Medical Billing & Coding Annual Salary
Medical billing and coding specialists are employed in a variety of settings, including hospitals, insurance companies and private practices. Individuals employed in this field are responsible for accurately inputting and coding patient data to ensure services are billed correctly. The salary range for this position varies based on factors such as experience, location and industry.
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Salary Range
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The mean annual salary for a medical billing and coding specialist was $33,880 as of May 2009, according to the U.S. Bureau of Labor Statistics. The national median wage for this position is $31,290 per year or $15.04 per hour. The lowest 10 percent of workers in this occupation earned approximately $10 per hour and the highest 10 percent earned $25 per hour.
Industry
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Billing and coding specialists employed by pharmaceutical manufacturing companies earn the highest compensation with an annual salary of $61,210. Other industries that offer high pay for this profession are business and professional organizations, $45,850; federal executive branch, $45,120; support services, $44,270; and scientific research and development services, $42,050.
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Location
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The state offering the highest pay for medical billing and coding employees is New Jersey, with an average annual salary of $45,750, according to the BLS. Other states that offer high pay are Hawaii, $41,340; District of Columbia, $41,290; Alaska, $39,490; and Maryland, $39,330.
Job Outlook
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Due to the increasing use of electronic health records and introduction of new medical procedures and tests, the employment rate for this profession is projected to increase by 20 percent by the year 2018. This will bring the number of billing and coding jobs from approximately 172,500 in 2008 to 207,600.
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References
Resources
- Photo Credit medical test image by JASON WINTER from Fotolia.com
