Medical records have evolved significantly in the past few decades and are only becoming more complex as the healthcare sector continues to expand. In this world, it鈥檚 no wonder medical records specialists are in increasing demand.
Whether you鈥檙e curious about exploring medical billing and coding as a career path or just want to know, 鈥淗ow much do medical billers make?鈥� Below, we鈥檒l unpack the earning potential, job outlook, and factors that influence salaries for medical records specialists across the board.
What is medical billing and coding?
Before we unlock the numbers in this equation, let鈥檚 outline what we鈥檙e talking about. Who are medical records specialists, and what exactly is medical billing and coding? At the risk of sounding hyperbolic, it鈥檚 not an exaggeration to say these skills are some of the most essential, yet often unseen, functions in today鈥檚 healthcare system.
Medical billing and coding classes teach essential skills that help professionals translate patient care into standardized codes, ensuring accurate documentation and clean claims so that providers receive timely reimbursement from insurance, patients receive the best possible care, and everyone鈥檚 paid for their labor and expertise.
While the US Bureau of Labor Statistics classifies this type of work as medical records specialists, there are two main types of experts under this umbrella, keeping cohesive records of every time a patient visits a doctor, undergoes a test, or receives treatment.
- Medical coders review these records and convert diagnoses, procedures, and services into universal code sets used across the healthcare industry.
- Medical billers then use that coded information to create insurance claims and follow up with payers to ensure providers are reimbursed correctly.
With these skills, medical records specialists provide quality patient care by ensuring records remain consistent, up to date, and easy for providers to access in electronic health record (EHR) systems.
Where do medical billing and coding program graduates work?
Well, it鈥檚 shifting. About a decade ago, the majority of medical billers and coders worked in small doctors鈥� offices or clinics. While some still do, it鈥檚 only about 10%.
These days, most medical billing and coding is done online, as the work involves digital records rather than direct patient care; many medical records specialists are working remotely or in hybrid roles for larger healthcare organizations and insurance companies.
Learn more about UB’s Medical Billing and Coding certificate.
How much do medical billers make?
So the job is about organizing medical records for patients, doctors, and insurance companies. And conveniently, the majority of medical billing and coding program graduates can find remote positions if that鈥檚 appealing, but how much do medical billers make exactly?
As mentioned, the , but reports the median annual wage for medical records specialists as $50,250 as recently as May 2024. However, this is not the only number to note. In fact, a $50k salary is fairly middle-of-the-road, representing neither your starting salary nor the full potential of the medical billing and coding field.
In reality, entry-level positions offer closer to $40k annually, and the top 10% of medical records specialists earn over $80k annually. This window has consistently shifted upward, outpacing inflation over the years, so you鈥檙e likely to double your salary throughout your career at least.
Keep in mind also that this field is growing; the BLS projects 7% growth through 2034, faster than the average for most occupations. Meaning there are nearly 200,000 jobs available, and a high demand for skilled medical coding and billing professionals in hospitals, physicians鈥� offices, and billing companies.
What else impacts your take-home pay as a medical records specialist?
How can medical billers and coders increase their salaries?
How much you can earn corresponds to education, certifications, and years of experience; professionals who鈥檝e completed recognized certifications and have some experience command higher salaries than those without. When you compare the relatively low cost and short length of a certificate program to the potential starting salary, your ROI might surprise you compared with many other degree programs.
indicate that medical records specialists can expect regular raises that outpace inflation and align with experience in the field, with opportunities to advance throughout a career that continues to pursue additional certification and expertise over the years.
Whether you鈥檙e looking for a remote role, where you鈥檒l save money on transportation and work attire, scheduling around family responsibilities that mean a regular 9-5 schedule is impossible, or moving cities, the skills gained in a medical billing and coding program are transferable and transmutable, no matter how your life evolves or where it takes you.
How do you become a medical biller and coder?
Completing medical billing and coding coursework is a rewarding pathway into the healthcare field without the years of clinical rotations required for patient-facing positions. Gaining fluency in the language of medicine through an online medical billing and coding curriculum transforms you into a vital part of the healthcare team.
If working from home, room to grow, and a quick certification course appeal to your lifestyle, it might be worth looking into medical billing and coding programs. Luckily, many programs for medical billing and coding classes are offered online these days, adding to the fully remote advantages of this career.
Whether you are a recent graduate or a career changer, there has never been a better time to earn your Medical Billing and Coding certificate. Ready to take the next step? Learn more or apply today.