The medical billing field is accelerating fast. In fact, this field is expected to grow 21 percent over the next decade, according to the Bureau of Labor and Statistics. This is way faster than the average career.
This explosion is partly due to an aging population that will require more medical care and medical tests. According to the BLS, additional records, coupled with widespread use of electronic health records by all types of healthcare providers, should lead to an increased need for technicians to organize and manage the associated information in all areas of the healthcare industry.
The pay is about average for this sector of the healthcare industry. On average medical billing specialists will make about $32,000 per year. The highest 10 percent of earners earned more than $50,060 per year.
Medical billing jobs is to organize, disseminate, verify, and manage health information data, including patient and billing information, type of procedure or treatment prescribed, cost of treatment, and insurance coverage.
Every medical service, treatment, and procedure is assigned a numeric code to define diagnostics, treatments and procedures. It is the coder’s job to enter this information into a database using this set medical protocol to produce a statement or claim.
These health information technicians take the data and check it for quality, accuracy, accessibility, and security in both paper and electronic systems. They input data into these systems and double-check for accuracy.
In order to perform their job, medical billing and coding specialists may be required to learn several different coding systems. For example, they may need to learn the coding system required for physician offices, hospitals, ambulatory settings and long-term care facilities. They will also need to know the codes for different procedures.
Then they use classification systems to code and organize the information. This is done for reimbursement purposes, for databases and registries, and to maintain patients’ medical and treatment histories. In case the information needs to be pulled quickly, it can be done using the classification system.
After the information is coded the procedure can be submitted to the insurance company. This is called submitting a claim. The insurance company will then detail what they will pay for and what is not covered. If a procedure is not covered at all, the billing specialist will let the paint know so that other options can be discussed.
The billing specialist also resolves questions and complaints. A big part of their job will be dealing with patients and their issues. They can evaluate a patient's financial status and establish payment plans. Or if a patient has not made a payment in awhile the specialist can tag the claim as delinquent and began making arrangements to file with a credit bureau.
The worker may also process payments from both patients and insurance companies, purge old files, and review files for accuracy.
Most billing specialists are employed by hospitals, but job opportunities also exist in clinics, private practices, nursing homes, mental health institutions, government agencies and other healthcare businesses. Depending on the billing specialist's preference, they should be able to work in any facility they choose, due to the abundance of opportunities.
