How to Make a Six Figure Salary in Medical Coding

The medical coding and billing industry is booming.

The Bureau of Labor Statistics states that jobs in this area should grow by 11% within the next ten years.

This presents a huge opportunity for you if you’re pursuing a career in medical coding.

But before you do, you’re probably wondering how much money you’re going to make. After all, 70% of people want to hear about their salary within the first message from a recruiter according to LinkedIn.

While money may not be your biggest motivation, it’s still something you’ll benefit from knowing. So what factors determine how much you’ll get paid in this career and how can you make more money as a medical coder?

LINKS:
____________________________________________

Read More: etactics.com/blog/medical-coding-salary
____________________________________________

The first key factor to keep in mind when trying to reach a six-figure salary as a medical coder is certifications.

One of the most attractive aspects of becoming a coder within the healthcare space is that it doesn’t require extensive education. It’s one of the only healthcare jobs that doesn’t need decades of schooling or hours of clinicals.

You can get a job immediately right after you graduate with an associate’s degree. But to really start making a lot of money in this field you need to get certifications. In fact, getting just one extra medical coding certification could make you an extra $10,000 per year according to AAPC. The best part is that many other coders realize the benefit in pursuing additional certifications and, as a result, have created Facebook Groups to help each other study for these exams.

The second factor that influences your medical coding salary is if you’re specialized.

This factor lines up with the previous one. Once you become a medical coder, there are many different routes you can take in your career. One of the best ways to grow is by specializing in your craft. Within this industry, there are different coding organizations. The two main organizations are; The American Association of Professional Coders, and The American Health Information Management Association.

Each organization offers different specialties and has specific requirements. Regardless of which route you take, understand that specializing in the right move.

The third influencing factor on your salary as a medical coder is experience.

Do rookie, superstar athletes get apid their highest salary right out of college? No. They need to prove their skills before getting a massive contract. It really doesn’t matter what industry you decide to pursue a career in, experience plays a role in how much money you make. Now, you don’t need to have any physical prowess to make a higher medical coding salary. But your experience has an impact on your salary, regardless of your specialty.

The fourth thing that determines your salary in medical coding is your type of employer.

What’s most unique about getting a job in medical coding is that where you work matters. You can get paid more or less depending on the type of healthcare company you’re representing. You can work at a payor organization, ambulatory surgery center, inpatient or outpatient hospital, a home health facility, a long-term care facility, or a healthcare practice. According to the AAPC found that coders who work at ambulatory surgery centers get paid the highest average salary.

The fifth way to increase your coding salary is to understand that different states pay more money.

This isn’t a secret, how much you make is largely dependent on where you’re employed. The highest-paid coders work for companies within the Pacific region. That’s Hawaii, California, Wasington, and Oregon. But that doesn’t mean you should pack up your bags this instant and move. Healthcare companies in that region get paid so much because the cost of living is so high. In order to live comfortably in Hawaii, you need to make at least $122,000 per year.

The trick here is to work remotely for a company located in one of those states. Luckily, working remotely is becoming the standard for medical coders. This means that you can get a job for a company headquartered in one of these high paying states while living in a state with a lower cost of living. Talk about getting a bang for your buck.

If you’re resourceful enough and use your intuition, you can earn money fast as a medical coder and there hasn’t been a better time in recent memory to make a great salary in this career path.

► If you’d like to learn more about how EHRs contribute to physician burnout, reach out to Etactics @ etactics.com

►Subscribe: rb.gy/pso1fq to learn more tips and tricks in healthcare, health IT, and cybersecurity.

►Find us on LinkedIn: linkedin.com/company/etactics-inc

►Find us on Facebook: facebook.com/etacticsinc/

youtu.be/vheozp0htP0

#medicalcoding #medicalbilling #healthitjobs