In all previous posts, and throughout this website, I’ve obviously said a lot about medical billing and described basic concepts. If you recall, I had blogs with 2 parts that were outlining basic concepts for everyone to understand (feel free to revisit ) and for everyone to use in their daily healthcare related occupations.
I understand that many of you, probably have some extra questions and concepts you would like me to talk about, in which case let us know. I also know though that some of you reading my posts (thank you) are considering maybe joining this fascinating field of medical billing. I am sure you have seen a bunch of amazing Youtube videos that include the pros and cons of this occupation. So what I want to do with this post, is really give you a basic understanding of what to expect as a medical billing professional. For all you currently working in this field, please bare with me – I’m trying to make sure my posts appeal to everyone and all readers.
Your first question would probably be: how well does it pay? Will I be able to live comfortably? Based on latest statistical results and job growth researches, the average salary for a medical billing professional is $40,000/year. And within the next 20 years, 40,000 new jobs are expected to be created. Keep in mind more and more practices and healthcare clinics are in need of such services as technology progresses. So I hope this piece of information covers the financial aspect of the industry. By the way, I read a statistical report on medical practices and hospitals, and it is said that nation wide over 50% of clinics are in need of medical billing professionals. In other words, over 50% of these clinics and hospitals are offering you a job.
“How do I become a medical billing professional?” As in most occupations that require a skill, there are schools and courses you can take to prepare for final medical billing exams. Luckily in today’s age there are many good online courses and virtual classes available, that you can attend and prepare for the big final exams. I’m not going to be directing you towards one specific course, as I don’t want to appear promotional here – I don’t have such intentions. I can say though that there is definitely some great material available out there, and at a very reasonable cost.
So, what will be your job? Well as a medical coder the primary thing you will be focusing and working on will be assigning standardized codes to medical services such as procedures, tests and treatments. Then what a medical billing professional will do, is use that coding previously created by the coder to collect payments from insurance companies and individual patients. If you are reading all this and wondering if it will be fulfilling, let me tell you one thing: practices can’t stay afloat without revenue and income coming in. Guess what: you are the one in charge of making sure that process runs smoothly. In other words, because of your work and dedication, a medical practice or healthcare clinic will be able to progress and keep on treating patients. So you are a vital part of a healthcare clinic – you are the one oiling the machines of the business. Also, medical billing is an amazing field to work in, as you can be within a healthcare setup, without necessarily needing to deal with uncomfortable things such as blood and needles.
If you are wondering about the opportunities to expand and grow as a professional, rest assured that since economics will basically be the core of your job, gaining more experience and knowledge will help you get higher management positions. Medical billing is more about financial management. So if you are progressing well in your job, and you are a shinning star, know that some point in the future you will be appointed a higher – better compensated and needed position.
That’s all I have for you today. I just wanted to maybe provide some inspiration for people hanging on that fence, hesitating to make the move. Being in this business for some quite time, I can tell you (and my colleagues would agree) that there isn’t a more rewarding and satisfying job. As I mentioned before: you get to be in healthcare, without needing to deal with messy things such as blood. Best of luck, and keep us posted on anything you are trying to achieve!