Medical billing and coding pros and cons

Working from home appeals to many adults, especially those with families, for a few reasons: first, if you work from home, you enjoy a more comfortable environment and no commute. Secondly, if you do have a family, working from home allows you to spend more time with them. Many people also hold part-time jobs outside of their homes and want to supplement their income by working from home. Increasingly, people seeking to work from home are pursuing at-home medical billing jobs. In this post, we’ll talk about some of the pros and cons of this career path.

At-Home Medical Billing: Pros

1. At-home medical billing will not only supplement your income – it can provide your entire income. The top 25% of medical billing professionals, according to the BLS, earn over $44,000 annually.

2. Medical billers who work from home enjoy transparent, often friendly relationships with the doctors and companies they work for. When a company allows you to work from home, it’s a sign that its leaders trust you to do your job responsibly.

3. You might be able to start your own business. Although many at-home medical billing professionals work for medical billing companies, some are freelance medical billers. If the idea of working for yourself in this way appeals to you, you might be attracted to freelance medical billing.

At-Home Medical Billing: Cons

1. Something can’t come from nothing: you need education and experience in order to get this job. Before you can start doing medical billing, you need to find a training program and gain some in-the-office experience. At ACHT, we don’t really see this as a ‘con’ – nothing worth doing is ever really easy, is it? Go to school, get the education you need, and enjoy the benefits in the future.

2. After you do get the training you need, you won’t be able to work from home right away. In at-home medical billing, there are two options: you can either work as a freelance medical biller or work from home for a company. Freelance medical billing is becoming somewhat less popular, because many physicians and healthcare organizations choose to work with billing companies instead of freelance billers. More often, medical billers who work from home actually work for medical billing companies.

How does that work? When you first start working for a medical billing company, you’ll report to the office each day. However, after a year or two of working (and showing that you’re a responsible, reliable employee), the billing company may offer you an at-home medical billing position. You’ll enjoy all the benefits that come with a position at the company, but you will work at home instead of at the office.

Not sure whether you’d like to pursue at-home medical billing? Our administrative and career services staff would be happy to discuss this career in more depth with you! Contact us today.

The transition to ICD-10 codes shook up the whole medical coding industry, ushering in an increased demand for skilled medical coders. So what does this new medical coding world look like for new or future professionals? Here are some pros and cons to jumping into the current field of medical coding.

Nobody likes to end on a sour note, so we’ll kick things off with the downsides.

So many new codes to learn

ICD-10 is much more detailed than ICD-9. (ICD-10 has more than 69,000 codes, while ICD-9 had about 13,000 codes.) That’s a lot to wrap your head around, making a quality training program essential. If you’re researching online medical billing and coding programs, be sure to only sign up for courses that offer industry-recognized certifications. That way, you know that you are getting quality training in line with the latest industry standards and best practices. 

Increased complexity of codes

Not only does the ICD-10 classification system have more codes, but each is longer and more descriptive. 

For example, compare ICD-9 Code 821.11: “Open fracture of shaft of femur,” with ICD-10 Code S72.351C: “Displaced comminuted fracture of shaft of right femur, initial encounter for open fracture type IIIA, IIIB, or IIIC.” 

What a mouthful! With such a complex system, there’s a lot less room — and more opportunity — for mistakes, so the right training can and will make all the difference.

PROS

Opportunity to learn

What an exciting opportunity to learn new things and evolve the medical coding profession! Employers may offer training, but if not, take the initiative and prioritize your career development. Get the training you need to navigate those codes by completing a quality ICD-10 training program.

Some course providers, like CareerStep, even offer online medical coding courses to make your training quick and simple.

Increased specificity

Yes, the new system increases the uniqueness of the codes, but this also improves patient care on a small and large scale. The codes you write can be analyzed to determine how effectively an ailment is treated, even on an international scale. (As an example, check out this post on tracking Ebola through medical coding from a few years ago.) By learning a complex system and being more specific, you increase the standards across the entire industry.

High-demand career

ICD-10 coders have been in high demand ever since the new system rolled out. Yet, before ICD-10 was even implemented, CNBC reported a 20–30% shortage of medical coders, a deficit expected to grow to 50%. As a skilled coder, this demand gives you the upper hand when applying for jobs.

Since the need is so great, you can expect your paycheck to increase if you have prior experience in the field. According to the U.S. Bureau of Labor Statistics, the average medical billing and coding jobs salary is $46,590, but experienced coders can take home 6-figure salaries. 

Many employers even offer retention bonuses to keep staff, and others are wooing ICD-10-certified coders with attractive salaries and benefits packages.

Exciting career path

Experienced ICD-10 coders have an improved career trajectory with lots of options and flexibility. Don’t like working in a noisy office space? No worries! While most professionals work on-site, you can do many medical billing and coding jobs from home. You could even be your own boss by hiring out your services as a consultant. President of Healthcare Consulting Services TrustHCS, Torrey Barnhouse, told CNBC that experienced coders easily rise up the ranks and often pick up consulting positions. 

What a perfect time to jump into the medical coding and billing profession. Are you up for the challenge?

Learn more about CareerStep’s Professional Medical Coding and Billing program to kickstart your career today!

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