Medical Billing is the Fastest Growing Opportunity in Health Care
Medical billing is the fastest growing opportunity in health care. In fact, a recent Bureau of Labor Statistics report indicates medical billing has grown 11% from 2010 to 2020. The reason for this growth is due to the aging population which will continue to drive demand. With all this growth, many are wondering how someone can get into medical billing and what does it take?
In today’s blog post I will outline three ways you can get into medical billing as well as outline some of the qualifications needed for each one.
The Three Ways to Get into Medical Billing
1. Become a Certified Medical Coding Specialist (CMS) – One of the fastest growing healthcare occupations, medical coders are highly in demand and this category is expected to increase by 28% from 2010 to 2020. Becoming a certified medical coder requires passing a certification exam administered by the American Academy of Coding, Information Technology and Healthcare Coding Certification Board. Graduates who possess this certification will be able to work as coders, clerical staff and executive staff in hospitals, labs and health care organizations nationwide.
2. Earn a Clinical Technologist Certification – Clinicians make up 42% of the total healthcare workforce according to the Bureau of Labor Statistics. In 2010, there were 1,248,000 clinicians. With this growth expected in the healthcare industry over the next few years, being knowledgeable about the medical field is a must. To become a clinical technologist ensure you understand your particular specialty and have a working knowledge of medical terminology. This certification requires passing an exam from the National Board of Medical Examiners and completing at least 240 clock hours of training to reach board certification.
3. Earn an Associate Degree in Health Science – There are many health science associate degree programs available that will enable you to enter the healthcare industry with just a high school diploma or equivalent. To be a medical assistant, health aide, pharmacy technician or medical billing specialist you will need to complete an associate degree program. Out of this growth in the healthcare industry, there is expected to be an additional 606,000 jobs available by 2018. The Bureau of Labor Statistics indicates that a high school diploma is required for these positions which have an average salary between $25,000 and $31,000 annually.
Next I will discuss what you will need to get into these positions so let’s get started.
What is Required to Get into Medical Billing?
One of the biggest concerns with entering a healthcare field is the amount of education required. In general, the longer you have spent in education and training, the higher your salary will be. To work as a medical billing specialist, you will need to have a specific educational background. You can become a certified medical coder after graduating high school or college and earning an associate degree in health science. These are two of the fastest growing healthcare occupations that require little to no formal education but still many entry level positions are being filled by people who do not possess any background in this field of study. This can make you feel uncomfortable when applying for a job at a medical billing company and wonder if you will have trouble in obtaining the position.
The Medical Billing Exam
To be considered for medical billing jobs, a person must obtain a passing score on the Healthcare Access: National Certification Examination for Medical Office Professionals. This exam tests your knowledge of clinical procedures through actual patient interactions. In other words, this is not an exam to show off your medical coding skills because it does not test those skills in any way. You will also need to pass an exam administered by the American Academy of Coding, Information Technology and Healthcare Coding Certification Board to become certified as well.
Once you have passed these exams, you will be eligible to apply for a job as a medical coder. If you have any background in medical coding or medical terminology already, you could use that when applying for this position. Most healthcare companies will still prefer to hire those who have more formal education though.
There are different requirements for each of the medical billing positions so I will touch on just the average salaries and requirements for each one below.
Medical Coding Specialist – The most common position available to medical coders as well as the one I mentioned at the beginning of this post, salaries for a medical coding specialist are on average $45,000. You will not need any specific education or experience but you will need to pass a certification exam administered by the American Academy of Coding, Information Technology and Healthcare Coding Certification Board.
Clinical Technologist – Clinical technologists are technicians that administer procedures in a healthcare setting such as laboratories, imaging centers and radiology departments. There is an average salary starting out at $34,000 according to Glassdoor.com. You will need to pass an exam administered by the National Board of Medical Examiners and complete a training program with at least 240 hours of supervised training.
Medical Billing Specialist – To become a medical billing specialist, you will need to complete an associate degree program as well as pass an exam administered by the National Healthcareer Association International. In addition, you will need to be certified as a medical billing specialist from HCAI (Healthcare Coding and Billing Institute). There is also another certification that can be obtained for the same costs when becoming certified through HCAI. This certification is HCAC (Healthcare Administrative Certification) which only requires 200 hours of work experience in healthcare related fields.
Medical Coding Certification Requirements for Medical Billing Jobs
The first step to obtaining any of these medical coding certification exams is to study for the test. This is a very important step because the exam is designed to test those skills that you will not be using in your job. Therefore, you need to spend a lot of time practicing what you will be tested on in your job. The good news is that most tests are conducted online which allows you plenty of time to practice before taking the actual written exam. The actual tests are very similar as well and can often be found on YouTube or other places online where videos about passing the test are posted.
Once you have passed the certification exam and have been offered a medical billing job, it is highly recommended that you continue with your education. You will need to keep up with changes in the healthcare industry as they happen which means that you will constantly be learning new things and updating your skills.
What Will Be Required to Get into Medical Billing?
Once you have passed the certification exam, it is highly recommended that you continue studying so that you are up-to-date on changes in the healthcare industry. If an employer offers to provide training for their employees, take them up on it because it will save you a lot of time and effort over the next few years as well as money.
Conclusion
Medical billing is an expanding industry that is expected to grow by more than 20 percent over the next ten years as a whole. So it is a great investment of your time and money to begin a medical coding career. You can find many job listings online and they are all listed in the links below. I wish you the best of luck in your new medical billing career!
Employers: http://www.indeed.com/q-medical-billing-jobs.html
Medical Billing Jobs: http://www.careerbuilder.