For love or money? That is the question that many young professionals find themselves asking. A new career following your dream is great. Doing something you are passionate about, especially in a field like the medical industry where you have the potential to help others, is always a promising life goal. However, at the end of the day, even the person with he most altruistic intentions must be able to make their personal financial ends meet. If you’re interested in breaking into the medical industry job market, this is probably a question you’ve been pondering yourself.
The good news is that finding your way into the medical industry doesn’t have to be a long and expensive road. While some medical jobs like becoming a doctor or a registered nurse can require years of expensive college courses, becoming a medical coder and/or biller provides extensive job opportunities, a satisfying work-life balance, and massive career advancement potential without the pre-requisite of a college degree. In fact, Health Information Technician (an all-encompassing career path that includes medical coders and billers) ranks 55 on the U.S. News and World Report’s list of 100 Best Jobs and 3rd on the list of Best Jobs Without A College Degree.
The even better news is that even without the highly expensive degree education investment and tedious time investment needed to become a doctor, you’ll still be a vital and thriving part of the medical industry that helps people, all while personally benefiting from a competitive salary range.
So, what exactly is the outlook for a medical coding salary or a medical billing salary? On average, a medical coder and medical biller ranges from $23 to $30 an hour pay, depending on the state you are located in. Medical coding salary and medical billing salary ranks in at an annual income of $54,890. To break it down further, medical coders and billers without a certification earn approximately 23% less, making an average of $42,015 per year. However, with just a small time and financial investment, you can study to become a certified medical coder and certified medical biller in less than a year, increasing that potential average annual salary to $54,890 which is more income than your non-certified counterparts.
In a time when the medical industry is in great demand due to baby boomers getting to an age of maturation and also worldwide problems like Covid-19, the medical records industry is one of the few careers that are expanding in the face of adversity. The Bureau of Labor Statistics states that jobs in this area should grow by 8% (or more) within the next ten years. To fill these careers, healthcare companies, physician’s offices and medical facilities are paying well, in order to attract qualified candidates and retain competent and happy employees.
On top of medical coding and medical billing offering a well-paying salary, industry standards have now adjusted considering recent societal changes. More and more coding/billing jobs are becoming remote, allowing the employee to work from home for safety and efficiency.
Currently, over one-quarter of employers report that they have trouble finding qualified medical coders and billers. This makes qualified coders and billers very much in demand. It also means that the answer to the initial question asked “for love or money” is, this career can be followed for love and money. What are you waiting for?