Many men and women are attracted to the medical billing industry because they have many options as to where they could work. In the 1990's, many coders worked inside of their home doing billing. Doctors didn't mind if you were doing their billing in your pajamas. The thought of setting up shop right out of your home was appealing. It was an exciting time for most people. Today, there are lots of improvements in the medical billing field. For starters, around 80% of billers today have to work out of an office. You either have to get a job with an outsourced medical billing company or work directly for a doctor.
Earning $100,000 a year is possible as a medical biller. However, it is all based on what you know and who you know. If you have a good reputation amongst your peers for getting doctors back a higher return than the average biller, than you will be in high demand. This is a rare gift to have now a day. People that spend a lot of time with ICD-10 coding will do a lot better than someone that just does it sometimes. If you are dedicating to your job and spend 8 to 10 hours a day learning new codes, you will do much better than someone that doesn't do this. Everything takes time and practice. You need to spend years developing a strategy that works. It can take someone with a lot of money to invest in you if you want this kind of a salary. Working for a hospital or treatment center often gives you a higher return on your salary.
Under the new medical coding laws, doctors have to document what they are doing with their patients. ICD-10 requires medical billers to submit documentation to support their claim. This is never an easy process for anyone to go through. It can be hard to deal with and actually very dramatic. It is important for people to look at themselves and ask the question, "Am I worth the money that I think that I deserve?"
The easiest way to answer this question is that you may be worth the money if you are getting your doctor higher returns. Most doctors say that they only collect around 70% of the money from insurance companies. Sometimes it is less than that if a biller doesn't have enough experience.
Most billers do not earn six figures a year. Most earn under $70,000 per year. It is mainly due to the fact that they don't know enough about ICD-10 yet. It is a new code that came out on October 1, 2015. Most people say that its hard, complex and difficult to master. Healthcare is changing. If you want to work in this industry, you are going to have to adapt to the changes. Most coders today say that getting your certification is a sure way to earning more money each year.
Earning $100,000 a year is possible as a medical biller. However, it is all based on what you know and who you know. If you have a good reputation amongst your peers for getting doctors back a higher return than the average biller, than you will be in high demand. This is a rare gift to have now a day. People that spend a lot of time with ICD-10 coding will do a lot better than someone that just does it sometimes. If you are dedicating to your job and spend 8 to 10 hours a day learning new codes, you will do much better than someone that doesn't do this. Everything takes time and practice. You need to spend years developing a strategy that works. It can take someone with a lot of money to invest in you if you want this kind of a salary. Working for a hospital or treatment center often gives you a higher return on your salary.
Under the new medical coding laws, doctors have to document what they are doing with their patients. ICD-10 requires medical billers to submit documentation to support their claim. This is never an easy process for anyone to go through. It can be hard to deal with and actually very dramatic. It is important for people to look at themselves and ask the question, "Am I worth the money that I think that I deserve?"
The easiest way to answer this question is that you may be worth the money if you are getting your doctor higher returns. Most doctors say that they only collect around 70% of the money from insurance companies. Sometimes it is less than that if a biller doesn't have enough experience.
Most billers do not earn six figures a year. Most earn under $70,000 per year. It is mainly due to the fact that they don't know enough about ICD-10 yet. It is a new code that came out on October 1, 2015. Most people say that its hard, complex and difficult to master. Healthcare is changing. If you want to work in this industry, you are going to have to adapt to the changes. Most coders today say that getting your certification is a sure way to earning more money each year.
About the Author:
Our business offers physician billing services and chiropractic billing services in the United States. A lot of our clients are hospitals, treatment centers and healthcare providers. We also have information on patient responsibilities, pre-certification, policy exclusions and payer payment estimates.
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