Medical Accounting Careers

Medical facilities require accounting staff familiar with the nuances of the medical field. Accountants working in this industry encounter unique situations dealing with insurance companies, patients with limited incomes and unique tax situations. Several career paths exist for accountants pursuing a career in medical accounting.

Medical Billing Specialist

A medical billing specialist manages the collection process for the facility. This includes working with the clients to create payment arrangements, collecting and recording payments and pursuing legal action against nonpayment of accounts. When a client fails to pay her bill, the medical billing specialist works with collections agencies, small claims court and legal firms. The medical billing specialist also monitors the payments made through Medicare and reconciles these payments with the balance shown on the facilities records. Medical billing specialists maintain the confidentiality of each client and their personal financial situation. The median salary for an medical billing specialist in May 2008 was $32,510, according to the Bureau of Labor Statistics.

Medical Coding Specialist

A medical coding specialist manages the process of coding various medical procedures. The medical codes communicate the type of procedure performed on the patient and the necessity of providing that service to the insurance company. Every third-party insurance company uses its own coding system, and the medical coding specialist needs to know which codes apply for each insurance company in order to ensure prompt payment. The medical coding specialists assists other staff members regarding which medical codes to use and provides regular training to the staff to ensure that each staff member understands the importance of using the proper codes. The median salary for an medical coding specialist in May 2008 was $30,610, according to the Bureau of Labor Statistics.

Accounting Manager

Accounting managers oversee the actions of the accounting staff within the medical facility. The accounting manager needs to understand the responsibilities of each role, including understanding the processes of medical coding, working with insurance companies and taking legal action against nonpaying customers. New employees do not always arrive with a background in medical accounting. The accounting manager trains these new employees regarding their responsibilities along with the accounting procedures used in medical accounting. The median salary for an accounting manager in May 2008 was $72,030, according to the Bureau of Labor Statistics.

Tax Accountant

Some medical facilities experience a high level of clients defaulting on their bills. These accounts must be written off. Some doctors offer free services for low-income patients or donate medical supplies to community clinics. Tax accountants review the accounting processes performed by the medical accounting staff to determine which items need to be included in taxable income. Donated medical supplies represent a tax deduction. Donated time from the doctor may not receive the same tax treatment. The median salary for a tax accountant in May 2008 was $59,430, according to the Bureau of Labor Statistics.

References

• Bureau of Labor Statistics Occupational Outlook Handbook, 2010-11 Edition: Accountants And Auditors
• Accounting Jobs Today: Medical Biller Job Description
• Accounting Jobs Today: Coding Specialist Job Description
• Bureau of Labor Statistics Occupational Outlook Handbook, 2010-11 Edition: Financial Managers
• Bureau of Labor Statistics Occupational Outlook Handbook, 2010-11 Edition: Medical Records and Health Information Technicians
• Bureau of Labor Statistics Occupational Outlook Handbook, 2010-11 Edition: Bookkeeping, Accounting, And Auditing Clerks