Are you wondering what the medical billing and coding job outlook is like in NYC for 2016? If so, you’re in luck, as the market continues to thrive.
The Bureau of Labor Statistics provides the following data for the billing and coding positions that are collectively known as “Medical Records and Health Information Technicians”:
- The median pay for a medical biller or coder in the United States is $37,110, or $17.84 per hour, which is higher than the annual median salary of $36,200 for workers nationwide.
- In New York, the median salary for that same position was $40,010.
Projected growth in the industry
The BLS continues to anticipate a growth trajectory for all in the medical records and health information industry. While this robust market is projected for all regions of the United States, New York has an even higher rate than most other locales.
One of the reasons for this is that the state implemented the Medicare and Medicaid EHR Incentive Programs, which establish specific requirements for electronically collecting and recording patients’ clinical data. Gone are the days of scrutinizing physicians’ scrawls on patients’ medical charts; the process is now streamlined, with entries made using keystrokes that are transmitted to online databases accessible to those in the industry. The new programs are intended to improve the quality of the exchange of information between providers and patients, other physicians and the insurance companies at each point of care.
By some estimates, the EHR program will markedly increase the need for well-trained medical billers and coders around NYC and the state itself. The reason for that is because this new initiative is offering health care providers over $60k in a six-year period if they successfully transition all of their patients’ medical records to an electronic database. The EHR project is massive in scale, and compliance requires the skills of many additional experienced billers and coders in the future.
Outlook good for medical billing and coding jobs
In the years between now and 2024, the overall average growth rate for jobs in the United States is 7%. Consider that the medical billing and coding job outlook is much rosier — the 15% projected increase for jobs in this sector is more than twice that number, with an anticipated 29,000 jobs in the field to be available in the near future.
In addition to the EHR initiative, there are several reasons why the medical billing and coding job outlook is such a white-hot career prospect right now. They include the following:
- Increased number of claims to insurance companies as the Baby Boomer generation continues to age and needs additional and more intensive medical procedures and treatments.
- The demand for the establishment and expansion of national cancer registries to track disease patterns and geographic trends is expected to remain high over the next few decades.
- The Affordable Care Act, colloquially referred to as “Obamacare,” has survived several legal challenges at the highest level. It appears that — love it or hate it — the ACA is here to stay, and the number of Americans who have already signed up for, or will soon be obtaining, health insurance is steadily increasing.
All of the above factors mean that, for the foreseeable future, there will be plenty of lucrative jobs awaiting those who successfully complete training programs for medical records and health information technology positions.
Crunching the numbers
As with most professions, the workplace setting of medical billers and coders has a significant impact on the wages they can earn. At the top of the pay scale food chain are those who manage scientific and technical data. Those positions have a median wage of $40,790, considerably higher than the median income of $32,080 for those billers and coders working in offices of physicians in their private practices.
Other workplace environments and their median wages include the following:
- Hospitals – $39,570
- Supportive and administrative services – $36,630
- Nursing homes and extended care facilities – $35,270
All of the aforementioned salaries in the listed settings are for workers with full-time employment. It should also be noted that some of those environments operate on a 24-hour, three-shift system. Those medical billers and coders who are willing to work second or third shifts, or swing-shift rotations, can earn considerably more than those who choose to work only 7 a.m. to 3 p.m. shifts. Additionally, any overtime or holiday pay can also boost salaries a great deal.
Get on track for future career success
If the medical billing and coding job outlook appeals to you, now is a great time to start preparing for a successful future in the field of health information technology. Don’t delay another day. Visit a medical billing and coding school to speak to an advisor and learn how to prepare for these lucrative career opportunities.