Pros and Cons of Becoming a Medical Insurance Billing Specialist
Medical insurance billing specialists work behind the scenes to ensure that doctors and hospitals are paid for the services they provide. Learn more about the pros and cons of the medical insurance billing field to make an informed career decision.
| Pros of a Medical Insurance Billing Career |
|---|
| Faster-as-average growing field (18% projected growth from 2012-2022)* |
| Entry-level positions require a 2-year degree or less* |
| Jobs available in a wide range of healthcare settings* |
| Work in a comfortable office environment* |
| Cons of a Medical Insurance Billing Career |
|---|
| Some positions require overtime, nights or weekends* |
| May require certification* |
| Requires knowledge of specialized billing software* |
| Relatively low pay for the medical field (about $11-$19 hourly)** |
Sources: *U.S. Bureau of Labor Statistics, **PayScale.com
Career Information
Job Description
Medical insurance billing specialists work in physicians' offices, hospitals, long-term care facilities or other healthcare offices, performing billing duties. Most medical insurance billing specialists work full-time, and some positions require working nights or weekends. The work often includes posting charges and payments to accounts, verifying insurance and initiating reimbursement. Some offices require medical insurance billing specialists to perform insurance coding duties, which involves assigning codes for diagnoses and procedures based on physicians' documents.
Salary Info and Career Prospects
According to PayScale.com, most medical insurance billing specialists earned between approximately $11 and $19 per hour as of July 2015, or between $24,000 and $471,000 per year, including bonuses and overtime pay. Keep in mind that your earning potential in this career may not rise significantly with experience; billers with less than one year of experience usually earned from about $23,000-$45,000 annually, while those with 20 or more years of experience earned about $25,000-$52,000 annually.
The U.S. Bureau of Labor Statistics (BLS) predicted that the employment rate for billing and posting clerks would grow by 18% from 2012-2022. The faster-than average growth is based on the increased demand for healthcare services and the need for medical billers. Due to the replacement of older workers, favorable job prospects are available for all financial clerks, including billing and posting clerks.
Career Skills and Requirements
You may enter this career with as little as a certificate in medical insurance billing, though some billing specialists hold associate's degrees in the major. In these programs, you'll cover topics like medical billing methods, software use, medical terminology, coding systems and other skills that are necessary to perform the job. In some cases, employers may allow you to substitute education with experience. Strong technical skills and attention to detail are important for this career. While you may not work with patients directly, you'll still need strong communication skills to be able to confer with physicians and other staff about billing issues.
Job Postings from Real Employers
The main requirement for becoming a medical insurance billing specialist is experience or a certificate. Employers tend to advertise for personable billers with expertise in specialized billing software. Below are some examples of job postings found in March 2012:
- A Texas company is looking for a medical insurance billing specialist with 3 years of billing experience and 1 year of insurance verification experience to work any assigned shift, including weekends.
- A company based in Arizona advertised for a medical insurance billing specialist with at least 2 years of medical billing experience or a certificate in medical billing. Candidates must have knowledge of the ICD-9 classification system and current procedural terminology (CPT) coding as well as medical terminology and office software.
- A Florida company is looking for a medical insurance billing specialist with at least 5 years of insurance billing experience as well as knowledge of ICD-9 and CPT coding, Medicare and Medicaid. The preferred candidate has excellent customer service skills and works well independently.
How to Stand Out
You can begin to prepare yourself for this career as early as in high school by taking courses related to the profession, like health and computer science. This may also increase your chances of admission to a postsecondary training program in medical billing. You can also familiarize yourself with specialized billing systems, such as ICD-9 and CPT, knowledge of which is often required by employers. The software and billing procedures change over time, so it's important to stay up-to-date with current methods, either through self study or continuing education courses.
Get Certified
You can earn certification to stand out in the medical insurance billing field; in fact, many employers only hire certified candidates. The American Academy of Professional Coders (AAPC) awards several coding credentials to individuals who obtain at least 2 years of coding experience or the equivalent and pass a written exam. You might, for example, pursue the Certified Professional Coder or Certified Professional Medical Auditor credentials. According to the AAPC, certification increases an individual's salary up to 17% compared to noncertified billers and coders.
Other Careers to Consider
Medical Assistant
If a career as medical insurance billing specialist doesn't appeal to you, consider becoming a medical assistant. In this profession, you'll conduct both clinical and administrative functions in physicians' offices. Along with scheduling appointments and managing medical records, you might administer injections and take vital signs. Employment in this field was projected to increase at a faster-than-average rate of 31% from 2010-2020, according to the BLS. These professionals earned a median salary of $29,100 as of May 2012. This position does not require formal training, though you may benefit from earning a certificate, diploma or associate's degree in medical assistance.
Medical Secretary
If you'd rather work in an administrative position with a wider variety of medical office duties, consider becoming a medical secretary. This profession is among the fastest growing fields in the nation; the BLS predicted that jobs would increase by 41% from 2010-2010. The median salary for medical secretaries was about $31,000 as of May 2011. There are no formal education requirements for medical secretaries, though you may prepare for the career by earning a medical secretary certificate or 2-year degree.
