Being a part of the healthcare industry, you might have heard a lot about medical billing and coding. Even as a biller or coder itself you just know that this process helps you manage the hospital’s cash flow. But as a beginner, looking forward to making a career in this field, have you ever wondered pros and cons of medical billing and coding?
Today, we will discuss both aspects of billing and coding. This guide will provide you with the crucial information you need about this career so you can make your professional life decisions very carefully.
So read till the end to know whether to enter this career or not.
What Is Medical Billing And Coding?
Medical billers and coders make up a good part of RCM and healthcare. They both work together to receive payments and bills while optimizing the cash flow.
A medical biller is the one who creates a bill that has to be sent to the patients. This bill first serves as a blueprint where all the treatment information is mentioned.
This helps insurance companies and patients pay the owed amount. They earn $3,800 monthly salary on an average.
On the other hand, a medical coder is the one who analyzes the treatment procedures and supplies used, converts it into a code i.e. CPT or HCPCS, and then creates a claim application.
Claim is a type of document that is sent to the insurance payers. They read the codes, convert them into medical procedures, and then make the reimbursement according to the patient’s insurance coverage.
Their salary is upto $4,000.
So both a biller and a coder are essential to get payments to the hospitals. Now let’s see what are the pros and cons of medical billing and coding.
Pros And Cons Of Medical Billing And Coding
Each career has its bright side as well as a darker side. This means you will enjoy the luxuries of any career, medical billing, and coding in our case. At the same time, you will have to bear the long-term impacts certain careers put on you.
Let’s dive into the most considerable pros and cons of medical billing and coding that can help you make the right career choice.
Pros
You Are A Demand
The Bureau of Labor Statistics (BLS) projected that from 2020 – 2030 there will be 37,200 new medical billing and coding jobs.
This shows that you will be in high demand in the coming years, either as a biller or coder.
Don’t Have To Waste Years In Learning
One con about every career is that learning is time-taken. You have to invest proper time and resources in gaining practical knowledge to start a career. But in coding and billing, this is among the pros.
You don’t have to waste your time here and there in lengthy courses. Instead, you can just study medical billing coding courses in a college and this takes less than a year.
So within a year, you are all set to step into your career and earn your dream income.
Can Learn Online
Imagine making your career while just sitting at home. Yes, medical billing and coding do offer you a wonderful opportunity to learn remotely. Access the top courses and start your journey today.
Also, the courses are not very expensive like other ones for specific skills. So you can start learning without wasting your savings.
Handsome Salary
Being a professional in medical billing and coding can get you a high-paying job. But as a starter as well, you will earn handsome pay which makes this career ideal for beginners.
Without practical experience, from the very start, you can earn $38,000 to $42,000 annually while the average hourly range is $18 to $21 per hour. Too much right? Learn billing and coding as soon as possible.
Step in Your Career Today!
Work From Home Is Available
Today all that a candidate asks for is WFH. This has become a necessity for employees that they only go for a job that offers remote opportunity. So can billing and coding be performed remotely?
In short, yes. If you are an introverted type of person or have commute issues, many healthcare facilities do offer the chance to perform these tasks at home.
But for this, you need proper training and a grasp of the different systems hospitals utilize during medical coding and billing.
A Lot Of Job Opportunities
A biller or coder doesn’t only work in hospitals. They can work in a number of healthcare facilities including:
- Hospitals and Clinics
- Physician’s Offices
- Long-Term Care Facilities
- Outpatient Care Centers
- Healthcare Consulting Firms
- Insurance Companies
- Government Agencies
- Software Companies
With this wide range of facilities you can work in, just send your resume to all of them and pick the ones that offer a more favorable salary and timing.
Career Growth
Where some jobs just put a barrier in your learning and sometimes can put your career in danger due to outdated knowledge, medical billing and coding offer wonderful growth opportunities.
A number of healthcare regulations and new codes come up every year. So you will spend half of your time performing your work and the other half studying the laws to prevent violations.
Coding >> Billing
Here is a bonus pro you must know in 2024. If you are confused about which career to choose from medical billing and coding, let us tell you the secret that coding pays you more than billing. So go for medical coding.
Also, if you are going towards billing, there is no need to worry because they too earn a lot but less than coders. We hope this helps!
Cons
You Must Know How To Use A Computer
Being a career that requires hospital system handling, you must be able to know how to use a computer. You will have to record patients’ data, keep it maintained, and manage the statuses of all claim applications.
Analytical Mind
A medical coder assigns codes to certain medical procedures. So it is your duty to analyze a medical bill, write codes, and send claim applications.
You must also perform evaluation of the applications so that you know how many claims are rejected and how much is paid.
Learn New Codes Regularly
Since AMA, the founder of the codes, updates their coding system regularly by deleting existing codes or adding new ones, you will have to stay updated all the time.
You must know what are the current codes, where you have to use them, and for which treatment. So learning these updates might take plenty of your time.
Working Involves Long Sitting
Long-sitting work is not taken as a wonderful career opportunity because it may develop some health issues in your body. Sitting for long hours can cause mild to severe back, shoulder, and neck pain.
You can also catch Carpal Tunnel Syndrome. This is a disorder of your wrist caused due to repetitive hand movement. So take these health considerations in mind.
Angry Patients
If you know the exact role of a medical biller, you will have to work closely with patients to make the bill payment process smoother. Many times when communicating with them, you may encounter some angry or impolite patients.
So here you must possess strong nerves to handle the situation better which is not everyone’s cup of tea.
A Decision-Making Guide
Here we have mentioned the pros and cons of medical billing and coding in detail. So if you are considering this career, make sure you are aware of its benefits versus the challenges ahead.
This analysis will help you decide if you should choose this career path or if it is good for you to move towards another career.
Think about it and see if you can bear these career challenges.