Medical Billing and Coding Salary Structure: Average Salary Scale Update

Filed in Articles, Medical Billing and Coding, Opportunities by on December 10, 2020 0 Comments

Medical billing and coding is a fast-growing and highly rewarding career that will provide graduates who have a solid grasp of technology and a deep understanding of computer software with good job prospects and a living salary.

According to the U.S. Bureau of Labor Statistics (BLS), employment in medical records and health information is expected to increase by 13% by 2026, nearly double the expected growth rate of 7% for all professions. This impressive growth rate is just one of the many reasons to become a medical biller or coder.

Medical Billing and Coding Salary: How Much Do Medical Billers and Coders Earn?

According to the 2019 Occupational Employment Statistics from the U.S. Bureau of Labor Statistics (BLS), average salaries for health information technicians, which includes medical billing and coding specialists range from $27,820 to $71,150, with the average annual salary of these specialists being $46,590.

It’s important to note that it’s not just credentials that affect the potential of the medical billing and coding salary. Location is vital, as coders who live in areas of the country with higher costs of living tend to earn more, as do coders who work in urban areas as opposed to suburban or rural areas. Years of experience and type of employer also play a role in determining wages.

Medical Billing and Coding Salary by Industry

The table below provides detailed data on the average salaries of medical billers and coders by industry, published by the Bureau of Labor Statistics (BLS) under the general category “Medical Records and Health Information Technicians”.

Top Industries for Medical Records and Health Information Technicians
IndustryEmployment
Professional, scientific, and technical services$41,600
Hospitals; state, local, and private$40,510
Administrative and support services$38,540
Nursing Care Facilities$35,910
Offices of physicians$33,030

Below, we’ve listed the median annual salary for specific job titles within the medical billing and coding profession, as collected by PayScale.

  • Medical billing clerk: $33,355
  • Medical billing/coding supervisor: $58,979
  • Medical office manager: $48,223
  • Medical billing manager: $50,902
  • Medical technologist: $53,573
  • Certified medical billing/coding supervisor: $55,544
  • Medical coding auditor: $57,451

Job Growth and Future Prospects

The medical billing and coding profession is expected to experience substantial employment growth due to the anticipated overall need for healthcare professionals. Employment is expected to grow at a strong rate of 8% through 2029, far outpacing the average for all occupations, which is just 4%, says the BLS.

As the demand for health care services increases, the need for medical billers and coders will increase. These professionals assign codes to each diagnosis and procedure and manage reimbursement in doctors’ offices, hospitals, pharmaceutical companies and other healthcare facilities.

BLS believes that job growth for health information technicians and medical record specialists will be driven by the growing use of electronic health records and the need for specialized knowledge to manage such data. Those with an in-depth knowledge of health information systems will have an advantage when looking for jobs with promising positions in all types of high-tech health record tracking and billing systems.

How You Can Make More Money in Medical Billing and Coding

Looking to maximize your potential salary? Pay attention to the following factors to see how you can position yourself for a higher salary range for medical bills and coding jobs.

  • Education: Medical coding and billing salaries differ based on education. Higher degrees typically correspond with higher salaries.
  • Certifications: Obtaining one or more coding certifications or coding credentials may make a significant difference as well. Medical coders who specialize as a Certified Professional Medical Auditor, Certified Physician Practice Manager or have another certification could earn more per year.
  • Type of employer: Some types of employers also pay more than others. According to the BLS, junior colleges pay $91,900 per year, while insurance carriers pay $53,530 per year. Seeking an employer that offers higher salary ranges can benefit your bottom line.
  • Years of experience: Simply building more years of experience can also help increase your income. With an additional year of experience, medical coding salaries can increase.

Best Employers for Medical Billing and Coding

  • CoreMedical Group: This staffing agency has received an average employee rating of 4 out of 5 stars on Indeed.com. The agency specializes in connecting healthcare professionals nationwide with permanent, contract, or travel-based work.
  • PrideStaff: Pridestaff matches candidates with employers across multiple industries, including customer service, healthcare, and finance. In 2014, this major national recruitment agency earned the Inavero Best of Staffing Diamond Award for achieving the highest client and talent service quality scores for five consecutive years.
  • IMS Health/Appature: Appature, a healthcare software company, often recruits client service representatives with medical billing and coding expertise. The company was acquired by IMS Health in 2013 and is one of the largest and most successful firms of its kind.
  • Emerus: This Texas-based emergency health services company performs 24/7 inpatient assistance for two hospitals in the Houston area.
  • XIFIN: This San Diego-based medical software company provides healthcare organizations with billing and business intelligence services and solutions. They specialize in cloud technology and provide a comprehensive digital consultation forum for its clients.
  • Med-Care Diabetic and Medical Supplies: This pharmacy and medical supply retailer operates as a provider for Medicare and Medicaid, necessitating employees who are familiar with the unique billing and coding requirements of these plans.
  • Kareo: This California-based medical software company provides over 20,000 healthcare organizations with electronic health record and billing services. They offer cloud-based solutions, ICD-10 transition systems and practice management resources.

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