Medical Billing and Coding Salary…How Much Can You Expect to Make?

Medical Billing and Coding is part of an industry that is on the rise. There is projected growth in the health field, especially with the flexibility of work environments and the short-term programs that are available for medical billing and coding specialists.

According to the Bureau of Labor Statistics, this service will enjoy an expected job increase in by at least 18 percent by the year 2016. Along with the projected job increase, this field is expected to continue to rise in pay as well.

Medical Billing and Coding Salary

Medical billing and coding salaries currently vary depending on how much experience each specialist has. The more work experience and consistent, reliability that a medical billing and coding specialist has results in a higher salary than someone fresh out of school, just entering the field.

So, what is the current rate of pay for a medical billing and coding specialist? According to the Bureau of Labor Statistics, most average medical billing and coding specialists, earn between $22,000 and $36,000 per year. The more experienced medical billing and coding specialists can earn anywhere between $45,000 and $70,000 per year. These figures should prove to be a nice incentive to continue to be dependable, professional, and diligent once you enter the field.

How to Command the Highest Rate of Pay

A medical billing and coding salary can also increase or decrease depending on the work environment the medical billing and coding specialist works in. For example, if you are employed in a physician’s office, more than likely your salary will be less than a medical billing and coding specialist that works within a hospital or at an insurance company. Larger facilities tend to pay higher medical billing and coding salaries than individual practices as a general rule.  Also, the medical billing and coding salaries for hospitals and insurance companies are generally higher because most of these types of employers hire medical billing and coding specialists with a few years of experience under their belt.

So, with that in mind, a physician’s office or private practice may be your first stop right out of school. After gaining some work experience, you may plan to move on to a hospital or larger facility. But in order to command the highest possible rate of pay you are going to eventually have to work for yourself. Freelancing for several companies at once, or opening your own business and overseeing several medical billing and coding specialists will take you from a modest income to the $50 – $70,000 range.

Other Factors that Affect Medical Billing and Coding Salaries

A medical billing and coding salary also varies depending on where the specialist lives. For example, larger, more populated metropolitan areas such as Boston, Massachusetts; Houston, Texas; New York City, New York; and Chicago, Illinois; have a higher cost of living and higher minimum wage that many other cities in the United States. Medical billing and coding specialists that live in these particular areas are going to have a significantly higher salary than specialist that live in smaller metropolitan areas, suburban towns, and rural areas; unless, of course, you work for yourself.

Armed with this information, you’ll be able to write out a 5-10 year career plan for yourself once your training is complete. As you can see, the future is bright for medical billing and coding specialists.

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