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Medical Billing and Coding: The State of the Industry

Submitted by Meditec on Tue, 03/13/2018 - 17:53
Medical Billing and Coding: The State of the Industry

The medical billing and coding field is well on its way to becoming a billion dollar industry, and it is not difficult to see why. Professional coders and medical billers are in high demand in hospitals and other medical facilities because their job is to translate complex medical records into standardized and understandable codes. These are used to bill patients and insurance agencies accurately. Medical coders are responsible for examining doctor reports regarding checkups and procedures, and then translate it into code. After the codes are determined, the medical biller creates legal and accurate bills for the medical facility (clinics, hospitals, insurance agencies, coding outsourcing agencies) they work for, and send them to payers or insurance agencies. They are also responsible for collecting payment from patients, determining their medical history, and transcribing it into shorthand that can be understood by the necessary parties. In other words, these professionals play a crucial role as connections between insurance companies / healthcare providers and patients which gives them an established career path. As such, today’s medical billers and coders can make up to $40,000 a year with the potential to increase those earnings with additional training and industry certifications. The Growth of the Medical Billing and Coding Industry According to the US Department of Labor, the medical coding and billing industry is set to increase by up to 20% in the next 2 years. As veteran coders and billers retire or leave their positions, they will leave behind vacancies that can be filled with new employees. The need for medical coding skills will remain since it is sustained by an aging population. That triggers an increase in the number of medical tests, treatments, and necessary procedures. In addition, the lack of experienced coders and transition to ICD-10 codes has increased demand as well. There is a serious lack of quality coders in the field who:

  • Are capable of recording patient records accurately
  • Understand them well enough to determine relevant codes
  • Can manage electronic healthcare records accurately and responsibly
  • Have taken Meditec medical coding courses

Individuals who want to benefit from a lucrative career in medical billing and coding need to acquire appropriate training and certification first. The amount medical information specialists can earn in the next couple of years is expected to increase by 22% which is faster than the wages offered in other professions. By acquiring a certification today, you can benefit from those earnings and enhance your resume for better career opportunities in the future. As the current population grows older by the day, the future for medical coders and billers is only bright from here on out. 390-hour Meditec Medical Billing and Coding Program By enrolling in Meditec’s 390-hour Medical Billing and Coding course, you can prepare for your license certification exam without attending a classroom. By clearing the course, you can be eligible for a position in private healthcare facilities, government facilities, insurance agencies, and other relevant occupations. Since the program is conducted online, you can prepare for the exam at your own pace, according to your schedule, and take the exam when you can. Meditec is partnered with the NHA which makes it a viable training source for authentic and state-accepted certifications in this field. The course covers the following topics:

  • Medical chart and specialty coding
  • Understanding of basic medical jargon
  • Understanding claim submissions
  • Advanced coding for special cases
  • ICD-9 / 10 and CPT coding.

The medical billing and coding training program from Meditec is ideal for anyone who wants to train under industry experts. The course is updated as new trends and practices are introduced in the fields and it is also affordable. In case you cannot afford the program, you can take advantage of Meditec’s scholarship program and payment plans. Military spouses who want to train as medical billers and coders can benefit from the MyCAA program for financial assistance. The need for medical billers and coders is increasing at a rapid pace but there is a dearth of qualified professionals in the field. Meditec’s training program can help you get your coding credentials, and start a career that not only pays well, but it:

  • Provides job security in the growing healthcare field
  • Provides the opportunity to work in a variety of work environments such as nursing facilities, hospitals, physician offices, and more.