Medical Billing and Coding Careers in 2024

Medical Billing and Coding Careers in 2024
March 07, 2024
Last updated on March 07, 2024
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Medical billing is now accomplished through cutting-edge software. Does that mean medical billing and coding 2024 will become obsolete?

Medical billing and coding professionals will always have a place in the healthcare industry. No software will ever replace their knowledge and skill. Instead, the tech will complement the human workforce as specialists are the best equipped to handle the software. 

So, what is in store for the sector in 2024?

The Growing Demand for Medical Billing and Coding Professionals in 2024

Not only will professional medical billers and coders continue to thrive in 2024, but the demand for them is also expected to increase in the next few years. 

According to the U.S. Bureau of Labor Statistics (BLS), the medical record specialist profession will grow 8% between 2022 and 2032. The figure is noted as “faster than average.”

A career in medical billing and coding became more popular during the pandemic. There are two reasons for this:

  • More people are more conscious about their health. 

  • Medical billing and coding can be accomplished remotely. 

In the healthcare industry, medical professionals were essential during the pandemic for obvious reasons. However, billers and coders didn’t need to be at their medical facilities—they just needed the right technology to do their jobs. 

Even today, the use of medical billing software allows medical billers and coders to work remotely. This saves medical organizations tons of money for office supplies, utilities, and more. 

For example, BillPro is one of the best Medicaid billing software available today. All features are on a web-based portal that is easy to use and accessible to anyone working from home. 

Another reason medical billers and coders will continue to be in demand is that there will always be patients who need care. More people than ever are going to their scheduled regular checkups. They are also more serious about preventive medical consultations. 

As the healthcare industry grows as a whole, so will the medical billing and coding profession. 

2024 Salary Trends for Medical Billing and Coding Specialists

2024 Salary Trends for Medical Billing and Coding SpecialistsAccording to BLS, the median medical billing specialist salary in 2024 is $22.69 per hour or $47,180 annually. This is slightly higher than the median wage in the country, which was $45,760 in 2021. 

Because there is significant demand for the profession, you can expect the median salary to increase in the next few years. 

The good thing about this sector is that getting a medical billing certification in 2024 will help billers and coders further improve their professional trajectories. 

One needs a certification to become a professional medical biller and coder. These are regularly updated, and there are more and more certifications and training opportunities that can help boost one’s career and salary. 

Career Opportunities and Pathways in Medical Billing and Coding

Medical billing and coding offer different pathways for professionals. It begins with the learning process through different courses and certifications from various institutions. 

Some of the basic programs are as follows:

  • Billing and Coding Application

  • Diagnostic Coding

  • Healthcare Settings and Claims Processing

  • Introduction to Computers

  • Introduction to Healthcare Communication

  • Medical Law and Ethics

  • Medical Terminology

  • Procedural Coding

  • Records Management

The training process is quite versatile as medical billing and coding students learn about healthcare and its many branches. Some courses even touch on anatomy, physiology, and pathophysiology. 

Depending on the courses a budding professional takes, the work opportunities are also versatile. Here are just some of the positions billers and coders can apply for in the healthcare industry:

  • Health information clerk

  • Health information specialist

  • Health information technician

  • Medical coder

  • Medical coding specialist

  • Medical records analyst

  • Medical records coordinator

  • Medical records clerk

  • Medical records technician

There are tiers to each position, so a large facility may have a medical coding specialist 1, a medical coding specialist 2, and so on. 

Impact of Healthcare Policies on Medical Billing and Coding Careers in 2024

Impact of Healthcare Policies on Medical Billing and Coding Careers in 2024Medical billers and coders must regularly update their certifications because healthcare policies are ever-changing. The government may also issue certain updates for the industry. Billing specialists must always be apprised of these as they impact regulations for all facilities and types of patients. 

As the healthcare industry grows, authorities must scrutinize existing policies to ensure that patients get the best care possible. Many depend on Medicare, Medicaid, and insurance coverage, and all parties must be protected against fraud, security breaches, and unfair and surprising costs. 

Conclusion

The healthcare industry is massive and continuously growing. Healthcare spending accounts for over 18% of the country’s gross domestic product. This alone is a clear indication that medical billing and coding careers have a positive outlook in 2024 and beyond. It is a good career path to pursue, and there is tremendous scope for advancement for those in this sector.

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