If you are interested of entering the field of medical billing, salary might be one of the deciding factors that will help you make your decision.
According to the 2012 wage data report released by the U.S. Bureau of Labor Statistics, the national median medical billing salary is listed at a little over $34,000, or $16.42 hourly. Something else that is very encouraging for those thinking about entering in this profession is that these wage numbers that the entry-level medical billing wages have also increased by roughly 5% per year since 2010.
In this article, we will be looking at some of the factors that can help influence your real medical billing salary. We will also look at a few strategies that you can possibly use to help maximize your earning potential.
Factors Contributing to Medical Billing Salary
Your actual medical billing salary can be influenced by a number of different factors. Some of these include location, certifications, experience and the type of employer you have. Below we will break these down to give you a better idea of each of these factors.
You will find that most medical billers work offsite, so the factor of location discussed here does not necessarily mean the physical location of the healthcare offices one is employed. The idea of location for your salary is more about where you reside and the cost of living of your area. So while the actual salary for you job may be on par with the median salary for the nation, your cost of living will help determine your realized salary.
Outside of the main certification such as the Certified Professional Biller (CPB), you will find other certifications that can help you improve your salary and employment opportunities.
As you earn different credentials you can find yourself in specialty niche areas that are in greater demand or more opportunities with employers looking for more well-rounded billers. Plus, by earning more certifications you will be showing employers you are serious about your job which might mean larger merit raises to keep you working there.
As you might expect, the more experience you have the higher salary you can expect. By having more years at your positions, you will gain a certain amount of knowledge and skill that can not be trained in any classroom. Not only can this bump in salary be a result of yearly cost of living or merit raises but also from leveraging your experience to higher paying employers. Plus as you gain experience and seniority, there is a chance of gaining a promotion which may bring a higher salary too.
Type of Employer
Believe it or not, even the type of employer can affect your actual salary as a medical biller. The biggest employer for medical billers and coders is hospitals, with physicians’ offices not falling that far behind. The difference between these two environments on the annual median wage is significant. However, the highest salary seems to be in the area with the least amount of jobs which are specialty hospitals. Below is a chart that will give you an indication of main environments a medical billing person can work and what their median salary is.
Medical Billing Outlook
On top of the strong wages listed above, the overall number of medical billing positions is projected to grow faster than the national average for all occupations. The projected growth for both medical billers and coders is 21% – meaning that almost 74,000 new jobs will be created through 2020. As the population continues to age it isn’t unreasonable to think that the high demand for medical billing specialists will continue to grow after 2020.
This chart will show the projected outlook of medical billers as compared to other occupations.MBCC Admin