Previously, we were discussing five essential things we believed people should know before pursuing a career in medical coding. We looked at what the profession is, its 19th century roots, what the job actually requires professionals to do, the subtle difference between inpatient and outpatient coding, and why credentials are important in the industry.
Today, we’ll be discussing 5 more facts that the general public needs to know about the noble profession.
6. The Average Pay:
With the technical stuff out of the way, let’s take a closer look at the things that directly impact you. In particular, we’re talking about the average pay you can look to make when employed as a professional medical coder.
Payscale estimates that fresh medical coders can expect to make between $12.49 and $24.83 on an hourly basis (with level of competence and experience being the deciding factor on where you find yourself in this broad spectrum). While that may not sound like much at first, remember that this adds up to $54,382 per annum – which is significantly more than what medical billers make.
7. The State of the Industry:
The most lucrative incentive of pursuing a career in medical coding is that it’s an exponentially expanding industry. Recent numbers posted by the United States Bureau of Labor Statistics indicate that the healthcare industry looks set to grow by 18% between 2016 and 2026 which basically means medical coders are almost guaranteed jobs as soon as they graduate.
8. Jobs on Offer:
Speaking of jobs, there’s a high market demand for accomplished and competent medical coders. Most healthcare centers even have contractual obligations with medical and technical institutes to hire their coding students as soon as they graduate. In other words, all medical coders are guaranteed financial stability upon graduation.
9. Pre-Employment Tests:
However, before you can find a job, you’ll be required to appear in a pre-employment test. This is done to ensure that there’s no personal bias at play and that the best paying jobs go to the best medical coders (on merit).
These pre-employment tests are so designed to test a coder’s level of competency and to estimate how they will behave when facing complicated scenarios (e.g. rejected claims, and insurance fraud, etc.).
10. It’s Not a Dead End:
Another reason we love the medical coding industry is that it’s by no means a dead end; there are countless possibilities for you to pursue. For starters, you can work to earn highly coveted AAPC certifications such as the CPC-P and the CIRCC. Similarly, if you’re tired of coding, you can choose to work as a medical auditor (who basically reviews medical coders and removes any errors and redundancies).
It’s because of these reasons (and countless others) that we’re such strong advocates of students starting a medical coding career. We at Allied Prep Technical Institute offer medical billing online classes which will help you develop a better understanding of medical coding and give you a competitive edge over your peers.
Enroll in our classes today to significantly increase your chances of succeeding in the ever-changing coding industry