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Medical Billing and Coding Industry

Candice Markham October 22, 2013 Comments Off on Medical Billing and Coding Industry
Medical Billing and Coding Industry

Being a medical coder or biller is a good profession as they are one of the fastest growing careers in the medical records and healthcare information management industry. They are fit for those interested in working with numbers, challenges, puzzles, talking and following up on a phone and working in an office (they are usually hired in hospitals, medical facilities and physician’s/doctor’s offices).

Medical institutions require employees who are organized in submitting claims to insurance companies and ensuring that the institution is up to date with the latest healthcare regulations. They also require workers who are professional with codes such as the International Classification of Diseases* (ICD) and Current Procedural Terminology (CPT). These are the codes being used in medical facilities in encoding all services performed on a patient. In May 2010, the median wage for this industry is about $15.55 an hour or more than $32,000 per year.

*Currently, the current coding standard is ICD-9. ICD-10 has been postponed till October of 2014.

According to the Bureau of Labor Statistics, “Employment of medical records and health information technicians is expected to increase by 21 percent from 2010 to 2020, faster than the average for all occupations. The demand for health services is expected to increase as the population ages. An aging population will need more medical tests, treatments, and procedures. This will also mean more claims for reimbursement from private and public insurance. Additional records, coupled with widespread use of electronic health records by all types of healthcare providers, should lead to an increased need for technicians to organize and manage the associated information in all areas of the healthcare industry.

Many employers require a training or professional certification for applicants in this field. If you are considering the career, finding programs to get your training is not difficult. Nowadays, there are a lot of places where you can get the training you require. If you cannot locate a nearby school or training center offering this training, you can always go online as there are now a lot of providers of this training.

Meditec is one of the websites you can check for different medical billing and coding training packages. They have designed packages that will fit your needs and offers tuition options and are partnered with programs such as MYCAA program to help you financially. Their training program will provide you the right training and education to make you highly competent for this field.

Now you have an idea about the industry, all that’s left is for you to start your training. But do remember that in any kind of professional industry, without hard work and dedication, you will not find success.

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