While money isn’t everything, arming yourself with wage data can help you plan your career as a medical billing and coding specialist and best achieve your professional goals. Educational levels amongst professional medical billing and coding specialists vary widely, and so do salaries. It is worth noting that income levels for credentialed medical coding specialists are higher than those of their non-credentialed counterparts, according to the American Academy of Professional Coders’ (AAPC) 2010 Salary Survey. Medical billing and coding professionals without certification earned an average salary of $37, 746, while those with proper certifications earned an average of $45,404 annually.
In addition, earning power improves dramatically for those holding a bachelor’s degree. The certified professional with a bachelor’s degree earned an average annual salary of $51,389 in 2010. The non-certified professional with the same degree earned $47,421. With this is mind, it is clear that the best possible combination for a medical billing and coding professional is a degree along with proper certification. Both in conjunction will lead to the highest possible salaries.
Experience Counts
Experience is also a decisive factor in wage compensation for medical billing and coding specialists. The credentialed junior coder with one year of experience earned an average of $34,551, according to the AAPC survey. The non-certified coder with the same experience level earned $30,175 on average. However, once professionals gained seven years of experience in the field, their salaries increased significantly to $41,931 and $41,875 respectively. Typically, the more experience a professional has, the higher the salary. In positions that require more education and experience, medical billing and coding professionals can make up to $60, 207 a year.
Where You Work Matters
When carving a career path as a medical billing and coding specialist, consider the impact of work environment and size on your future wages. According to AAPC, a certified coder working at a small organization earned $42,043 on average in 2010. Those employed by larger firms earned an average annual income of $45,480.
The U.S. Bureau of Labor Statistics’ Occupational Employment and Wage Report for 2010 showed more medical records and health information technicians, including coders, worked at general medical and surgical hospitals than at any other type of site. Physicians’ offices ranked second in the number of medical records and health information technicians employed. Physicians’ offices paid a mean hourly wage of $13.96 and an annual mean wage of $29,030. Nursing care facilities ranked third in employing the workers. They reportedly paid a mean hourly rate of $16.05 and a mean annual wage of $33,380. Salaries are therefore affected by the type of office in which coders choose to work.
Geography and Earning Potential
Your earning potential as a medical billing and coding specialist is also directly tied to your geographic location. If top pay is your priority, consider living and working in San Antonio, Texas, which has one of the highest pay ranges for certified medical coders, according to Payscale.com. Chicago, Ill. and Asheville, N.C. are other locations with high average hourly rates. If you are not certified, consider Houston and Atlanta as potential places to start your career. Both have high hourly rates, according to Payscale.com.
By examining wage levels related to education, the type of workplace, and geographic location, you can chart a career course as a medical billing and coding specialist rich with opportunities to realize your aspirations.
About our expert. Jan Jacobs has worked in medical offices since the early 1980's. Ms. Jacobs has worked for M.D.'s and D.O.'s in primary care and specialty care. She is employed as a senior medical biller and has been at her current job for nearly 10 years, where she uses three different billing systems.
