It Pays To Be a Medical Billing and Coding Specialist

Choice of a profession is determined by its stability against job market fluctuation, potential growth and monetary rewards. Medical billing and coding profession seem to be one those few professions that possess all these attributes. While professionals in other spheres are fighting lay-offs and salary cuts, medical billers and coders’ present and future looks highly secure. And it pays to be a medical billing and coding profession!

The primary reason behind this optimism is that care providers’ reliance on medical billers and coders will increase further. As the recent reform foretell major overhaul in coding and billing practices, providers may see it worthwhile to entrust an activity that is not their specialty. This shift in strategy could further increase the demand for qualified and competent medical billers and coders. It is worth remembering the U.S. Bureau of Labor Statistics (BLS) reports, which forecast a 20% growth in demand for medical and billing professionals between 2008 and 2018.

Second, the payback time for a medical billing and coding specialist is faster – it takes less than a year to complete a formal training, or about a year-and-a-half for an associate degree.  Therefore, you can expect to be industry-ready or certified professional within your budget. Moreover, with certainty of being employed in a secure and stable profession, you can easily recoup your investment in few months.

Third, training and education is unbelievably convenient – online medical billing and coding degree and diploma programs have virtually removed barriers of time and place. All you need to do is to select a credible source of training and education based your specialization. With so much convenience around, you should save considerable amount of time and money that would otherwise be spent conventional mode of training and education.

Fourth, medical billing and coding profession is not physically exhausting – most of your work is conducted through a computer, and it usually involves helping out your physicians and patient to avail the best possible medical reimbursements. Therefore, medical billers and coders are better off when compared with other healthcare personnel who usually work long hours and are required to move patients, stand or walk for long periods of time, clean up after patients and so on.

More importantly, profession in medical and billing offers flexibility to schedule your work hours based on your convenience. As providers are more inclined to outsource medical billing and coding from external consultants, there is an upsurge in home-based billers and coders, who seem more than pleased with the prospect of operating from the comfort of their homes, having a perfect balance between their personal and professional lives.

Medicalbillersandcoders.com – which has successfully orchestrated training and placement of a majority of medical billers and coders across 50 states – hopes to play a bigger catalytic role. Its core team of expert billers and coders, affinity with leading knowledge sources, and partnership with prospective employers will essentially be responsible for providing aspirants with a jump start to their career in medical and coding.

Medical Billers and coders (MBC) is one of the leading Medical Billing Companies in USA & help doctors to shortlist Medical Billing Companies, Medical Billing Services according to their preferences of specialty, city, software and services performed.

Life as Medical Billers & Coders in Today’s Economy

The world’s largest economy has had to weather one of the worst recessions in the recent times. Not too long ago U.S. GDP hit the rock-bottom (at -8.9 in the middle of 2009). While it has slowly been coming out of the depths, the growth is not enough to bring down unemployment rate, which is hovering around 7.9% as of October, 2012. While most of the service sectors seem to have been affected uniformly, health care sector has remained an exception. And, medical billers and coders, being integral to health care industry, too have benefited from this. While, they have not been totally immune to lay-offs or salary cuts, at least percentage wise they are the least affected, with only 3-4% of the certified billers and coders being unable to find jobs.

The reason why medical billers & coders are least affected is health care is something indispensible – whether a positive GDP or negative, health care spending continues as usual, and providers’ reliance on billers and coders remains unaffected. The 3-4% unemployment is largely because of those billers losing jobs on account of being tied with lone-standing or small practices who may have decided to wind up operations. Otherwise, qualified and experienced professionals continue their lucrative association with clinics, hospitals, and group practices.

Being in a protective industry has surely helped them to be immune to the impact of the current economic scenario. But what is truly remarkable is the kind of flexibility and adaptation that these professionals exhibit in coping with adverse conditions.

What primarily stands out is their commitment to remain as competent as ever. Employers are increasingly growing quality conscious, and medical billers and coders are required to be as seamless as possible. Billers and coders are proving their mettle by undergoing refresher courses that keep them abreast with latest developments.

Networking with peers too is proving to be ingenious way to getting employed or reemployed. As per reliable statistics, over 38% of aspirants and professionals are known have followed networking as a means of finding employment opportunities.

Some professionals devised work-hour adjustment to adapt to these testing times. It is believed that currently there are two categories of professionals – one working an average of 31 to 40 hours per week, the other devoting an average of 41 to 71 hours per week. The former accounts for nearly 38% of the total medical billers and coders, and the latter constitutes 58% of the total medical billers and coders. Together, they have found a way out to remain active without being unemployed or unpaid.

