Coder as of May 2022 was $35,870/year, while the median annual salary was $34,610 i.e. H. half of these workers earned less and half more.

The top earners earn $50,340 or more.

You can earn an average salary of $35,870 per year as a medical code, which is $2,989/month before taxes, i.e. $17.25/hour.

While interested candidates with post-secondary educational degrees or high school diplomas can apply for medical billing and coding jobs, college graduates interested in becoming medical billing and coding specialists earn higher salaries.

According to the American Academy of Professional Coders (AAPC), the average annual salary for a medical programmer with a master's degree or higher is just under $70,000, while that for programmers without a college degree is just over $50,000 per year.

Your net income as a medical coder/collector will depend on:

• Lohn
• area of ​​federal income tax
• state tax rate
• Benefits and Deductions

Please note: Your location and industry may affect your base salary.

Paying tuition to earn a degree or certification in Medical Coding and Billing is a worthwhile endeavor compared to employees with no college education, who typically start in the bottom 10th percentile.

While coders and billers with an associate's degree earn an average of $46,815, according to the AAPC, and technicians who spent 4 years earning a bachelor's degree earn an average salary of $54,552, those without a college education earn less than $29,130 ​​to start.

According to the AAPC, advanced study also equips a person for advanced titles of higher responsibility, for example. High Responsibility Medical Billing Managers Earn an Average of $84,096!

The more years of experience programmers and billers have in the fast-moving healthcare space, the higher their salaries.

The starting salary for trained medical coding and billing specialists with zero to one year of experience is approximately $32,000 and increases to an average of over $42,500 after five to nine years of experience.

The median annual salary for professionals with more than 15 years of coding and billing experience is $56,667.

Thereafter, the average annual salary typically increases by 5% for every five years of additional experience.

Medical programmers with a master's degree make $51,993 annually, which is more than the average annual income of coders with a bachelor's degree, which is what medical programmers with an associate's degree make next on the list, and $43,576 per year earn.

Certification from industry organizations such as the American Academy of Professional Coders (AAPC) can increase a coder's earning potential, although BLS professional statistics already give an overview of what different types of medical secretaries earn.

Candidates must take and pass the certification exams organized by the AAPC.

The AAPC reported in its 2017 Salary Survey that specialists who earn the Certified Professional Code (CPC®) designation earn an average of $54,051 per year.

Salary can also vary widely for a certified medical coder based on experience. It can take several years for beginners to reach this average CPC.

Average earnings for all AAPC certifications (CPC, Specialist, Manager, and Officer certifications) range from $38,011 for those with zero to one year of experience to $71,506 for those with more than 31 years of experience.

Non-certified programmers earn an average salary of $41,543/year, while certified programmers earn an additional 39% (average $57,646/year).

Earning a second certification increases that average salary to $63,085.

The AAPC also found that medical coders (both certified and non-certified) earn an average salary of $53,051 per year.

Most health information technicians also receive fringe benefits, which can include insurance, paid time off, sick leave, tuition reimbursement, and so on.

Earning an additional certification increases the median annual salary to approximately $64,890.

The more certifications, the higher the annual salary for Medical Coding and Billing Professionals, which can reach as high as $70,600.

Location is one of the factors that greatly affect salaries in any profession, medical coding and billing are not excluded.

Salaries vary based on each US state's unique economy, cost of living, and median annual salary.

According to a BLS report, Medical Coders and Medical Billers earn the highest salaries in these 5 states:

Medical coders and billers in these 5 US cities also earn the highest salaries, as reported by the BLS:

The many years of experience (entry into the senior level) of a medical coder can also have an impact on the salary.

The data provided below by the Bureau of Labor Statistics shows the impact of years of experience on total compensation as part of its National Compensation Survey and is based on factors such as knowledge, complexity, connections and environment.

The type of facility that a medical biller and coder works in also determines their overall compensation.

For example, workers in larger practices generally receive higher compensation than workers in smaller medical practices.

In addition to the fact that large healthcare systems are likely to pay more in terms of salary and benefits, a medical coder or medical biller's willingness to work in close proximity to the employer or to telecommute (which is becoming increasingly popular as health improves) also depends on . affects wage increases.

