According to the Bureau of Labor Statistics (BLS), the occupational outlook for medical billing and coding specialists is expected to grow at a rate of 15% through 2024, which can provide a stable career with a promising future and steady income. It is worth noting the BLS lists this career field as a “Medical Records and Health Information Technician,” but the job responsibilities and duties are similar to billing and coding specialists.
One of the reasons for the growth in this career field is due to the aging Baby Boomers and people living longer lives. As we get older, the demand for healthcare services continues to grow and increase. As a result, the need for people with the right career training in medical billing and coding is required in order to ensure the timely processing of insurance claims and filing through private and government-sponsored programs.
Typical job functions one is expected to perform are:
- Filing Insurance Claims
- Reviewing Paid Claims
- Updating Patient Records
- Assigning Clinical Codes for Diagnosis and Billing Purposes to Patients’ Files
- Recording Data Electronically and in Paper-Formats
- Preparing Reports
- Adhering to Confidentiality Requirements
Medical billers and coders also have special job functions to perform and often serve as a liaison between patients, doctors, and insurance providers.
Work Environments
Billing and coding specialists work in a wide array of environments in the healthcare industry, including:
- Doctors’ Offices
- Hospitals
- Nursing Homes
- Assisted Living Facilities
- Home Offices
Depending upon the work environment, the work hours can and do vary. Some specialists work normal office hours, while others work overnight, like in hospital settings. For work-at-home offices, most specialists tend to set their own work hours and have a little more flexibility with their schedules.
What Do Billing and Coding Specialists Earn?
According to the BLS, the median annual salary, as of May 2015, was $37,110, with the lower 10% earning around $24,190 and the upper 10% earning $61,400. It is worth noting, annual salary amounts in locations with a higher cost of living—like New York City—tend to push salary ranges higher and toward the upper 10% range.
How to Become a Billing and Coding Specialist
Unlike other healthcare professions, billing and coding specialists typically only require vocational training at a qualified school, along with a high school diploma or its equivalency. Some people do choose to pursue a two-year degree, but it is often not needed or required.
Upon completion of a career training program, it is highly recommended to take a certification exam, as most potential employers’ desire certified specialists. In some cases, an employer may make a job offer contingent on the employee completing their certification exam within a set period.
Additional skills one should possess for this type of career include:
- Time Management Skills
- Technical Skills
- Analytical Skills
- Interpersonal and Communication Skills
To learn more about medical billing and coding courses in NYC, and the career training required to become one, please contact ABC Training Center at (718) 618-5589 today!
Source
https://www.bls.gov/ooh/healthcare/medical-records-and-health-information-technicians.htm#tab-1