There have also been instances of medical billers exhibiting extraordinary capacity for excellence, which have been suitable rewarded with health insurance & dental insurance through employer, sick leave from employer, and prompt benefits & incentives.

Therefore, it is apt to say that medical billers and coders have not been comforting under health care security, but responding creatively to evolving economic conditions. As a result, they have been able to remain least affected in terms of being unemployed or unpaid. It seems brighter days are ahead of them. In fact, The Bureau of Labor Statistics (BLS) reports that medical billing and coding will grow by 20% between 2008 and 2018, which is enough incentive for billers and coders to remain focused and optimistic.

Medicalbillersandcoders.com (www.medicalbillersandcoders.com) – being a leading platform for provider-biller interface – is committed to help billers and coders maneuver through these testing times. Over the years, we have helped a majority of professionals connect with their true calling across 50 states in the US.  And, as we enter into a time of great transition, we are even more focused on facilitating right employee-employer connection, enriching professional experience, and more importantly promoting service excellence.

Medical Billers and coders (MBC) is one of the leading Medical Billing Companies in USA & help doctors to shortlist Medical Billing Companies, Medical Billing Services according to their preferences of specialty, city, software and services performed.

Forecasting the Future of Medical Billing and Coding Post ICD-10

United States is on the verge of a major billing and coding reform – the introduction of ICD-10 in particular marks the beginning of the most robust, effective and efficient system of billing and coding ever to have been followed. While providers and payers will benefit from progressive changes, medical billers and coders will have the onus of keeping their expertise renewed from time to time. One of the best ways to be ready for future challenges is through preparedness based on forecast for a certain milestone period. 2020 happens to be that immediate milestone period.

Medical billing and coding will have undergone considerably sophistication by 2020. Amongst a number changes to impact billers and coders, following happen to be on top of the agenda:

• Progressive coding specificity
• Billing automation
• Career requirements

ICD-10 currently has 70,000 odd codes. And, given the progressive nature of ICD-10 coding system, it may have added a few more by 2020. All this extension means that coders will have to be conversant of codes as and when they added. Therefore, coders need to have access to such information from reliable sources.

Billing automation is another area that billers and coders need to watch out for. It is expected that the industry will have reached maximum automated billing and coding by 2020; paper medium will more or less have lost its edge. Therefore, professionals should continually seek upgrading their knowledge on billing and coding software. More importantly, they would be required to mediate EHR practices between providers and payers. Their employability will primarily decided by their technical competence.

While career opportunities will have risen considerable by 2O10, the skill-level too will have grown equally demanding. Among other professional traits, billers and coders ability to promote patients’ privacy and safety through confidential clinical documentation will have received utmost prominence. Therefore, it is crucial that aspiring professionals keep on conforming to evolving privacy and safety rules under HIPAA 5010. These fundamental requirements should not seem difficult given the prospects of rewarding career – The U.S. Bureau of Labor Statistics expects the growth to be around 16% till 2020, with an entry level salary of $35,010.

Billers and coders will continue to have a bright and promising future well beyond 2020. Even though technology will take-over manual operations, billers and coders’ personal touch will still be indispensable to efficient and effective medical billing management. This is precisely the reason to believe that they will have a secure future despite the accompanying challenges. Therefore, professionals should continue to be optimistic of the future.

As medical billers and coders look forward to a future of hope, Medicalbillersandcoders.com (www.medicalbillersandcoders.com) – the largest platform for career aspiration in medical billing and coding – is committed to help them navigate to successful career paths. While our core team of expert billers and coders helps improve your competence, our extensive network with employers facilitates compatible placement.

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Medical Billers and coders (MBC) is one of the leading Medical Billing Companies  in USA & help doctors to shortlist Medical Billing Companies, Medical Billing Services  according to their preferences of specialty, city, software and services performed.

Does a Medical Coding & Billing Job Offer You Healthcare’s Security from an Office Setting?

Career in health care industry has rarely been unsecure. While professionals in other sectors have had to undergo turbulent times recently, people in this priority sector have maintained steady progress despite economic reversals. And there are reasons to it: first, health care is indispensable; more significantly, it is supported by world’s largest public insurance schemes – Medicare and Medicaid; and the contribution of private insurance players is also noteworthy. This remarkable story of sustenance and growth does not end here. With the Federal Government extending public health insurance to every American, care providers, support staff, payers, and everyone related directly or indirectly to health care will have their future protected.