The result of the latest AAPC salary survey below provides an accurate description of the average annual salary for the medical coding and billing shared workplace:

There are some steps you can take to increase your salary as a medical coder or collector in addition to changing your location and facility, including:

• gain more experience
• progress in your education
• Earn certifications and credentials

gain experience

Ease of entry is one of the myriad benefits of this field, as medical coders and billers gain experience and hone their skills as they pursue additional training and certifications in their specialties.

Medical programmers who have taken on advanced roles such as management and supervision often enjoy long careers and higher salaries compared to their peers.

According to the Bureau of Labor Statistics, managers of medical and health services earn an average salary of $101,340 per year.

A medical coder or biller can take the AAPC Certified Physician Practice Manager certification course to fill this high-paying administrative position.

Deepen your education

A college education (bachelor's or some college-level classes) increases your annual salary by about 5%, while a bachelor's or master's degree provides a more significant increase.

A master's degree or higher increases a programmer's salary by 29% over coders without a college certification, according to the AAPC.

Add certifications and credentials

As important as it is to pursue higher education in these fields, it is just as important to acquire advanced qualifications.

Professionals with this higher level of validation demonstrate more confidence in their knowledge and skills and are more attractive and valuable to employers.

The AAPC report states that the average salary increase for a programmer due to increased skills is 3.1%. Additionally, coding specialists with a Certified Inpatient Coder (CIC) degree are reported to earn more than 11% raise.

Career prospects for medical coders and billers are very favorable because all patient contacts require encrypted records to be sent to insurers and federal taxpayers.

The aging of the US population, leading to a need for more medical services, and the Affordable Care Act, which made healthcare services more accessible to more people, further increased the demand for programmers and billers.

This is a basis for claiming further refunds.

The US-published Bureau of Labor Statistics report in its career outlook documents:

• The employment growth rate for medical coders and billers is projected to be 9% over the next decade
• The increased demand for health information data will lead to an increasing demand for medical coders and billers
• The fact that all types of healthcare services are now universally using Electronic Medical Records (EHRs) will increase demand for medical coders and billers

Has it ever occurred to you that before you can pursue a career in healthcare, you need to be involved with patient health? You do not need.

Medical Coding allows you to enjoy a rewarding career in healthcare without interfering with patient care.

All you have to do is ensure that healthcare providers receive appropriate payment for the services they provide and help patients get the most value from their insurance.

As a medical coder and biller, you can choose from a wide variety of work environments including hospitals, doctor's offices, insurance agencies, government agencies (National Center for Health Statistics and Medicaid offices), et al.

However, unlike typical healthcare careers that require you to be physically present, you can choose to work from home.

You could even choose to work for medical software developers or educational institutions that train other medical billers and programmers so you can work from home or from anywhere in the world.

Although the average salary for medical coders and billers in the United States. $44,090 as reported by the US Bureau of Labor Statistics (BLS), you can earn more with a certification.

Statistics from a survey conducted by the American Academy of Professional Coders (AAPC) also show that certified medical coders and billers earn an average of $55,923/year.

According to this study, additional certification will further increase your earning potential.

You'll earn an average of $64,890 if you earn two professional certifications, and that increases to $70,608 if you earn your third certification.

While most healthcare careers require you to be on call and work weekends, holidays, and any time of the day, medical billing and coding careers do not.

You can predict your schedule and even work remotely.

Medical collector and coder services are essential for productivity in your work environment hence the increasing demand.

According to the BLS, demand is also expected to grow by 8% through 2029, which is double the average job growth in the country.

Additionally, according to its own estimates, there will be another 29,000 new medical billing and coding careers over the next eight years.

The demand for qualified medical billers and coders in the USA will increase in the future, especially as the population increases.

The need for more healthcare services for the elderly population requires more claims from insurance companies.

While earning degrees and certifications is important to earn higher salaries as a medical coder or billing officer, you can begin a career in this field after completing a professional online medical coding and billing course in just 12 months.

This means that you do not need to have spent years in school to start this career, but you do need to have certain skills and knowledge.

Öadministration teamof a healthcare facility will be incomplete and ineffective without coders and medical bills.

They are important additions to the team and the demand (career prospects) for their services will continue to soar in proportion to the growth of the healthcare industry.

Also, judging by previous BLS job profiles, average annual salaries of medical secretaries/medical coders are also likely to increase.

While a diploma, associate degree, or certification prepares you to take on an entry-level position in this vast field, earning as many relevant certifications as possible can help you increase your average annual salary.

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