Physician Medical Billing Specialist Salary Report: How Much You Are Compensated For Medical Billing (2023)

Medical billing may seem complicated, but we have experts for that. The amount of paper used in the medical industry is enormous. This includes the documentation of patient care in medical records, but also invoices and statements.

Some doctors choose to handle their medical billing themselves, but many prefer to hire a professional to do the job.

How Much Can a Professional Medical Biller Earn?

What should you pay for your medical bills?

This article takes a detailed look at average medical biller salaries and the various factors that affect how much a medical biller makes, including their title.

Remarks:Medical billing and medical coding are often mistaken for the same thing, but they are actually two different jobs. In this article, we will focus on medical bill salaries.

Average medical billing salary

Compensation data for the average salary of a medical billing specialist shows many different numbers.

accordinglyZipRecruiter, the national median salary for medical billing specialists is $35,575, or $17.11 per hour.

glass doorThe numbers are slightly higher, giving an average annual salary of $38,742.

is higher fromsalary network. Their data shows that a programmer earns a median annual income of $40,647.

The strange thing isBureau of Labor StatisticsThe highest salaries for health informatics are listed (this is just another job title for the same position). Their data shows an average annual salary of $45,240.

One of the reasons for the wide salary range in medical billing and coding is the advancement opportunities for the career paths in medical coding and the titles that come with it.

Read on to learn about the different factors that affect how much you have to pay for medical care.

Factors affecting medical billing and salary coding

Just as doctors are paid differently depending on their individual circumstances, medical billing specialists earn different amounts based on various factors.

Here are four key factors that could affect how much healthcare providers should pay their bills:

certified

Anyone looking to pursue a career in medical billing doesn't need a lot of training to get started.

In fact, after receiving their high school diploma, students have a choice of pursuing an associate degree, a bachelor's degree, or just certification.

As long as they learn basic medical terminology, anatomy, etcDominantly PTAndICD-10Coding guidelines to help them get started in the workforce.

The Medical Billing Certification course takes only six weeks to complete. However, to earn higher salaries, many medical billers choose to continue their education and earn higher certifications.

AAPC is one of the two largest medical billing and coding programs in the country. their latest resultssalary surveyProvides essential data for reimbursement of medical bills.

The first title of their survey looks at the different certifications available to medical billers and how earning those certifications affects their income.

It turns out that from the lowest certification (Certified Professional Biller (CPB)) to the highest (Certified Professional Compliance Officer (CPBO)) the cost is nearly $25,000 per year.

In fact, medical billing specialists can earn eleven different certifications, each increasing their average salary, as shown in the table below:

Medical practices need to know what coding certificates their billers have earned to ensure they are paying them a fair hourly rate.

Experience

Not surprisingly, a medical billing specialist's work experience affects how much they make.

salary stepHourly wages for medical billers start at $15.32 and can increase to over $5 an hour after 20 years of experience.

accordinglyAAPC Salary Survey, entry-level invoice clerks with 1-3 years of work experience earn about $45,456 per year.

Those with 4-7 years of work experience earn an average of $50,490.

The largest increase occurs when the biller has eight to ten years of professional experience. At the time, her average annual salary was $57,769.

Ort

Location is another factor affecting medical bill payment.

To pay a competitive wage, you need to consider the cost of living in the area and the average wage paid for medical bills.

accordinglyZipRecruiterStates with the highest medical bills include New York, New Hampshire, and California.

TheAAPC Salary SurveyLists Washington, D.C., Hawaii, California, and Massachusetts as the areas with the highest medical billing centers.

The survey also breaks down average physician wages by region.

According to their data, the west coast is the area with the highest average medical expenses. Next came the New England states, then the mid-Atlantic states. The regions with the lowest medical bills are the southeastern states.

TheBureau of Labor StatisticsList very similar states as top contributors. These include Washington, D.C., Alaska, Washington State and Massachusetts.

exercise type

Medical billers salaries also vary depending on the type of clinic they are employed at.

TheAAPC Salary SurveyThere is good information on this as well. According to her research, the larger the employer, the more the billers earn.

According to the survey, here are the rankings of practice types in terms of doctor's bill salaries:

1. healthcare system
2. Inpatient/outpatient hospital
3. large group exercise
4. medium group exercise
5. Solopraxis

Outsourcing and Employees

When you hire a medical billing specialist, you face some big questions:

Should you hire them as an employee or outsource them to an outside agency?

