Medical billing and coding salary NYC is very decent when discussed about extensive career growth opportunity for a Medical coder and Biller. Medical billing can be the right choice for a person who wishes to work behind the scenes in an office or even work from home. As a medical coder, you do not participate in patient care directly, but you help healthcare organizations operate smoothly. To have a better understanding about medical field, one can go through our page on online medical school.
An interesting survey by the U.S. News and World Report said that medical coders’ job has above-average flexibility and below-average stress levels. This combination makes it extremely desirable for the aspirants and suits the trends of medical billing and coding salary in NYC. Here, you will get to know how to increase your salary and more on the medical billing and coding salary by state. Let’s get started!
What does a medical coder and biller do?
A medical biller and coder interprets official medical records into codes that are later submitted to the insurance companies for payment. This job requires great attention and an understanding of medical terminology. The specialized tasks can be summed up as follows:
- Record all the patient data throughout treatment by hospital records, insurance details, bills, and payments.
- Devise the payment plans for the patients.
- Verify the credentials of the patient and organize their records, statements, and bills.
- Convert the diagnosis details into codes for payment from the insurance company.
Medical billing and coding salary NYC
In 2018, medical billing and coding professionals’ average salary was $40,350 per annum as per the Bureau of Labor Statistics’ survey. The AAPC data suggests that this salary increased to an average of $54,890 in 2019.
The pay is currently on the rise, making 2020 an even more profitable year to join the profession. The range of the salary from a beginner to experienced professional lies between $33,457 to $112,189.
Medical billing and coding salary- State wise Salary
Your location is one of the key factors determining your salary. According to the Bureau of Labor Statistics’ reports, here are the salary trends in some of the USA’s main states.
- New York- $61,436
- Washington- $57,063
- New Jersey- $54,020
- Pennsylvania- $53,457
- District of Columbia- $53,430
Medical billing and coding salary in nyc – Influencing Factors
You can enter the medical billing and coding industry with 100 others and still find a disparity between your salaries. This is because some indispensable factors influence your annual salary. These factors are:
- Type of industry
- Geographical location
- Qualification
- Additional certification
- Internships/Experience
- Specialization
- Recognition
If you have a good knowledge of selection and a will to strive for efficient working, you can be one of the highest-paid employees as a medical biller and coder.
NYC medical billing and coding salary – Maximize Your Salary
Do you want to maximize your monthly salary as a medical biller and coder? Here are some ways in which you can enhance your potential and earn more.
- Education
Higher degrees result in higher salaries in this industry. According to the reports by AAPC, an average medical coder with no degree earns about $49,066 per year. But, an average medical coder with a Bachelor’s degree can easily bag $54,210 per annum.
- Certification
In case you are not interested in getting a degree, you can join an online medical school that offers specialized certification programs in Medical Billing and Coding. You can obtain one or more certificates to increase your NYC medical billing and coding salary.
Some standard certifications are as a Certified Physician Practice Manager or Certified Professional Medical Auditor. These extra certificates can give you an average salary of more than $60,000 per year.
- Experience
Like any other industry, you get more proficient in the work with your increasing experience. This makes you suitable for more salary as well. With additional experience, AAPC data suggests that your medical billing and coding salary NYC can increase by $500 to $3500.
- Employer
A medical biller can get a job in various fields, and the salary totally depends on that industry. According to the Bureau of Labor Statistics, insurance carriers give $52,839 on average to the medical billers, and pharmaceutical companies pay an average of $62,740 every year. This stark difference makes it very evident that you should seek a job in an industry that pays well.
Where does medical billing and coding salary NYC stand in comparison to other allied health career salaries?
As an entry-level job in the health sector, a medical billing and coding position definitely gives you more perks than the rest. Comparing the Bureau of Labor Statistics’ data, we see that the average salary per annum of the following positions is:
- Medical billing and coding: $40,350
- Medical transcription: $34,770
- Medical assisting: $33,610
Medical Billing and Coding Jobs – Growth Rate
The Bureau of Labor Statistics shows excellent promise in the job prospects of Medical Billing and Coding. It projects a growth rate of 11% by 2028 in employment. This is very promising for those getting started now, as the future demand for medical billing and coding jobs NYC will also increase. Thus, if you are a healthcare aspirant, medical billing is the right career choice to consider.
If you still have any doubts regarding medical billing and coding salary NYC, do contact us. Find us at onlineschoolsnearme.com for further information.
