Pros and Cons of Insurance Billing & Coding Specialist Careers
Insurance billing and coding specialists most commonly work in the healthcare field, translating diagnoses and treatments into codes for billing and insurance purposes. By looking at the pros and cons of insurance billing and coding specialist careers, you can better determine if it is a career that suits you.
| Pros of Insurance Billing & Coding Specialist Careers |
|---|
| Faster-than-average career growth (22% from 2012-2022)* |
| Minimal educational requirements for career entry (48% have just a high school education)** |
| Generally comfortable office workplaces* |
| Most specialists work full time* |
| Cons of Insurance Billing & Coding Specialist Careers |
|---|
| Salary below the national average (median pay of about $36,000 per year in 2014)* |
| Certification potentially needed for career entry or growth* |
| Schedules can include night and weekend shifts* |
| Additional education required for advancement* |
Source: *U.S. Bureau of Labor Statistics, **O*NET OnLine.
Career Information
Job Description
Most insurance billing and coding specialists, also sometimes referred to as medical records or health information technicians, work in hospitals, physicians' offices and other healthcare facilities. However, you won't be responsible for providing any medical care in this position. Instead, you code medical procedures and medications in order to prepare and process insurance claims. Additionally, you might establish and maintain patient records.
In this position, you may handle a high volume of electronic data disseminating, and therefore rely heavily on the use of computer software and keyboarding. You often communicate with patients in person and over the phone. You may also conduct other tasks around the office, such as scheduling appointments and performing patient accounting procedures.
Salary and Career Prospects
According to the U.S. Bureau of Labor Statistics (BLS), the broad category of medical records and health information technicians, which includes insurance billing and coding specialists, earned a median salary of about $36,000 in 2014. The top 10% of earners made a salary of roughly $59,000 or above, while the lowest 10% earned around $23,000 or less at that same time.
Career opportunities for this entire group are expected to increase by 22% from 2012-2022, according to the BLS. The growing number of aging individuals in the population is predicted to result in an increased need for healthcare, which will in turn result in an increased need for billing and coding specialists. The advances in technology within the field also will bolster growth for this career.
Education Requirements
According to the BLS, a postsecondary education resulting in an associate's degree or certificate is if often needed to gain an entry-level position as an insurance billing and coding specialist. In certificate programs, students receive training in insurance billing and coding and medical terminology. You may complete an insurance billing specialist, medical coding or medical office administration certificate program in less than a year's time. Associate's degree programs take two years to complete and include general education courses in addition to career-specific courses in coding and billing techniques.
What Employers Are Looking for
Many employers seek to hire specialists who have some billing and coding experience. Some prefer to hire candidates with an understanding of specific codes or programs. Many positions combine administrative duties with handling insurance claims. Listed below are some examples of job postings available as of April 2012:
- In Georgia, an orthopedics center is looking to hire a medical insurance billing specialist. The employer desires applicants with knowledge of ICD-9 and CPT coding systems. At least a year's worth of experience is preferred.
- In Illinois, a billing and coding associate is needed for an ear nose and throat (ENT) clinic. Duties include handling insurance claims, performing office and surgical coding, and verifying benefits. Employer desires at least two years of medical office experience for this full-time position.
- A medical insurance billing and coding specialist is desired at a healthcare services business in Texas. Applicants should have one year of experience. This job opportunity will begin part time with the possibility for full-time employment. Job description includes front desk administrative duties as well as billing and coding.
- A diabetes center in Utah needs a billing insurance specialist. Employer desires candidates with at least six months of experience and an associate's degree.
How to Beat the Competition
Earn a Degree
The best way to stand out in the job market is to differentiate yourself from the competition through additional training or certification. When only a certificate program is necessary for career entry, completing an associate's degree program related to billing and coding or medical office administration can help you stand out in the marketplace. While these programs include additional general education courses, students also complete billing and coding courses and can choose to complete even more coding specialty education. Finishing an associate's degree program can have the potential to make a difference when employers are faced with comparing candidates for open positions.
Certification Possibilities
Insurance billing and coding specialists may need to obtain certification in order to gain employment or advance within the field. Some employers require it, while others seek it as a bonus attribute. Because there are a multitude of professional organizations that certify billing and coding specialists, there are a number of ways to achieve certification.
For example, the Certified Billing and Coding Specialist (CBCS) certification is available through the National Healthcareer Association. Additionally, the Certified Coding Specialist (CCS) designation is offered by the American Health Information Management Association, and the Certified Professional Coder (CPC) certification is offered by the American Academy of Professional Coders. Attempting to achieve any of these certifications may help you out in your career. Keeping whatever certification you choose to achieve valid will likely require completing continuing education units over time.
Other Possible Career Choices
Health Services Manager
Perhaps you would just like the opportunity to earn more money in the healthcare field. You might look into becoming a health or medical services manager. These professionals plan how healthcare will be delivered for medical units or medical facilities. They earned a median salary of about $86,000 per year in 2011, according to the BLS. The field is predicted to grow by 22% from 2010-20, which is faster than average. However, you will have to complete more schooling in order to be considered for a position in this field. Finishing at least a bachelor's degree program is a minimum requirement.
Medical Transcriptionist
Additionally, becoming a medical transcriptionist is a viable alternative to an insurance billing and coding career. These professionals transform oral recordings from physicians into written reports. Employment in the field is expected to grow at the slower-than-average rate of just six percent over the 2010-2020 decade. However, the median annual salary for the profession was $33,000 in 2011, which is on par with the salary for insurance and billing specialists. The educational requirements are also similar, as most medical transcriptionists need just a certificate or associate's degree to get started in the profession.
