Healthcare information technology, communications and administration careers continue to grow, which places a high demand on entry-level professionals eager to jump into a managed healthcare career. The U.S. Bureau of Labor Statistics projects a 15 percent employment growth rate over the next ten years. This employment growth is nothing new for the healthcare industry, but the reasons for the surge in IT, communications and administration positions specifically are fairly new. Knowing the source of these employment trends gives professionals, especially job-seekers, an advantage in applying, interviewing, and retaining employment. Medical billing & coding positions are particularly in demand due to various governmental regulations and healthcare industry changes over the past five to ten years. To give students and recent graduates some insight into why medical billing & coding is a career worth going into, let’s review the reasons behind the billing & coding employment surge.
International Classification of Diseases
Every healthcare facility keeps records (digital and/or hardcopy) categorized in the International Classification of Diseases, or ICD. The newest ICD update, ICD-10, went into nation-wide implementation in October of 2016. ICD-10 is unique in that it is a new coding system for patient procedures. ICD-10 consists, among many other new coding procedures, around 69,823 diagnosis codes, 71,924 procedure codes and an additional 140,000 new codes in total. The practical implementation of ICD-10 is, as you might have guessed, largely slow-moving and rigorous. ICD-10 is an enormous factor in the demand surge for qualified medical billing & coding professionals – which is why it is essential for individuals going into the medical billing and coding profession to receive training in ICD-10.
Electronic Health Records
Since 2010 the U.S. government has required all healthcare facilities to transition all medical records to digital records. Electronic health records, or EHR, allow for more accurate patient records, more streamlined billing, more efficient treatments, and they take up much less space than traditional hardcopy records. While the switch to EHR is undoubtedly better for the healthcare industry, it requires a lot of additional work for medical billers and coders in facilities of any size. This is another hugely influential cause for the demand of trained medical billing & coding specialists. In general, most current billers and coders are of an older generation and do not have much experience in electronic records. It takes specific training to be able to fluently operate EHR systems, especially in regards to moving a lot of previously organized hardcopy records into a new digital system. Individuals preparing to enter the medical billing & coding field would be wise to allocate a good portion of training on EHR management.
Current Procedural Terminology
Like ICD updates, healthcare terminology and research systems require regular updates. Current Procedural Terminology, or CPT, is identification of codes that the coders use to report medical procedures and services which all national healthcare facilities follow and implement. CPT codes are typically added to once or twice per year, but may require updated more frequently. Because these terminology codes are crucial for accurate patient care, this is a position requiring extreme diligence and expert knowledge. Due to the sheer number of digital medical records existing because of the EHR switch, there will undoubtedly be more CPT and similar updates to coding at a more frequent rate in the future.
Healthcare facilities from private doctor practices to city hospitals are hiring more qualified medical billing & coding technicians than ever before to keep up with the digital world. In summation, any entry-level medical coder should absolutely be proficient in ICD updates and standards, EHR practices, and CPT coding.
Why Choose the Medical Billing & Reimbursement Career
Medical billing and coding is a vital part of our healthcare system, despite public perceptions that it’s a bit of a dull desk job. The fact is that medical billing and coding specialists typically have a great quality of life. They’re in stable jobs in a continuously growing field, they get to work with other medical professionals to help save lives, and they enjoy an above-average lifestyle. Sounds pretty great, right? If you’re not convinced yet, or if you just haven’t been exposed to the profession, keep reading to discover the best reasons to work in medical billing and coding.
Help Save Lives without Medical School
There are many medical professionals in any healthcare facility that aren’t doctors, nurses, or graduates of a medical school – and all of them play a role in saving lives. Medical billers and coders are no exception. They play an integral part in our healthcare system as a whole. They log patients’ medical histories, handle insurance claims and payments, and help ensure patients receive the proper treatment. To a lot of medical billers and coders, one of the best aspects of the position is that they can help people without spending the eight to ten years and tens of thousands of dollars in medical school. The typical medical billing and coding program costs a fraction of medical school and takes between nine and eighteen months to complete.
Employment Opportunities Abound
Many new medical billers and coders primary concern is finding a job after completing a program. While a lot of the medical field is comprised of specialty positions, which would require professionals to likely travel to the nearest open specialty position, medical billing and coding is almost the opposite. Every hospital, clinic, nursing homes, administrative support centers, medical laboratories and more require medical billing and coding specialists. That a wide variety of healthcare organizations absolutely need these professionals means new medical billers and coders have a much higher potential of employment than other allied medical professionals. It also means medical billers and coders have the opportunity to work in a variety of environments, which keeps the job interesting. Plus, because the healthcare field is so dynamic, new billing and coding positions open quite frequently. And keep in mind that the more certifications a medical professional has, the more opportunities become available to them.
Quick-To-Start and In Demand
We’ve discussed how medical school isn’t necessary for medical billers and coders, which saves an enormous amount of money, but many people entering this field are more concerned with time. EBI’s Medical Billing and Coding Certificate program can be completed in 12 months and the Medical Billing and Reimbursement Specialist Associate Degree program in 16 months. Compared to eight years in undergraduate school and medical school combined, allied health careers like medical billing and coding are easily the quicker option to entering healthcare. That’s why the position is growing so fast, because people see the value in investing a small amount of time to achieve lasting career-making results. Medical billers and coders are also highly in demand. The Bureau of Labor Statistics projects the position to grow by 15 percent through 2024, much higher than the national average. Aging population, ever-changing healthcare industry, and governmental reform are just some of the causes for demand, all of which show no signs of slowing.
The reasons laid out here are just a few of the most popular benefits to choosing a career in medical billing and coding. As the demand for these specialists, along with other allied health professions, continue to rise, the benefits and advantages of the position will continue to expand. Now is a great time to start earning a medical billing and coding certification or associate degree. Future opportunities in the healthcare field for medical billers and coders has never looked so promising.
