The healthcare sector is one of the fasting growing industries for job seekers across the world. Those who don’t have any interest in patient care can also work in the thriving industry with a career in medical coding and billing. If you’re wondering what medical coding and billing entail, this guide can help answer all your questions.
Coding and billing are separate processes, but both serve an important function in the healthcare sector as they help retrieve payments.
Medical coding and billing workers use technology to fulfil a critical administrative function within the healthcare sector. They update medical records and collect payments for all rendered services. These individuals assign standard codes for each medical procedure and diagnosis and enter it into the patient’s health record. The information is then forwarded to the insurance company to ensure correct reimbursement for the healthcare claims. The process starts with patient registration and ends when full payment is received. These individuals can help streamline the revenue cycle while recouping all the reimbursements that enable the delivery of quality care.
How Much Money Do Medical Coding And Billing Specialists Make?
Although the salary can vary due to many factors, such as the type of office they work in or the state they live in, BLS revealed that on average, they earn about $33,910 per year, with the average median of those working for state governments being higher—about $43,820 per year.
What Does A Medical Coding And Billing Specialist Do?
Medical coding and billing specialists organize all health-related data to ensure easy and seamless accessibility for everyone within the healthcare facility. Although some healthcare facilities still rely on paper files, the position usually requires working with e-data, so the specialist needs to be comfortable using computers. The person needs to ensure all medical and billing information is accurate to ensure patients receive proper care and the insurance company receives all the data required to process or reimburse claims.
These specialists also need to verify the credibility of patient data while ensuring it remains secure at all times because patient confidentiality is required by law. In addition, they also need to be knowledgeable about classification systems, as universal codes are used to categorize all patient information. The code also helps standardize patients’ medical histories, treatment data, and more for the healthcare facility’s records. It’s especially helpful for cases where multiple specialists or team members are involved in making diagnoses or treating the patient.
Ready to make the move but don’t know where to start? Experts at Elite Career College can help achieve the next milestone in your career with affordable online courses, including pharmacy technician certification, medical assistant degree, and medical coding and billing training.