Medical procedures and hospital stays are becoming more complex by the day. This has put tremendous pressure on healthcare facilities to hire more billing & coding specialists. The increased demand has pushed 2022 salaries to an all-time high!
Akaska leads the pack when it comes to salaries for certified billing & coding specialists. Pay in the two largest cities, Anchorage and Fairbanks, is now between $57,883 and $71,870.
West Virginia is at the bottom when it comes to pay. billers & coders average $41,650. The southern US has the lowest average pay.
But location alone doesn't tell the whole story. Many experienced billing and coding specialists were able to work from home. The Pandemic changed all of that. Work-from-home options are now common.
Usually, the larger the company, the more likely that workers are able to work remotely. Some hospitals still have billing specialists work in-house, but that is quickly changing.
According to The American Association of Professional Coders (AAPC), a survey conducted indicated that medical billing and coding salaries increased in 2022, despite a challenging economy. The online survey included responses from more than 10,000 professionals in the United States.
Level of work experience is always a factor, when it comes to compensation. It goes without saying that the more work experience you possess, the higher the salary you can command.
When work experience pertains directly to the field you are in or for the position you are applying, it is almost certain that pay raises will be easy to attain. Sometimes this can be done by staying with the same company, particularly when the business values its employees and understands that in order to retain great staff, they must acknowledge hard work and experience with appropriate pay increases.
However, when the budget of a company does not allow for the kinds of increases that meet what the market will bear for certain levels of work experience, it may be time to consider other employment options. To protect yourself, always keep tabs on the skills you gain through experience and update your resume regularly so it is always ready.
In addition, according to The American Association of Professional Coders (AAPC), medical billing and coding salary increases typically become very marginal after 15 plus years of experience, unless aided by a higher degree.
In business environments, the education level of employees is definitely a determining factor when it comes to pay rates. Those with higher education levels are usually able to command higher salaries. To increase your earning potential, consider courses and degrees that continue your education. Always stay current on your profession’s latest developments.
Most individuals at entry level positions in medical billing and coding generally possess an associates degree. The lowest medical billing and coding salary reported by the AAPC was $27,500. However, additional education can provide salary negotiation leverage, while making your resume far more appealing.
The AAPC 2022 survey indicated that some medical billing coders at partial high school levels with credentials have achieved similar salaries to those who are non-credentialed, with associate’s degrees. Staff with some high school generally earned a median salary of $49,167, while professionals with a two year degree earned an average salary of $74,205.
To better achieve a salary increase, attend seminars and networking events to keep your pulse on the latest technology, which certainly is a factor in determining medical billing and coding salaries. Learn new skills like how to use special computer and software programs.
There are a variety of credentials for medical billers and coders, each pertaining to certain specializations and expertise. Obtaining the following credentials can increase medical billing and coding salaries significantly, according to the AAPC:
The medical billing and coder salaries increase in 2022 particularly involved credentialed medical coders, as follows:
This means that it is well worth any person in the profession to attain accreditation and expand upon it as much as possible.
Medical coders and billers are often more than medical office assistants. Generally, these professionals serve as consultants, earning almost double to that of what office staff earn. Exact job definitions could have a large impact on your overall salary. For example, office staff are reported to earn from $42,944 to $49,103. On the highest end, medical billing and coding consultants earned from $78,636 to $88,026 yearly.
A medical billing and coding salary can differ greatly, according to the workplace setting – including small private practices, long term facilities and large hospitals. On the low end, home health care salaries ranged from $54,167 to $57,965, while those who worked in payer environments earned $68,750 to $74,100 annually.