The most important of these factors are:
- Having a nationally accredited certification like CPC from AAPC or CCS-P from AHIMA, both of which are valuable credentials in the health care industry.
- Work experience as a medical coding specialist, either in a hospital, medical center, urgent care or private practice. Private practice implies a doctor or physician's medical office where you analyze medical history, catalog records & medical tests and assign diagnosis codes for the use of health insurance companies.
For some experienced coders, the average annual salary can go as high as $62,000 a year, but it is rare. According to US labor statistics, most entry-level medical billing jobs pay a salary of $35,000 a year, while healthcare professionals in senior coding & billing positions get an average of $43,000-$44,000 a year.
- This range has been consistent in the past 5 years and is likely to hold up (due to increased spending and focus on healthcare jobs) between the years of 2012 through 2018. This includes the transition period from ICD-9 to ICD-10 in 2014 as well.
- The salary you get also depends on your location, the economy, and the nature of any coding jobs you may be experienced in. For the same position, a coding job in a larger city will attract a higher salary than one in a smaller city.
- For example, a certified medical coder working for healthcare facilities in New York, Los Angeles or even San Diego earns around $22-30 per hour, while for the same position, a person in Bloomington, Cleveland or Northern Colorado may get $16 an hour. This is primarily because of significantly better scope for health care professionals in large metropolitan cities that have a higher concentration of hospitals, health care providers and urgent care centers.
But remember that, as a career option, medical coding and billing graduates draw comparatively higher salaries even at the entry level, than those in other healthcare companies. You also don't need extensive medical coding training and are able to start working earlier.
This means, if you have completed high school or have an Associate degree, then you can look forward to a rewarding career in the field.
But to make all of this happen, you need to be certified and it certainly helps if you have some prior experience in the healthcare industry (like a medical billing company, hospital management or medical practice management) or knowledge of current procedural terminology and healthcare reimbursement.
While you are free to choose from online schools to community college for your certification or degree, the quickest way to get a higher medical coding and billing salary is to have credentials from organizations like the American Academy of Certified Professionals (AAPC) or American Health Information Management Association (AHIMA).
The certification exam of AAPC is called Certified Professional Coder (CPC) while that of AHIMA is called the Certified Coding Specialist-Physician (CCS-P).
Most US employers want to see proof of passing at least one of these exams on your resume. This is as important for advancing in this field as it is about getting a job in the first place.
From the viewpoint of salary, a candidate with a CPC or CCS-P usually gets around $7,000 more per year than one without. That's at least 16% higher income than non-certified billers and coders.
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