Even in today’s uncertain economy, the healthcare sector is booming. As the population ages and advances in medical science increase people’s life expectancy, the demands on the healthcare system have never been greater. If you’re looking for your next move, enroll in medical technical schools to become a medical coding and billing specialist.
The work
Any time a patient receives treatment at a hospital, their injuries have to be entered into a computer system to determine the cost of treatment. This includes surgery, prescribed medications and imaging, such as X-rays and diagnostic testing. It is the responsibility of medical billing and coding specialists to enter this information into computer systems so that the hospital can be accurately reimbursed by the patient’s insurance provider.
These professionals often refer to a list of codes corresponding to medical conditions identified by the World Health Organization, known as the International Statistical Classification of Diseases and Related Health Problems, or ICD. Currently, most hospitals use the ninth revision of the ICD, although ICD-10 is being introduced at care facilities in some areas.
The pay
Depending on your level of experience, you could earn a competitive salary as a medical coding and billing specialist. According to PayScale, the average annual salary for these professionals ranges between $22,753 and $40,729. If you work on an hourly basis, you can expect to earn between $10.74 and $18.54 per hour, but overtime rates can be as high as $27 per hour in some areas.
The outlook
According to data from the U.S. Bureau of Labor Statistics, the future looks bright for aspiring medical coding and billing specialists. Demand for these professionals is expected to increase by 21% through 2020, faster than the national average of 14% for all occupations.
