Though money isn’t always the only reason while opting for a career, it indeed is an important consideration. While there may be several emotionally fulfilling aspects of working in the healthcare sector, monetary and security benefits have their significance. You don’t need to be a medical provider to make a decent living in healthcare, being a medical biller can also earn you a decent amount.
So, how much do medical billers make, anyway?
Hospitals and physician practices employ medical billers to calculate the cost of services, deal with insurance payments and then prepare and send bills to the patients. Therefore, it becomes important for medical billers to be familiar with the hospital’s fee structure, so they must be able to deal with patients having queries regarding their bills.
What do statistics have to say?
According to a report published by the Bureau of Labor Statistics in May 2011, around 48,000 medical billers employed by hospitals in the US, earned an average annual wage of $33,900 per annum. This number was in line with the overall average of $33,920. A majority of medical billers worked at general medical and surgical hospitals with $33,840 per year, just below the overall hospital average.
As per the survey conducted in 2017, the median annual salary stood at $36,150, reflecting only a small increase. However, with the demand for medical billers at its peak in 2019, the average salaries of the top 10% of medical billers rose to $56,150, while the bottom 10% took home a little more than $25,000 per annum.
Following is a national average for medical billers employed full-time.
- Up to 1 year of experience: $30,180
- 1-3 years of experience: $33,472
- 4-6 years of experience: $38,508
- 7-9 years of experience: $43,144
- 10-14 years of experience: $47,399
- 15+ years of experience: $53,850
These statistics shared above are subject to change depending upon the nature of employment that one has. For medical billers working independently, the annual salary can go up to $55,000 per annum or even more. Depending upon where a medical biller is geographically located, or what amount of experience they hold, can also bring a difference to the amount they take home.