Medical billing and coding is an indispensable part of every practice’s revenue management. And with that, medical coders remain in demand as healthcare organizations look for ways to streamline their billing process. With that, we can’t help but wonder, how much is the medical billing salary in Florida for coders?
Below, we will take a quick rundown of how much certified professional coders make in their job. Read on and see if this might be the lucrative career you’re looking for!
Table of Contents
Average salary for medical coders
According to the U.S. Bureau of Labor Statistics (BLS), medical codes earn a median annual salary of about $47,000 as of May 2020. However, this salary can vary widely, depending on different factors, which we discussed below.
Overall, medical codes play an integral role in the healthcare industry. They ensure that diagnoses, treatments, and procedures are coded correctly for prompt insurance claim payments.
This is why medical coding services are in demand, which naturally attracts more people to get into the medical coding career. But still, there are various factors that will impact how much coders earn.
Factors affecting medical billing and coding salary
Are you interested in starting a career in medical coding? If so, here are some factors that will impact your take-home pay:
1. Location
Medical billing companies Florida pay medical coders differently, depending on where they are located in the state. Normally, those in major cities pay more to match the high cost of living.
Aside from that, the demand for medical coders in a specific location will affect the salary range you’ll get.
2. Specialization
Medical coders often specialize in specific medical fields, which will affect the salary range. It can be medical coding in orthopedics, surgery, oncology, cardiology, and other specializations.
3. Experience level
Your experience as a medical coder will also impact your salary. For example, an entry-level medical coding salary is naturally lower than those who have been in the industry for years.
4. Certification
Your credential as a medical coder is also a determinant of how much salary you’ll receive. You can either be a Certified Professional Coder (CPC) or a Certified Coding Specialist (CCS), which have different pay rates.
5. Employer type
The size of the healthcare facility where you work will also reflect on your salary. For example, if you’re working in-house for a small clinic or doctor’s office, you may have a smaller salary range.
Meanwhile, if you’re providing medical coding for top medical coding companies, you may expect higher wages. Aside from that, these big companies may offer other perks, which add up to your total compensation package.
6. Pay structure
Most medical coding services in the USA pay coders per hour of work. This is on a standard 40-hour work week, but others may have different pay structures. For example, some outsourced medical coding services may pay on a per-case basis.
If you’re applying as a medical coder, make sure that you inquire about the pay structure to see what works best for you financially.
How to earn more as a medical coder
The best medical billing companies in Florida often give their coders the opportunity to achieve a higher salary range. Here are some ways to help increase your compensation:
- Pursue higher education. First, you can level up your medical coding knowledge by pursuing an associate’s or bachelor’s degree. You can also seek a higher level of certification that will also increase your pay tier.
- Networking. You can also network with other professionals who can provide you with referrals and future career opportunities. They may be able to you to high-paying medical billing companies Florida.
- Seek established companies. Top Florida medical billing outsourcing companies often pay bigger than smaller competitors. So if you want to advance your career and earn more, you can consider applying to these companies.
- Negotiate your salary. If you’ve been working as a medical coder for an organization for quite some time, it might be reasonable to negotiate your pay. Make sure you can substantiate it with supporting information that will justify your request.
Is medical billing and coding a lucrative career?
If you’re willing to get continuous education and certifications, medical coding would be a stable and in-demand career for you. You can also consider specializing in a specific practice to potentially increase your compensation.
Overall, it’s advisable to research your local job market to see if medical coders are in demand. This will also give you an idea of the average salary offered by billing companies.
Conclusion
Medical billing services Florida are a sought-after service, which means the likes of medical coders are also in demand. Still, you should compare offers to see which company provides the best compensation.
With the right certifications and education, medical coding would be a rewarding career path. The best part is that some billing companies also offer remote work opportunities for their coders, which makes it a flexible career option.
