The medical billing and coding salary will be based on whether an individual has completed a certificate or degree program, their years of experience in the field and their place of employment. Often, a professional’s geographic location will also be a factor in their medical billing and coding salary, as some states, such as Colorado and California, can offer a higher salary, while states such as Utah and Arkansas offer the lower salary for this field.
Why Education Path can lead to the Highest Medical Billing and Coding Salary
Knowing what to expect from the average medical billing and coding salary can help an individual to plan their career and achieve professional goals. The education level among professionals in this field will vary widely, as will the salaries. It’s worth noting that the annual salaries for medical coders that are credentialed, are higher than those of their non-credentialed counterparts. According to statistics, professionals in this field that do not have certification will earn an average annual salary of $34,000, while individuals that have the proper certification will earn an average medical coder salary of $44,000 annually.
In addition, the earning potential will improve dramatically for medical coders that have the four year bachelor’s degree. The certified coder that has this degree can earn an average salary of $50,000. The coder that has a bachelor’s degree but is not certified will have an average annual income of $46,000. With this in mind, it’s clear that the best combination for this type of professional is a degree in addition with the proper certification credential. Both the bachelor’s degree and certification will lead to the highest possible salary for the medical billing and coding specialist.
How Experience and geographic Location can affect your Medical Coding Salary
Experience can also be one of the biggest decisive factors when it comes to determining the medical coding salary. The junior coder that’s credentialed and has one year of experience can expect to earn an average salary of $32,000, according to statistics. The coder that’s uncertified and has the same amount of field experience can expect to earn an average annual salary of around $30,000. However, once a professional has gained six years of field experience, their salary can increase significantly to $40,000. Usually, the more experience an individual has, the higher their salary potential becomes. Positions that require a higher education and an extensive amount of experience include that of supervisory or management positions, which often lead to an annual salary of $62,000 a year.
When making a career as a medical coder, you’ll need to consider the impact your place of employment and the size of the facility will have on your annual salary. According to statistics, a coder with certification that works in a smaller medical facility can expect an average salary of $40,000 a year. Coders that are employed by a larger firm can anticipate an average salary of around $44,000.
The BLS shows coders were primarily employed at more surgical and medical hospitals than any other type of facility. Private practices came in second for employing billing specialists. At a private practice, the coder is paid an hourly wage of around $13, with an annual salary of around $30,000. The third ranking place of employment was found through nursing care facilities. This place of employment paid an hourly rate of $16 and an annual salary of $32,000 to $34,000.
The earning potential for this position as a billing specialist is also tired directly to the location of the place of employment. If a high paying salary is a priority for you, then you, then you’ll want to consider working and living in Texas, which is one of the highest paying states for coders that have certification. North Carolina and Illinois are other states that feature a higher than average annual salary for this profession. If you are uncertified, consider cities such as Atlanta and Houston as potential places to being your career. Both of these cities feature a higher hourly wage.
By doing some research and examining the wage potential that’s related to geographic location, place of employment and type of facility, you can chart the course for your career as a medical billing specialist that will experience the best earning opportunities.
Medical Billing Salary: The Common Education Path
While we all know the level of education will definitely affect your medical billing salary and the bachelor’s degree program will provide you with the best opportunities for a higher salary, the majority of professionals in this field will choose to enroll in a short certificate program. Often, individuals that have completed a certificate program will begin working in the field immediately after graduation and will continue to further their education by enrolling in an associate’s degree or bachelor’s degree program on a part-time basis, while being employed full time as a medical coder.