What Is the Average Salary of a Medical Billing Specialist?
Are you skilled with computers and interested in working in a medical setting? You might want to start a career as a medical billing specialist. Average salaries in this field can depend on the place that you work, your experience and certification status. To learn more about what you can earn as a medical billing specialist, read on. Schools offering Insurance Billing & Coding Specialist degrees can also be found in these popular choices.
Medical Billing Specialist Salary Overview
A medical billing specialist (also called a medical coder or medical records technician) organizes a patient's medical procedures into a special code that can be used for billing and hospital reimbursements. With the growing complexity of health insurance policies and government health programs, medical billing specialists will be in growing need. The U.S. Bureau of Labor Statistics (BLS) listed the mean salary for all types of medical records and health information technicians at $33,880 per year as of May 2009 (www.bls.gov). The income you can make as a medical billing specialist can be affected by your place of work, your experience and your certification.
Income Based on Employer
According to the BLS, the majority of medical records and health information technicians worked at hospitals and physicians' offices. Hospitals paid a higher-than-average yearly wage of $35,870 as of May 2009, while physicians' offices paid a lower annual salary of $28,460 as of May 2009, reported the BLS. The field that offered the most competitive average salary for medical records and health information technicians was the pharmaceutical and medicine manufacturing industry, which paid professionals a mean income of $61,210 per year as of May 2009, based on BLS figures.
Income Based on Experience
If you're wondering how your experience level will influence your salary, PayScale.com reported that medical billing specialists with less than one year of experience earned a middle-half salary range of $24,740-$34,996 per year as of May 2011, while the middle half of workers with 1-4 years of work experience made $26,348-$36,560 as of May 2011. Those with 5-9 years of medical billing experience earned a median annual salary range of $28,848-$37,454 as of May 2011, while half of medical billing specialists with 10-19 years of experience made a wage ranging between $30,525 and $40,885 as of the same time frame, reported PayScale.com.
Income Based on Certification
A medical billing specialist job usually requires you to earn an associate's degree, according to the BLS. If you also earn a certification, you might be able to increase your salary. PayScale.com reported that the middle 50% of those with a medical billing and coding certification earned $25,070-$40,695 as of May 2011.
Those who earned their credential as a Certified Professional Coder (CPC) made a middle-half salary range of $28,924-$44,785 as of May 2011, according to PayScale.com. If you wish to become a CPC, the American Academy of Professional Coders reported that you must typically hold two years of medical coding experience, pass a comprehensive exam, complete continuing education courses and renew your membership each year (www.aapc.com).
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