The answer to this question might differ for different individuals. If you are a detail-oriented one, seeking an entry-level position in the healthcare industry, there is no better option than Medical Billing.
According to recent statistics, there were around 206,300 medical professionals employed in the U.S. in 2016, and the number is only expected to grow. The US Bureau of Labor and Statistics also reported that the field of medical billing and coding is expected to grow by 15% between now and 2024. That’s about 30,000 job openings in the next seven years, how incredible is that!
But what exactly does a medical biller do?
Medical Billers and Coders are specialists who seek medical records from an encounter between the patient and the doctor at a healthcare facility. These records are further used to create a bill for reimbursement from the insurance companies. Because diagnosis, procedure codes, and modifiers are a big part of this job, an exceptional eye for detail is needed.
Where do they work?
Medical billers work with a pre-established team of healthcare professionals from hospitals, physician offices, insurance companies, health care facilities, and billing companies as well. Though, employment as an independent medical billing contractor is possible, too.
What does a medical billing career path look like?
The medical billing career path could consist of working as a medical records specialist or maybe some similar responsibilities, in the initial phase. One may then proceed to earn a bachelor’s degree in health information management to follow a career path associated with supervisory roles, such as medical records coordinator or billing or coding supervisor. Furthermore, they could also pursue a master’s in health information management to get into data management and procedures. The career prospects are vast as you indulge deeper into this field, important, is to develop interest and pursue dedication.
Working in the industry
The American healthcare system is getting modernized as a large part of the population is approaching retirement. And it is due to this growth only that the demand for health care professionals who can process important data is growing.
Not only is there a great number of job openings in medical billing, but many of these jobs are fairly lucrative. The average salary for medical billers was $38,040 per annum as reported in 2016, which is about $18 an hour when you’re just starting out. The top 10% of medical coders across the US make around $62,840 per year, and some, even more than that.
The field of medical billing and coding is growing due to a number of factors. Chief among them are, the aging population, increased focus on health data & management, and the digitization of the patient health records.
As the US healthcare system tends to favor EHR (Electronic Health Record) system increasingly, medical billers who are tech-savvy will definitely have a leg up the rest. Taking into consideration, India’s modern youth, there’s hardly any individual who doesn’t love computers. Also, with an ever-increasing number of medical providers outsourcing their medical billing work to India, the need for medical billing specialists to handle medical claims has also experienced a surge. And, as already mentioned, career opportunities are only expected to increase.
Therefore, medical billing is indeed a great choice for anyone looking to have a fruitful career.