If you decide to hire someone, will they be onsite or remote?

In this section, we'll focus on the pros and cons of each approach and weigh them in terms of cost.

Officers on Duty

Traditionally, the job description for medical billers includes working at the physical location of the medical office that hired them.

You are responsible for billing patients for medical services and fulfilling insurance claims from that location.

However, many new medical billing tasks are being done externally or remotely.

So is the in-house accountant the better option?

Let's look at the pros and cons:

Advantage

Here are some advantages of hiring an accountant full-time (or even part-time) in your office:

financial control

Internal billing gives physicians better control over their practice's finances. Sometimes doctors appreciate knowing what happened and when.

familiarity

Insiders are the trusted associates you know and see every day. You build a relationship with them and can monitor their work.

comfortable

The transportation is convenient. If your biller is in the office, you can ask questions and get an immediate response.

Lack

Here are some downsides to bringing billing experts on your team:

cost

Full-time medical billers typically pay more. Not only do you pay that person a salary, you also pay their benefits.

If it is your first in-house computer, you will incur additional charges for the billing technology.

Responsibility

Being a medical biller means that employees have increased obligations. You bear sole responsibility for any errors, omissions, or even corruption that occurs in the medical billing department.

Several may be required

Most medical offices only hire one or two medical billers and coders to support their practices. This puts offices at risk of support issues when employees fall ill, take vacations, or quit.

secluded

Another option for doctors is to hire a telemedicine biller to handle these tasks.

By outsourcing to an external medical biller, you benefit from the many advantages of internal employees.

Advantage

Here are some reasons why some healthcare organizations prefer telemedicine billing specialists:

cost effectiveness

The employee is classified as an independent contractor. This reduces most of the overhead costs for W2 employees, such as B. Benefits.

productivity

Since this person is not on site, they can concentrate on the task at hand and are not distracted by patient visits. Increased productivity can significantly increase your cash flow.

adaptability

This employee type also has additional flexibility. As independent contractors, they may get more work done than other employees.

Lack

Here are some reasons why remote billing providers may not be right for you:

Security

If that person doesn't protect your patients' data, you risk violating HIPAA rules. Assessing the security of your work computer can be difficult.

Remote billing workers may also work in an environment where others can hear them, and these people can steal sensitive information.

communicate

Because you're not in constant contact with remote workers, sometimes miscommunication can lead to errors or increase your costs.

distance

They cannot monitor their work and see how productive they are throughout the day.

Medical Billing Services

Another option is to outsource your medical billing to an external service provider.

This is becoming increasingly popular in the medical industry and may be the best choice for your practice.

Advantage

Here are some benefits of hiring a medical billing agency:

comfortable

Medical billing companies take a lot of responsibility off your shoulders. They hire staff, purchase software, train staff, and stay up to date with HIPPA requirements and the law.

The company also collects amounts for unpaid bills, files claims with insurance companies, tracks medical records, and distributes refunds.

cost effectiveness

accordinglyPhysician News Digest, outsourcing your medical billing can be very cost effective.

Their cost analysis showed that outsourcing not only cost less, but also resulted in higher collection rates.

Ultimately, a medical billing service is a well-functioning collection machine that can start collecting your outstanding debts as soon as you sign the contract.

Lack

Of course, this option also has disadvantages:

lack of control

When you outsource medical billing, you have little control over the financial aspects of your practice.

unpredictable prices

Additionally, the cost of your medical billing services will depend on the scope of collection services. Since the amount is always different, it can be difficult to budget for it in your account.

Also, hidden fees are common in this industry. So read the fine print carefully and check your bill.

As a doctor, you can reduce the burden on your staff by hiring a medical biller. Which type you choose is up to you as each type has its own pros and cons.

Remember to look for certifications and experience. Medical billing errors can be a huge headache, leading to disgruntled patients, revenue mismanagement and even having your practice audited.

Don't make the mistake of hiring the cheapest medical biller you can find. You get what you pay for and not worth damaging the clinic's reputation.

If you choose to outsource your medical billing process, check reviews online and request a listingatFind out about the fees before you decide.

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