Medical Billing and Coding: What is it?
What is medical coding?
Medical Coding is the process of transcribing medical procedures and diagnoses into universal medical code numbers. These code numbers are used during the medical billing process.
What is medical billing?
Medical Billing is the process of preparing procedure invoices for submission to insurance providers for payment. It is this process that ensures that health care providers get paid for the treatment they render to patients.
What kind of training do you need?
While those who are interested in becoming a medical billing specialist are encouraged to become certified by enrolling in a medical billing and coding training course and completing a certification program (CMRS Exam, RHIA Exam, etc.), it is not required by law. However, those who have undergone training will find that they’re more likely to be hired for medical billing jobs and at a higher pay rate. At the very least, those interested in medical coding and billing should consider attending a medical terminology course.
How much does medical billing pay?
As a medical billing specialist, your salary will be impacted by both the training you have undergone and the certification(s) you have received. The pay for medical billing jobs is also impacted by experience. In general, the more of each you have (training, certification and experience) the higher your hourly wage will be. However, those with significantly more experience can sometimes make more than those with more training or certifications.
With little education or experience individuals looking for medical billing jobs can expect to start at around $10/hour and can increase up to $30-40/hour as your education and/or experience increases. Salary is also impacted by geographic location.
Since there are no legal requirements for training/certification, medical billing is definitely a career where you can work your way up from another position if you already work in the health care industry.
How much does medical coding pay?
As with billing, medical coding salaries depend on education, certification and experience. However, because medical coding is much more detail oriented, medical coding jobs tend to make a higher hourly wage than billers.
Can you do medical billing and coding at home?
Absolutely! With the increased strain on the health care system being caused by the baby boomer generation, almost all medical careers are growing and medical billing and coding professionals are in demand.
Because it’s a job that doesn’t have to be done onsite, billing and coding is frequently outsourced to either billing and coding services or individual specialists. If you have the drive and connections needed to build a business, medical coding and billing can be a great option for those who need flexible working hours and the ability to make a good salary.
If you’re thinking of starting your own company it’s important to remember that starting your own business is hard. It would be best to get some good training and experience under your belt as that will not only make your medical billing and coding more viable but it will also help you build contacts, establish your hourly rate and learn of the challenges involved in this medical career.
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