It's no secret that the healthcare industry is thriving, and this trend is expected to continue. The U.S population of more than 46 million people age 65 and older is projected to double by 2060 with 68% living with two chronic diseases For workers in the healthcare industry it's not going to subside any time soon.
At first glance doctors and nurses appear to be the ones hosting shows in medical facilities across the country. This is a fair observation since they are the ones who treat the patients. However, many others work in hospital medical offices and other healthcare facilities This makes it possible to see a doctor. Two examples are medical billing and coding.
What is Medical Billing
An important process in the perpetual operation of any hospital or medical office is medical billing. Medical billing involves preparing and submitting a billing claim to an insurance provider. This ensures that the hospital or medical office is reimbursed for the correct amount of services They provide patients.
Medical offices receive funding from government-provided private insurance providers and various health care programs such as Medicare and Medicaid. Getting proper funding can keep medical offices open. Due to suboptimal reimbursement, it is difficult for them to provide first-class healthcare for patients.
What is Medical Coding
While it also addresses the most important aspects of insurance reimbursement medical coding differs in that it involves a unique code for each diagnosis and medical procedure. Translating diagnoses and procedures into these common codes allows healthcare providers to process billing correct.
The Tenth Revision of the International Classification of Diseases (ICD-10) is the normative book currently used in the wider healthcare sector. Created by the World Health Organization (WHO) the ICD-10 and its contents are not only important for maintaining records and billing but also allow data Keep disease at home and around the world.
The Importance of Medical Billing and Coding
By now it is clear that medical billing and coding are necessary processes to maintain hospitals and medical offices. Healthcare facilities rely heavily on insurance providers and other healthcare plans for funding.
Insurance companies make their profits by charging a monthly fee or premium to those who hold the policy. Buy-ins from individuals in the pool allow the insurance provider to pay for the majority of the policyholder's medical costs under the policy. With that in mind, it's a lot of money From reimbursement not in the pocket of the consumer.
That's why it's critical to accurately complete and complete medical billing and coding. Every patient who visits a hospital's point-of-care centre or other healthcare facility has information that needs to be recorded.
Not only that but precise medical billing and coding are necessary to guarantee that patients do not overpay for surgery and that they and their insurance pay the correct amount. for the right services.
Now that we have a basic understanding of what medical billing and coding are and why it matters let's learn more about the individuals who perform these critical actions: the medical billing and coding specialists.
Medical Billing and Coding Specialists
It is not uncommon for hospitals and medical offices to hire one or more people familiar with medical billing and coding. Trade school and online education options at community colleges often teach both skills in training programs because of their overlap importance to each other.
Much of the responsibilities of a medical billing and coding specialist job responsibilities are included in entering the correct codes and other data into a hospital or medical office's database. However, they often take on other duties to help healthcare facilities operate during peak periods of efficiency. For example, medical billing and coding specialists serve as the point of contact between office billing staff and office nurses and physicians many times.
Like others working in healthcare settings, medical billing and coding specialists enjoy promising job prospects in the years ahead. According to the U.S Bureau of Labor Statistics (BLS) employment of medical records and health information technicians (including medical billing and coding) experts) is expected to increase by 15% by 2024.
The main reason for the increased demand for medical billing and coding specialists is that more and more people can get insurance. More people with insurance means more people going to medical facilities and more billing and coding to do. as we are Introduction The expected surge in citizens over the age of 65 including ageing baby boomers will also keep healthcare facilities busy for quite some time.
It is also worth noting that medical services are required practically everywhere, and every medical institution needs people to manage billing and coding. Medical billing and coding professionals can work in a variety of settings. remotely to reduce or eliminate the need for commuting.
Medical billing and coding specialists also enjoy competitive salaries. According to the BLS, the median annual salary for medical records and health information technicians was $38,040 in 2016 slightly higher than the median for all occupations combined.
As with many occupations, wages fluctuate based on location and experience. To reiterate medical billing and coding specialists can basically work anywhere they want due to the strong demand for workers in healthcare.
OK, so medical billing and coding sound great. How do I get started?
Most medical billing and coding positions only require the completion of a training program. Medical billing and coding programs are fairly common courses at many community colleges and trade schools across the country.
Many training programs can be completed in less than 18 months at a fraction of the price of a four-year degree. The medical background you gain from your training program may also help you if you choose to continue your education in pursuit of a more lucrative Healthcare Profession. In most cases, you will need to pass the Registered Health Information Technician (RHIT) certification exam but requirements vary by location.
Once you've decided that medical billing and coding are the fields you want to enter all that's left is choosing which program to enrol in.
Coyne College prepares students to realize their dreams
In this program, you'll learn the ins and outs of medical billing and coding and acquire the skills needed to get entry-level jobs in many different medical settings. Even better you can complete Coyne's training program in as little as 48 weeks. in less than one In one year you can be ready to start your new career in the exciting field of healthcare.
As a student in the Coyne College Medical Coding and Billing Specialist program you will gain sufficient and applicable subject knowledge to help you succeed as a medical billing and coding specialist.
Coyne's courses include extensive instruction on related topics such as:
- Medical terminology
- Health records management
- Medical coding
- Insurance procedures
- Business communications
- Office administration
- And more!
You'll learn about the complexities of the medical billing and coding profession from Coyne's knowledgeable instructors who have a wealth of valuable work experience to facilitate your personal growth.
Are you concerned that your job or other obligations may hinder your ability to pursue a new medical billing and coding career? Don't worry because Coyne College offers day and night classes for medical billing and coding specialist programs to suit your busy schedule. The Medical Billing and Coding Specialist program is offered on the Cohen College campus in the heart of the Chicago Loop at the intersection of State and Madison streets.
With over 110 years of experience helping students achieve their dreams, Coyne College has an extensive network of resources to assist students with apprenticeship opportunities at the end of their studies.
Coyne College offers a range of career services and job placement assistance to its students including mock interview placements and resume assistance. These resources can help students gain entry-level employment opportunities after completing the program.
Now is the perfect time for you to step into the role of providing healthcare to millions of people. Get instant access to your medical billing and coding expert and take the first step towards a new career