Medical billers and coders are a type of health information technician whose role is dedicated to cataloguing patients’ medical data. They are responsible for reviewing medical records, converting the data into a universal medical code, creating claims based on that code, and sending the information to health insurance companies. This allows providers to get reimbursed for the services rendered, and allows healthcare professionals to get paid for the work performed.
As a result, medical billing and coding technicians are essential assets to the medical office.
While medical billers and coders help ensure healthcare teams get paid, they can also expect a sizeable salary for the work they do. How much do medical billing and coding technicians make, exactly? And what can you expect to earn in this type of medical career?
Let’s decode the earning potential of today’s medical billers and coders.
National Medical Billing and Coding Salary
Today, across the nation, the average salary for medical billers and coders is $44,010 per year.
Of course, salaries vary by workplace and employer. On average in the United States, medical billing and coding technicians can expect to earn the most in a hospital setting – an average of $46,690 annually in general hospitals, and over $47,000 in specialty hospital facilities. Other high-paying workplaces include physician’s offices, outpatient care centers, office administration settings, and nursing care facilities.
If you are seeking to work within a specialized industry, you can also reap great reward. According to the Bureau of Labor Statistics (BLS), medical records and health information technicians have the potential to earn more than $50k annually in industries such as:
- Pharmaceutical and Medicine Manufacturing ($62,740 per year)
- Insurance Companies ($52,830 annually)
- Scientific Research and Development Services ($52,100 per year)
- Federal Executive Branch ($50,320 annually)
- Business, Professional, Labor, Political, and similar organizations ($50,260 annually)
Connecticut Medical Billing and Coding Salary
Connecticut is listed among the top five, highest-paying states in the U.S. for medical billing and coding technicians (and the highest-paying state for technicians in New England).
According to the BLS, the average salary for these information specialists is $51,400 annually, as of May 2018. This is 10% higher than the national average noted above, and translates to over $25 an hour.
In the Greater Hartford area – where Goodwin University is located – medical billing and coding technicians earn an average of $54,530 per year, making it one of the top paying metropolitan areas in the country for medical billers and coders.
In Connecticut, the highest paying industries for medical billing and coding technicians include:
- Financial Activities
- Public Administration
- Education and Health Services
- Professional and Business Services
The Job Outlook is Bright for Medical Billers and Coders
Like many careers within the healthcare industry, medical billing and coding professionals are in high-demand. Across the nation, employment of medical records and health information technicians is expected to grow 11 percent from 2018 to 2028, much faster than the average for all occupations.
So, not only can you look forward to a comfortable salary, you can also expect many opportunities within the field.
Fact of the matter is, more and more people are requiring medical care. As the baby boomer population ages, their need for healthcare services grows. And as the need for healthcare grows, so does the need for professionals who can effectively manage (and organize) the growing amount of health information data. That’s where medical billers and coders come in.
Calculating Your Career Path
While a comfortable salary is one aspect of this career path, it is the timeline towards a medical billing and coding career that draws many people in. As you may know, most careers in the medical field take years of schooling, board exams, and residencies to attain. However, to become a medical biller and coder today, it only takes a matter of months.
Through Goodwin University’s Medical Billing and Coding certificate program, you can become a trained and certified medical billing and coding technician in as few as 12-18 months — much faster than other medical billing and coding schools in Connecticut.
Ready to get started? Contact Goodwin University at 800-889-3282 today, or visit us online to see why we’re a leading healthcare school in Connecticut.
Goodwin University is a nonprofit institution of higher education and is accredited by the New England Commission of Higher Education (NECHE), formerly known as the New England Association of Schools and Colleges (NEASC). Goodwin University was founded in 1999, with the goal of serving a diverse student population with career-focused degree programs that lead to strong employment outcomes.