The medical billing and coding job market is anticipated to increase by 15% from now to 2024. That is because it is an essential job that can be completed even as a telecommuting career.
However, if you want to start this career there are a few things you need to consider like the education and skills that are required.
Read on to find out what this job entails.
What is Medical Billing and Coding?
Medical billing and coding are two different tasks that are combined into one job. They go hand-in-hand since both jobs work with patient records. They also ensure that data is collected and sent to insurance companies. This allows healthcare providers to get paid for their services.
Let’s go over each separately.
The healthcare industry is complex as it deals with various diagnoses, patients, and treatment options. Someone is needed to handle all of these different records to process payments.
A medical billing expert uses this data to submit claims to insurance companies and send invoices to patients. Reimbursements are also monitored by a medical biller. They then follow up on claims according to the date filed.
As mentioned above, billing and coding go together. Since many healthcare records are diverse, they need a common language. A coder, therefore, transcribes the records into a code that any insurance agent can interpret.
The codes are used to determine insurance eligibility and provide the proper reimbursement per insurance claim.
This job is essential to make the process of payment run smoothly. It is also a large responsibility to view and keep sensitive patient records.
A career in medicine always requires specific training and this one is no exception. There are three levels of education that you can acquire, including:
- Certificate: These programs are short (under a year) and cover basic medical terminology, common treatments and procedures descriptions, and ICD-10 codes. it will also provide medical record software training.
- Associate’s Degree: This 2-year program includes medical billing and coding classes like a certificate program but with more standardized content. It will increase your chances of getting hired since it shows companies that you’ve completed a comprehensive degree.
- Bachelor’s Degree: A 4-year degree is the highest level of training a medical biller and coder may receive. The degree could be a bachelor’s in medical administration, health information management, or just medical billing and coding. All of these will include more in-debt courses in medical compliance, information analysis, and other health policies.
Just like with most medical careers, the more education you acquire the more job opportunities and higher pay you will receive.
Getting Started With Your Career
Medical billing and coding is a thriving career with many educational levels. You can start with the basics and then increase your education as you gain experience.
Be sure to check our local job fair listings for opportunities in this field.