Medical Coding & Billing Job Market
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Medical Coding and Billing Job Duties
Medical billing and coding jobs consist of managing patients’ electronic health records. It’s critical work considering that every patient is someone’s mother, husband, child, or other precious family member. As part of your daily responsibilities, you’ll assign standardized codes to the procedures performed by the healthcare facility you work for. Sounds relatively straightforward, but this is the first step in helping patients get their medical bills covered, so they have one less thing to worry about.
All medical facilities need a medical coding and billing specialist because these professionals are the bridge between insurance and patient invoices. A doctor or office manager could perform this type of job. However, patient care is their sole focus, so hiring an expert to do this is ideal.
What does it mean to be a bridge between the medical office and insurance?
A medical coding and billing expert helps health systems manage insurance claims, invoices, and payments. Other responsibilities might vary, but the typical medical coding and billing work environment would include performing the following duties:
• Handling coding for services, procedures, diagnoses, and treatments
• Making preparations and sending out invoices or claims for payment
• Making corrections to rejected claims
• Tracking payments
• Following up and keeping in contact with patients and insurance companies about outstanding bills
Medical coding and billing has a high-industry demand, which means professionals in this field enjoy job stability and good pay. The job duties include memorizing complex codes that are assigned to thousands of medical diagnoses. In addition, you’re responsible for administrative procedures and billing for physicians. While it doesn’t require a degree, you can become certified through an ICD-10 training program that can open doors to a rewarding career. With your knowledge, you will take a streamlined approach that will help standardize important patient care records in clinics and hospitals. There is a shortage of professionals for this line of work, so you could find yourself in a lucrative career soon after earning your certification. Although you don’t typically interact with supervisors or have to be involved in patient care, your job duties are essential. You not only have to know about medical coding, you’ll also be in charge of managing insurance claims and collecting funds. Administrative duties and billing procedures will be under your purview as well, so there’s always something to do and you’ll always stay engaged in your tasks. If you’re a critical thinker with an interest in medical science and able to uphold productivity standards, you could be a good fit for this ever-evolving career track. As long as you stay in-the-know about new medical diagnoses codes and procedures, you will have a dependable job as a coding and billing specialist. If you’re a self-motivated person with an interest in lifelong learning, you may find that you would do well in this science-oriented field.More Details
Medical Coding and Billing Work Environment
As you progress in your medical billing and coding career, you could work in almost every type of healthcare facility: large hospitals, health clinics, small physician offices, coding outsourcing companies, and other healthcare businesses. It’s also possible to find medical coding and billing remote jobs online that allow you to work from home.
Medical coding and billing are technically two distinct jobs. However, it’s common for offices to hire someone who does both because they are so intertwined. The most important part of performing medical coding and bill job duties is to make sure there are no coding or billing errors so that payments are collected in a timely manner.
So, what are some basic requirements to land the job? Here’s a brief overview:
• Familiarity with medical terminology
• Basic math skills
• Computer skills
• Communication skills
• Knowledge of basic office equipment
The work environment for medical coding and billing specialists includes clinics, billing offices, and hospitals. Thanks to electronic health records (EHR), many professionals in the field of medical coding have the opportunity to work from home at least some of the time. As long as you have an internet connection and access to the right software, you could do this job from anywhere. This makes it a job that’s flexible, providing you with a rewarding work-life balance. Because this is a time-sensitive role that other professionals rely on, it is a day job that doesn’t normally offer night shifts. If you’re an independent worker who likes the medical field and lifelong learning, this may be a great fit for you. You will typically be translating patient records or physician notes into a standardized code in addition to handling bookkeeping and insurance claims. This is a desk job in an office environment, which doesn’t necessarily require a supervisor or any patient care responsibilities. However, you will interact with patients, doctors, and insurance company representatives in order to process claims and keep accurate records. It’s important to be familiar with the healthcare industry and its ever-evolving codes and procedures. CareerStep offers online classes that can get you certified through an ICD-10 training program in just a matter of months. You should find a job fairly quickly considering this is an in-demand career with a shortage of professionals, which means you will enjoy job stability and great pay.
Salaries vary by employer, location, and experience, but according to the Bureau of Labor Statistics, a skilled medical billing and coding specialist earns an average of $46,660 per year.
Plus, considering the nature of the industry, medical jobs often include healthcare benefits.*
The Bureau of Labor Statistics estimates 7% employment growth over the next 10 years.*
If you’re interested in starting a career in healthcare, becoming a Medical Coding and Billing Professional can be a great path that offers flexibility and room for advancement!
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*Bureau of Labor Statistics, U.S. Department of Labor. “Medical Records and Health Information Technicians.” Occupational Outlook Handbook. Accessed March 10, 2023.
Statements found in the United States Department of Labor Occupational Outlook Handbook are not a guarantee of any post-graduation salary, in part because the data used to create the Occupational Outlook Handbook includes workers from differing educational backgrounds, levels of experience, and geographic areas of the country.