What is Your Earning Potential in Medical Billing?

Medical billing is an fantastic career field to consider if you’re interested in healthcare, information technology and finance. Since it’s essentially a culmination of the three areas, it requires a diverse skill-set that will enable you to maximize your earning potential. In this field, you’ll be responsible for taking patient information and entering it into a payment system so insurance companies, state health programs, or patients can be billed the proper amounts. It’s an incredibly important part to the healthcare system and the value of these people cannot be overstated. Medical billing staff members also follow up as needed or research rejected claims with the help of medical coding staff. Often, students train to work as both in medical billing and in medical coding, since these jobs are so closely related. Additionally, it will give you more options in terms of a job. In any case, let’s take a look at what you can expect to earn in this field.

Average Medical Billing Salary

Medical billing is part of a larger field called medical records and health information technology. According to research by the Bureau of Labor Statistics, technicians in this field (including medical billing professionals) earn an average of just over $35,000 annually. This is a relatively high salary, considering medical billing only requires about two years of education to get started. You can also go on to get a bachelor’s degree or a master’s degree, which will allow you to make even more money. Many times, by attaining your associates and working in medical billing, you may be able to have an employer cover the costs of a bachelors or even masters degree for you. The top ten percent in this field earn an average of $53,430 annually, and you can also use this as a stepping stone to a higher-level career in health informaticsĀ  or even healthcare administration, where you have the ability to earn a six-figure salary.

Other Factors that Affect Medical Billing Salary

Want to make more money as a medical billing professional? It’s definitely realistic. Understanding what it takes is sometimes all that is necessary to find the path. Some of the factors that can influence your salary include:

  • Location
  • Type of Employer
  • Experience Level
  • Size of Employer
  • Education Level

Location is one of the top factors that affects your salary as a medical billing professional, so make sure you’re ready to situate yourself to be in the right place to make great money. According to reports, the top salaries for this career can be found in New Jersey, Washington D.C., Hawaii, Maryland, and Massachusetts. While these places tend to have higher costs-of-living, it’s generally worth the payoff because of the much more rapid pace of opportunities that will be available. More specifically, the highest average salaries are in the following cities:

  • Newark, New Jersey: $52,530
  • Trenton, New Jersey: $49,580
  • Edison-New Brusnwick, New Jersey: $49,210
  • San Jose, California: $46,850
  • Rodchester, Minnesota: $45,940
  • Camden, New Jersey: $45,060
  • Bethesda, Maryland: $44,610
  • Honolulu, Hawaii: $44,080
  • Salinas, California: $43,890
  • Napa, California: $43,670

In addition, you can also work from home as a medical billing professional in some cases. It’s a great way to stay active during maternity leave, unforeseen needs to leave town, and many other reasons. Many times, all it takes is talking to your superiors to work it out and it will give you increased flexibility to do work from anywhere. This allows you to earn a salary no matter where you live in the world! The profession is growing so rapidly, between high pay and increased flexibility, it’s one of the jobs to keep your eye on and if you’re looking for a way to move your career forward!

Online Schools in Medical Billing and Coding

Ultimate Medical Academy The Ultimate Medical Academy's Medical Billing and Coding Diploma program preps students to enter the field of health with fundamental medical records management and insurance processing skills. Certified professionals will help healthcare providers run their practices more efficiently by assisting patients with insurance forms and managing financial records with specialized software programs.
Purdue University Purdue University Medical Assisting degree prepares graduates to analyze medical records and abstract data for the purpose of billing and insurance reimbursement. Students learn how to transform procedures and diagnoses into numerical billing format, and qualifying students for future certification with various professional organizations. Graduates will possess the skills necessary for employment in doctors' offices, clinics, hospitals, insurance companies, and medical billing agencies.
Liberty University The Associate of Medical Office Assisting Program from Liberty University teaches the medical software, terminology and coding used for processing medical claims. The program provides the baseline knowledge graduates can use to find a job in this industry. Graduates will become invaluable members of the medical team.

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