medical coding salaryMedical coding salary levels are dependent on a variety of factors, including your level of education, your experience in the industry, whether you have certification, and the size and location of the facility in which you work. But surveys reveal that, despite the disadvantages of the recent economic downturn, medical billing and coding remains a secure field of employment with average salary prospects that continue to rise.

Workers in the medical coding profession also enjoy better than average employment rates. The AAPC recently reported unemployment rates for credentialled coders of around 6%, whilst the US Bureau of Labour Statistics reported an overall unemployment rate of 9.4% for December 2010. These statistics, plus the observation from the BLS that employment in health care (as well as in leisure and hospitality) had risen, would seem to imply that this remains a relatively secure occupation, even in the aftermath of the recession.

What Difference Does Certification Make?

The AAPC has been tracking the differential between the average pay of credentialed versus non-credentialed medical coders since 2000. Certified personnel appear to earn about 18% more on average, and this differential has remained roughly the same over the past decade. There are different types of certification, of course, matching different levels of expertise and specialization. It’s no surprise to learn that the highest average salaries are earned by those with the CPC-I® credential, which is the certification held by those who are authorized themselves to teach coding courses.

Where Are Salaries Highest?

Just as in other professions, there is a difference in average income according to where in the country you live and work. The cost of living tends to be higher in major urban areas, particularly on the east and west coasts, and reports have indicated that average salaries in medical coding are highest in the Pacific coast states, including California, Hawaii, Alaska and Washington state. Higher salaries have also been observed in parts of New England, Maryland, and New Jersey.

Do Salaries Differ According To Where You Work?

It’s only to be expected that positions that involve some degree of responsibility or a managerial role will pay more. So teachers and consultants, auditors or managers can expect higher salaries than regular office personnel. Likewise, staff who have been working in the industry for some time might expect their level of experience to be reflected in their pay packet. But it’s also been observed that larger facilities tend to pay higher salaries than smaller companies: in-patient and out-patient hospitals tend to pay more than home health care facilities, for example.

Setting Up Your Own Business

If you’re an entrepreneur as well as a medical coding expert, you may be interested in setting up your own business. Going into practice on your own brings its own risks as well as the potential of rewards if you are successful, and it’s likely that your income will take time to grow as you build your business. Many people prefer to learn the principles and practice of the industry while working in an environment such as a doctor’s office, a clinic, a nursing home, or hospital, and wait until they have got a good level of experience under their belt before branching out on their own.

When you’re training for your new career in medical billing and coding, or preparing to take a medical coding certification examination, you’re making an important investment in your professional prospects and potential medical coding salary. These are just some of the criteria to take into account when you’re preparing to enter the industry. Organizations such as the American Academy of Professional Coders or the American Health Information Management Association can provide you with lots more information and research data as you get ready to work in the medical billing and coding profession.