Overview of the Average Medical Biller Salary
Medical billers play an important role in healthcare facilities. They are responsible for maintaining patient records, managing insurance claims and payments, and ensuring that all billing is accurate and up-to-date. As such, medical billers are in high demand, and salaries vary based on experience, location, and the type of employer. In this article, we’ll explore the average medical biller salary, benefits, job outlook, and tips to maximize your earnings.
National Average Salary
According to the Bureau of Labor Statistics (BLS), the median annual wage for medical billers was $39,240 in May 2019. The lowest 10 percent earned less than $27,300, while the highest 10 percent earned more than $60,370. The BLS also reports that the median annual wages for medical billers in the top industries employing them were as follows:
- Outpatient Care Centers: $41,680
- Hospitals; State, Local, and Private: $41,060
- Offices of Physicians: $38,840
- Nursing and Residential Care Facilities: $37,220
- Employment Services: $35,940
The BLS also notes that most medical billers earn an hourly wage ranging from $16 to $20 per hour, depending on experience and location.
Regional and State Variation in Pay
The BLS also reports that the states with the highest levels of employment for medical billers in 2019 were California, Texas, New York, Florida, and Pennsylvania. The states with the highest wages for medical billers were Alaska, Connecticut, New Jersey, Massachusetts, and Rhode Island.
Factors Affecting a Medical Biller’s Earnings
There are several factors that can affect a medical biller’s earning potential, including experience, level of education, and type of employer.
Experience
As with many professions, experience is one of the most important factors that can influence a medical biller’s earnings. A medical biller with more experience can expect to earn more money, as they will be more knowledgeable about the billing process and better able to manage the complexities of the job. According to PayScale, the average salary for an experienced medical biller (five to nine years of experience) is $40,912.
Level of Education
The level of education a medical biller has can also affect their earnings. According to the BLS, medical billers with a bachelor’s degree or higher typically earn more than those with an associate degree or certificate. Additionally, some employers may require a medical biller to have a specific certification or licensure.
Type of Employer
The type of employer can also affect a medical biller’s salary. For example, medical billers employed by hospitals tend to earn more than those employed by physician offices or outpatient care centers. Additionally, medical billers who work for large organizations or government agencies may earn more than those who work for smaller organizations.
Benefits and Bonuses for Medical Billers
In addition to a competitive salary, medical billers may also receive a variety of benefits and bonuses. Common benefits include health insurance, retirement plans, and professional development opportunities. Some employers may even provide bonuses based on performance.
Health Insurance
Most employers offer some form of health insurance to their employees, which can help offset the cost of medical bills and other healthcare expenses. Depending on the employer, health insurance plans may include coverage for doctor visits, hospital stays, prescription drugs, and preventative care.
Retirement Plans
Many employers offer retirement plans to their employees, such as 401(k)s or 403(b)s. These plans allow employees to save a portion of their income for retirement and receive tax advantages in the process. Retirement plans can be a great way to ensure financial security during retirement years.
Professional Development Opportunities
Some employers may also offer professional development opportunities to their employees. These can include attending conferences, taking classes, or pursuing certifications. Professional development opportunities can help medical billers stay up-to-date on industry trends and develop their skills.
Job Outlook and Opportunities for Medical Billers
According to the BLS, employment of medical billers is projected to grow 7 percent from 2019 to 2029, faster than the average for all occupations. This growth is due in part to an aging population and an increase in healthcare services, both of which require medical billers to manage the billing process.
Job Growth
The BLS also notes that job growth for medical billers is expected to be driven by an increased demand for healthcare services, as well as advances in technology that make it easier to manage billing records and process insurance claims.
Industry Trends
The healthcare industry is constantly changing, so medical billers must stay up-to-date on the latest trends and regulations. This includes changes in coding systems, reimbursement policies, and privacy laws. Staying informed of industry trends can help medical billers stay ahead of the curve and be successful in their jobs.
Education and Training Requirements for Medical Billers
While there are no formal educational requirements to become a medical biller, most employers prefer candidates who have at least an associate degree in a related field. Some employers may also require medical billers to have a specific certification or licensure.
Certification
The American Academy of Professional Coders (AAPC) offers certification for medical billers. The Certified Professional Biller (CPB) credential is designed to demonstrate a medical biller’s knowledge and proficiency in the field. To become certified, medical billers must pass an exam that covers topics such as medical terminology, coding, and insurance policies.
Licensure
In some states, medical billers may be required to obtain a license in order to practice. Licensing requirements vary by state, but typically involve passing an exam and completing continuing education courses. Additionally, some employers may require medical billers to maintain their licensure in order to remain employed.
Tips to Maximize Your Earnings as a Medical Biller
Medical billers can take steps to maximize their earnings and advance their careers. Here are a few tips to help you get started:
Negotiate Salary
When interviewing for a position, it’s important to negotiate a salary that reflects your experience and qualifications. Research the going rate for medical billers in your area and use that information to negotiate for a salary that is fair and commensurate with the job.
Seek Out Additional Responsibilities
As a medical biller, you may be able to take on additional responsibilities to increase your earnings. Look for opportunities to expand your skill set and take on tasks outside of your normal duties. Doing so can help you demonstrate your value to your employer and potentially lead to a raise.
Stay Up-to-Date on Industry Trends
The healthcare industry is constantly changing, so it’s important to stay up-to-date on the latest trends and regulations. Read industry publications, attend conferences, and take classes to stay informed and stay ahead of the curve.
Medical billers are in high demand, and salaries vary based on experience, location, and the type of employer. While the national average salary for medical billers is $39,240, there are several factors that can affect a medical biller’s earning potential, including experience, level of education, and type of employer. Additionally, medical billers may receive benefits such as health insurance, retirement plans, and professional development opportunities. The job outlook for medical billers is positive, with a projected growth rate of 7 percent from 2019 to 2029. To become a medical biller, you must typically have an associate degree or higher and may need to obtain a certification or licensure. Finally, medical billers can take steps to maximize their earnings, such as negotiating salary, seeking out additional responsibilities, and staying up-to-date on industry trends.
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