“Medical Billing And Coding Specialist” is currently rated mongst the high growth professions across the USA, including CT.
As per estimates collected from employment websites and BLS (Bureau of Labor Statistics, US Govt.), there are about 1,400 medical billing and coding specialist working in CT.
The average salary they earn in CT is $40,790. Considering the national average for medical billing and coding specialists is around $34,160 per year, the professionals in CT earn higher average wages (approximately 20%) than many of their counterparts living in other states in the country.
The lower 10% wage earners of medical billing and coding specialists in CT earn around $27,100 ($13.03 per hour). This is the minimum salary a newbie to the profession can expect to earn in CT. This is a 21% higher start that the nationwide starting average salary for medical billing and coding technicians, which stands at $22,300 ($10.70 per hour).
At 25 percentile, the medical billing and coding technician’s salary in CT climbs to $32,000 per annum ($15.39 per hour). This is approximately 16% higher than the national average at 25 percentile, which is $26,900 ($12.94).
This comparison also tells us that the lowest 10 percentile of medical billing and coding specialists in CT, earn equivalent to the 25 percentile of medical billing and coding technicians nationwide; establishing the superior advantage of higher salaries in CT in the same profession.
Let’s cross the median salary and look at the 75 percentile, medical billing and coding technicians in CT are making about $50,000 per annum ($24.02 per hour); which is 13% higher than the national average of $44,400 per annum ($21.33 per hour) at 75 percentile.
In the highest 10 percentile bracket, the medical billing and coding specialists’ salary in CT is almost $60,000 per annum ($28.65 per hour). This is about 8% higher than the national average of $56,200 per annum ($27.02 per hour) in the same percentile bracket.
The top salaries are primarily made by those who are coding in specific specialized areas such as cancer, neuropsychiatry, rheumatology etc. Also, hospitals typically pay more than physician clinics. However, the job opportunities are greater in physician clinics due to them being higher in number.
Job Outlook for Medical Billing and Coding Specialists
There is huge growth happening in the healthcare industry due to increasing health care needs of the general population. Obviously, this means there will be a higher need for healthcare professionals as well; including medical billing and coding specialists.
The projected rate of growth of demand for medical billing and coding specialists is at a 22% between 2012 and 2022, higher than most other occupations in the US.
The growth in demand for health services in America is being driven primarily by an aging population. As the baby boomers generation continues to cross the age of 60, their medical needs continue to increase. This is proportionately increasing the need to process bills and raise claims to insurance companies for reimbursement, leading to a continued demand for medical billing and coding specialists.
Another significant factor is that new coding terminology and standards are being established by the industry and being legislated into use. This has increased the quantum of data and the need to assimilate and process the data, thereby increasing the requirement of billing and coding specialists.
Moreover, the increasing use of EHR (Electronic Health Records) is also adding to the overall demand of medical billing and coding technicians. Work is increasingly happening online through internet portals. Consulting and work-from-home opportunities are also increasing for medical billing and coding specialists.