Home » Medical Billing Salary

Medical Billing Salary

While you should endeavor to choose a career doing work you love, the amount of money you make will usually factor into your decision. After all, you can’t exactly enjoy your work if you are constantly struggling to make ends meet. As a medical biller or medical coder, you will have the opportunity to do interesting work while still earning a decent wage.

The Bureau of Labor Statistics includes medical billers and medical coders in the medical records and health information technician category. In 2010, the average yearly income earned by people in this profession was $32,350. The upper and lower 10% earned $24,290 and $50,060 respectively. The amount you can expect to earn will depend on a number of factors including your level of education, the amount of experience you have, where you live, if you work fulltime or part-time, and who you work for.

In general, the more education you have the more you will earn. It is no secret that people who earn an associate’s degree make more money than people who only obtain a high school diploma (or GED). People that go on to earn a bachelor’s degree make even more. In fact, a person with a bachelor’s degree earns $11,000 to $15,000 more per year on average and will make close to $1 million more in their lifetimes than people without bachelor’s degrees.

Your location will also affect how much you are paid. People that live in places where the cost of living is high tend to earn more money. For example, medical billers and coders working in New York City averaged $39,009 per year while people in Huntsville, Alabama earned an average of $32,089 annually. You are also likely to make more money working for a physician’s office than you would at a hospital, even though hospitals hire more medical billers and coders than any other employer.

Besides the amount of money you take home each month, there are other things an employer may offer which will be considered as part of your salary. Medical insurance, paid and unpaid time off, bonuses for good work, and extra pay for holiday or overtime work may also be part of your compensation package. While one company may not pay as much as another, they may offer non-monetary perks that are more attractive. When comparing multiple job offers, it is good to compare the entire compensation package and choose the one that best fits your needs and desires.

The good news about the medical billing and coding industry is that people who enter it will enjoy a certain amount of job security. The Bureau of Labor Statistics predicts job opportunities in this industry will grow 21% by 2020. This is not surprising considering people are getting older and require more medical attention to maintain their health. The procedures they undergo need to be processed, billed, and paid. It is only natural that the need for trained people to so this work will also increase. To enter this great career, look for a high-quality school that offers an accredited medical billing and coding program.