Amongst those who have been benefited most by the string of recent health care reforms are medical billing and coding professionals. While these reforms have made clinical documentation and operational management more complex for providers, they have opened up myriad of career opportunities for medical billers and coders. Providers now consider it impossible to manage mandatory EHR compliance and ICD-10 transition without the intervention of external billing and coding consultants. With so much of reliance, it is only fair to say that profession in medical billing and coding offers the most of the health care’s security.

Unlike most medical jobs, profession in medical billing and coding is easy to start off. Any graduate can aspire to become one. Financially too it is less burdensome – a qualification can be achieved with as less as $2,600. Aspirants can enroll themselves with Federal Government approved institutes for a formal certification program in medical billing and coding. With a few years of on-field experience, they can expect to be approached by leading hospitals, clinics, and physicians practices.

Medical coding and billing is equally rewarding too – an entry level salary is $35, 920, which can rise to $58,150 with a few years of experience. As for the opportunities and growth, medical billing and coding is expected to register 21% growth between 2010 and 2020, which is an unprecedented record.

Judging by the exponential growth in health care spending, providers’ shift to outsourced billing and coding operations, and an increasingly stringent multi-payer reimbursement environment, medical billers and coders’ significance will only increase further. According to the World Health Organization (WHO), total health care spending in the U.S. is the highest in the world. With the Health and Human Services (HHS) Department expecting health share of GDP to be at a historical high of 19.5% by 2017, medical billers and coders will be greatly required to mediate providers’ RCM process with payers.

With so much of growth potential around, aspiring professionals should be eying on their share of apple pie. Medicalbillersandcoders.com – which has been a leading launching platform for career in medical billing and coding – hopes to complement aspirants’ efforts with learning and employment resources. The fact that it mediates majority of provider-biller engagements is ample testimony of its credentials.

Medical Billers and coders (MBC) is one of the leading Medical Billing Companies in USA & help doctors to shortlist Medical Billing Companies, Medical Billing Services according to their preferences of specialty, city, software and services performed.

How can Physicians Balance Roles at Work to Increase Medical Billing Efficiency of Their Clinic?

Over the last few years the healthcare system in the United States has witnessed modifications in policies and regulations, in order to make healthcare facilities cost effective and accessible to people from all income groups. However, a substantial percentage of the population still remains uninsured and the introduction of the Patient Protection & Affordable Care Act in 2010, aims to increase the number of people insured and make healthcare more patient friendly.

Doctors need sufficient face-to-face time with their patients to provide the best possible medical care. Changes in healthcare regulations and rise in the number of patients have raised the bar for services provided by physicians, hospitals as well as insurance companies. For instance, in the coming months, the insurance companies are obligated to cover sicker patients without asking for higher premiums and must cover preventive screening services for certain diseases. The physicians are expected to adopt health information technology; databases like EMR/EHR (for patient records), dealing with the insurance claims; billing details, coding, follow up on the claims and other technical responsibilities. They are also expected to be compliant with the regulations of HIPAA, CPT and the upcoming ICD-10 coding system.

Hence as healthcare providers get increasingly burdened with these challenging technical activities which require time and proper training to perform, physicians and other medical staff spend more than half of their time dealing with billing and insurance formalities when the same could be spent diagnosing & treating patients. However as physician’s core activity being patient care they are finding it increasingly difficult to balance their roles at work to increase revenue generation.

Inevitably lack of time and increased regulations can cause inaccurate coding, errors in patient records, failure to comply with the regulatory standards which are some of the issues faced by the physicians. In this scenario more and more physicians are facing delays in claims processing, rejection of claims, increased penalties etc. Moreover, incorporating IT systems for medical billing along with trained personnel can be a costly affair.

One of the most favorable solutions to this problem lies in – physicians outsourcing their paperwork requirements to medical billing companies – while they solely concentrate on patient care. Being specialists in medical billing the billing company’s support staffs are certified, up-to-date and have better infrastructure hence are able to easily manage the entire Revenue Cycle Management (RCM) along with denial management and appeals while conforming to patient confidentiality, offering physicians the balance required in their work.

MedicalBillersAndCoders.com has been providing assistance to physicians and healthcare organizations across 50 states in the United States to receive timely reimbursements for over a decade now. We have certified billers and coders who are well versed in handling all sorts of discrepancies & situations. We also provide professional solutions in medical billing, coding, RCM, denial management, along with regulatory compliance helping  physicians to balance their roles and concentrate mainly on patient care while we strive to achieve maximum & timely revenues for our physicians.

Medical Billers and coders (MBC) is one of the leading Medical Billing Companies  in USA & help doctors to shortlist Medical Billing Companies, Medical Billing Services  according to their preferences of specialty, city, software and services performed.