Medical Billing and Coding Salary: Everything You Need to Know

If you're eyeing a career in healthcare, one question likely stands out: What is the medical billing and coding salary?

It's a valid question as many are drawn to this field not only for the challenges it has but also for the pay scale. Whether you're just starting out in the healthcare industry and are someone who’s motivated by the financial aspect of it, understanding the salary potential in this industry is key to making the “right” decision.

That’s why in this post, we'll dive into the medical billing and coding salary part, uncovering insights on salary expectations, entry-level positions, work-from-home opportunities, and more.

But first, the basics:

Medical Billing and Coding: The difference between the two

Let’s quickly define the two important roles associated with this aspect of healthcare: medical billing and coding.

• Medical Coding:is the translation of medical conditions into codes that insurance companies use to process claims. It requires deep knowledge of medical terminology and coding systems like ICD and CPT codes.
• Medical Billing, on the other hand, focuses on submitting those claims to insurers. Medical billers also handle communication with patients regarding their insurance claims, payments, and billing inquiries.

In essence, both positions ensure that the financial side of healthcare runs smoothly.

Medical Billing and Coding Salary: What can one expect?

So, let’s get to the heart of the matter: What is the medical billing and coding salary in the United States?

According to BLS, the average salary for medical billing and coding specialists was approx. $48,780 as of 2023 annually.

However, several factors influence this range, including experience, certification, location, and whether you're working from home or in a traditional office setting.

In this competitive field, obtaining certifications and keeping up-to-date with coding standards are important factors that can increase your earning potential.

Medical Billing and Coding Salary by Experience

One of the biggest elements of salary in the field of medical billing and coding is experience.

For entry-level positions, according to salary.com, those just entering the field ranges from $36,993 to $45,552, with an average of $40,992.

So, if you're wondering what medical billing and coding salary looks like for someone with no experience, this is the range you’ll likely fall into.

However, salaries begin to rise with experience. Mid-level professionals typically earn between $45,000 and $55,000 per year.

These professionals normally have 2-5 years of experience, certifications like medical billing and coding bootcamp from reputable platforms like Quick Health Certified, and a solid grasp of the billing process.

For those with even further certifications, salaries can exceed to more than $60,000 annually.

So, what does this mean: does medical billing and coding pay well?

The answer is yes, especially if you have one of these certifications. Certified professionals tend to earn higher salaries and have access to more career advancement opportunities.

Medical Billing and Coding Salary according to states

In the US, location plays a huge role in what your salary will be. For medical billing and coding salaries can vary widely depending on where you live.

For instance, the medical billing and coding salary in North Carolina averages around $45,000 per year, which is slightly lower than the national average.

However, in metropolitan/urban cities like Charlotte, the salary range may increase, showing that there’s a higher demand for these kinds of individuals.

On the other hand, huge states like California and New York may offer higher salaries, often in the range of $55,000 to $65,000 annually.

And this is due to the higher cost of living, larger healthcare markets, and greater demand for skilled professionals.

For a more accurate comparison, here are a few states with their averages. Take a look:

• California: $60,000 – $65,000
• Texas: $45,000 – $50,000
• Florida : $42,000 – $50,000
• Illinois: $48,000 – $58,000
• North Carolina: $45,000

Medical Billing and Coding Salary Per Hour

For those looking to understand the hourly breakdown, the average medical billing and coding salary per hour typically ranges from $20 to $30 per hour.

This hourly rate is influenced by factors like geographical location, experience level, and whether you’re working a part-time or full-time position.

For example, medical billing and coding specialists in areas like California might earn closer to $30 per hour, while those in smaller towns or regions with a lower cost of living might earn closer to $20.

Is Medical Billing and Coding a Good Career?

Now that we’re done with the salary part, you might be wondering, is medical coding actually a good career?

The short answer: absolutely.

As the healthcare industry expands, medical billing and coding professionals are in high demand, too.

And yes, while the salary can vary depending on location and expertise, the field offers job security, with the Bureau of Labor Statistics predicting a steady growth rate for these roles in the coming years – a whopping 9 percent.

So, for those looking right and left for a fulfilling career with room for growth and a stable future, medical billing and coding is certainly worth looking at.

What Classes Do You Need for Medical Billing and Coding?

If you’re considering a career in medical billing and coding, the good news is that the educational requirements are quite clear-cut.

Most employers require students who have completed a certification program or an associate degree/bachelors in medical billing and coding as these programs are designed to equip students with the necessary skills and knowledge needed to succeed in the field.

And with the tsunami of online options here and there, online medical billing and coding classes have become a popular option for those looking to gain these credentials from the comfort of their home or those who don’t have the time.

That’s why, with these self-paced, affordable courses, one can easily complete a certification course in less than a year. These programs are very convenient, allowing you to work around your schedule while getting the proper credentials for it.

Is Medical Billing and Coding Worth It?

For many, pursuing a career in medical billing and coding is a worthwhile investment. The salary potential, job stability, and opportunity for growth – all things make this field and profession appealing. Yes, while the salary factor may not be up to par with those of doctors or nurses, the opportunity to earn without much experience or years of studies compensates for it.

Plus, this is an option that’s in constant need skilled professionals to manage billing, coding, and insurance claims — and, as we’ve discussed above, the demand for these professionals is only expected to increase.

Conclusion

Seeing the medical billing and coding salary aspect, it can be said that it offers exciting opportunities for those willing to invest in their education and professional growth.

And one can confidently say that whether you're just starting out or looking to level up your career, this field offers quite a lot – competitive salaries, job stability, and increasing demand of such skilled individuals.

And if you’re ready to make the switch or begin your career, Quick Health Certified can provide affordable, online healthcare-related courses designed to equip you with the thorough knowledge to understand the world of medical billing and coding and enjoy a fulfilling, well-compensated career.

So, what have you to say? Does this seem like the ideal profession to you?

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