When choosing a career and career training, it is important to consider how much the industry pays. Due to increased demand in the health care industry, according to the Bureau of Labor Statistics, medical billing and coding salaries are competitive. The medical industry is rapidly expanding, creating more opportunities.
Entry-level wages for medical billing and coding typically was $22,250 annually for the same year. The median salary of medical billing and coding professionals in 2012 was $34,160 per year.
Factors in Salary for Medical Billing and Coding Professionals
There are many factors that come into play with pay for medical billing and coding. Factors such as experience, location, specific type of employment and many others can affect salary. The number of hours worked can also affect pay for medical billing and coding. Medical insurance billers and coders usually work full time. If you work at a medical facility that is open for 24 hours, you may work overtime, nights or weekends, which can increase your pay.
Other things that affect the salary of a medical billing and coding professional are education and experience. Generally, higher wages for medical billing and coding go to workers with more education and experience.
Top Pay for Medical Billing and Coding
States with the higher medical billing and coding salaries:
- New Jersey — Annual Mean Wage: $55,130
- D.C. — Annual Mean Wage: $45,500
- Hawaii — Annual Mean Wage: $42,500
- California — Annual Mean Wage: $42,270
- Colorado — Annual Mean Wage: $42,110
Industries with higher pay for medical billers and coders:
- Pharmaceutical and Medicine Manufacturing — Annual Mean Wage: $66,060
- Insurance and Employee Benefit Funds — Annual Mean Wage: $51,840
- Scientific Research and Development Services — Annual Mean Wage: $48,060
- Grantmaking and Giving Services — Annual Mean Wage: $46,840
- Federal Executive Branch (OES Designation) — Annual Mean Wage: $46,280
*Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2012-13 Edition, Medical Records and Health Information Technicians, on the Internet at http://www.bls.gov/ooh/healthcare/medical-records-and-health-information-technicians.htm (visited August 12, 2013). Finding employment in your field of interest may be due to a combination of your own hard work, experience, work attitude and local market conditions.