Is There a High Demand for Medical Billers and Coders?
Before the COVID-19 pandemic, the Bureau of Labor and Statistics (BLS) predicted that the healthcare industry would create 29,000 new jobs over the next ten years for medical records and health information specialists, which includes medical billers and coders. However, the pandemic has significantly increased the demand for these professionals.
Struggling to meet your deadline?
Get your assignment on Is There a High Demand for Medical Billers and Coders? done by certified MDs and PhDs in the USA. ORDER NOW!
How to Become a Medical Biller or Coder
This heightened demand for medical workers has made this an excellent time to consider a career in medical coding and billing. Quick certification options and a favorable job outlook make medical billing and coding an attractive professional opportunity. Initial certification programs in either field can be completed remotely in as little as four months.
Read on for more information on the job outlook for medical billers and coders and the impact of COVID-19 on the profession.
Job Outlook for Medical Billers and Coders
According to the BLS, there was an estimated 8% job growth rate for medical billers and coders from 2019 to 2029. As the U.S. population ages and more health records become digitized, healthcare facilities are seeking qualified professionals to organize patient information. Billers and coders, who can process reimbursement claims from insurance companies and manage this information, are in high demand.
The BLS projections were made before the onset of COVID-19, and the pandemic’s impact on job growth in the medical field remains uncertain. Nevertheless, the increased need for medical services likely translates into a higher demand for medical coders and billers.
How the Pandemic Has Affected Medical Billing and Coding
The pandemic has introduced uncertainty into the medical community. An article published by For the Record states, “COVID-19 has shut down nearly 30% of the economy, including large segments of the healthcare sector.” Prior to this economic downturn, the BLS identified medical billing and coding as one of the fastest-growing fields.
However, the American Academy of Professional Coders (AAPC)asserts that “The need for healthcare professionals, including health information technicians, is at a historic high — and will remain so.”
COVID-19 has also driven technological advancements in an effort to provide services without putting patients at risk. Virtual healthcare visits and telemedicine have become increasingly popular over the last two years. The need for remote billers and coders is expected to rise in proportion to the growing demand for remote care.
As more facilities hire remote workers, the job market may become highly competitive. Employers are not limited to local candidates, and hospitals facing financial challenges might seek more cost-effective labor from overseas.
Billers and coders must distinguish themselves in a highly competitive field through ongoing education, training, and certification.
The Importance of Ongoing Education, Training, and Certification
Medical billers and coders should take advantage of available education and training opportunities. The International Classification of Diseases (ICD) is updated annually, and professionals should stay current on the latest health trends and global statistics to excel and advance in their field.
The ICD has also introduced new codes related to COVID-19, leading to new billing and payment tracking processes that may impact medical billers.
How to Become a Medical Biller/Coder
Usually, you can become a medical biller or coder with a high school diploma or its equivalent, although some associate and bachelor’s degree programs are available. Medical billers and coders can enhance their competitiveness in the job market by obtaining certification. While certification is not legally required, it can open up more job opportunities and increase earning potential.
Certification
Medical billers can pursue the following certifications:
1. Certified Professional Biller (CPB): The AAPC’s CPB credential allows individuals to work as billers in most medical settings.
2. Certified Medical Reimbursement Specialist (CMRS): CMRS-certified professionals can manage the entire claims process, which concludes when the patient pays their balance in full. This certification showcases expertise in the medical billing industry.
3. Certified Medical Billing Specialist (CMBS): The CMBS certification is designed for individuals working in provider’s offices, health insurance companies, or independent billing centers.
Medical coders can achieve the following certifications:
1. Certified Personal Coder (CPC): Those who earn the CPC certification can work in almost any medical setting that utilizes general practice coding, from large hospitals to private practices.
2. Certified Outpatient Coder (COC): Most coders with a COC certification work in outpatient facilities like ambulatory surgical centers.
3. Certified Inpatient Coder (CIC): This certification designates individuals who are knowledgeable in Medicare severity diagnosis related groups and the Inpatient Prospective Payment System. Coders with a CIC certification typically work at inpatient hospitals or medical facilities.
4. Certified Risk Adjustment Coder (CRC): Coders with a CRC certification assign codes based on diagnoses made by physicians and other healthcare providers in offices or inpatient facilities.
Working in Medical Billing and Coding
While medical billing and coding are often grouped together due to their many overlapping responsibilities, each role comes with distinct duties.
Medical billers typically:
– Contact insurance companies to obtain authorization for treatment and tests.
– Confirm patient eligibility for medications, treatments, procedures, and hospitalizations.
– Prepare, review, and process claims.
– Utilize billing software to submit claims.
– Identify and follow up on unpaid claims.
– Review insurance payments for accuracy.
– Assess patient bills for accuracy.
– Adhere to all guidelines set by state programs, HMO/PPO, and other organizations.
– Manage patient personal information and maintain confidentiality.
Medical coders often:
– Translate diagnoses, procedures, medical services, and equipment into medical codes.
– Convert medical documentation into standardized codes for healthcare facilities and insurance companies.
– Extract data from patient records that document treatments, procedures, and diagnoses.
– Document the correct codes and ensure they are sequenced correctly according to government and insurance regulations.
– Review patient records for accuracy and identify any discrepancies.
– Assign codes for reimbursements.
– Develop and implement procedures that aid documentation, evaluation, and accuracy.
Work Environment
In 2019, medical billers and coders held approximately 341,600 positions, with the largest percentages working in various environments:
1. Hospitals (State, Local, and Private): 37%
2. Physician’s Offices: 15%
3. Administrative and Support Services: 5%
4. Professional, Scientific, and Technical Services: 5%
5. Management of Companies and Enterprises: 4%
The AAPC identifies more specific environments where medical billers and coders work, including hospitals and clinical practices, health insurance companies, law firms, and public/government agencies, such as Medicare and Medicaid.
Average Salary
The average salary for a medical biller or coder depends on several factors, including professional experience, education, certifications, and workplace. According to the BLS, the average hourly wage for medical billers and coders is $21.20, equivalent to an annual salary of $44,090. The lowest-earning 10% make $28,800 annually, while the highest-earning 10% make $73,370.
In Summary, medical coders and billers are in high demand due to the nation’s aging population, advancements in technology, and the rise in telemedicine. The availability of remote work options for medical coders and billers is increasing. With the right education and training, coupled with certifications, medical coders and billers can increase their earning potential.
Dont wait until the last minute.
Provide your requirements and let our native nursing writers deliver your assignments ASAP.