Medical billing and coding professionals will continue to be in demand for a multitude of reasons.
According to the Bureau of Labor Statistics, the job outlook for medical billing and coding professionals is expected to grow by at least 13% by 2026. In comparison to other professions, which are expected to grow at a rate of 7%, this particular career path will be one that continues to be viable moving forward. In total, it is expected that by 2026 there will be 234,100 medical billing and coding jobs compared to 206,300 in 2013.
For prospective medical billers and coders in Sacramento and California, things look even better when examining employment levels and salaries. California employs the highest number of medical billers and coders at 21,900, which is 4,280 more than the next highest state which is Texas. Medical billing and coding salaries in California rank in the top 5 in the United States. On average medical billers and coders in California make $50,260 per year or $24.17 per hour.
There are a couple of reasons for the above-average growth rate and optimistic job outlook for medical billing and coding jobs that we have compiled and listed below:
An aging population will require more medical services.
According to the US Census Bureau, the US population is aging and will be, by 2030, older than it ever has been. By 2030, it is expected that 1 in 5 people living in the United States will be of retirement age. Additionally, by 2035 there will be approximately 1.3 million more people over the age of 65 than people under the age of 18. According to the Health Tracker System, although people aged 55 or higher make up 28% of the population, in 2015 they made up 57% of total healthcare spending. All this to say, as people age, they require an increasing amount of medical services and care which results in a greater demand for medical billers and coders
Growth In Electronic Health Records Usage
As electronic health records (EHR) usage continues to grow, general hospitals, physicians offices, nursing care facilities and more will look for qualified and skilled medical billers and coders to ensure billing and coding is efficient and streamlined. According to Allied Market Research, the electronic health records market is expected to grow by 5% by the year 2023 to $33.2 billion. An increase in technological advancements in the medical field paired with a need to streamline healthcare systems like medical billing contributes to growth in the market as mentioned above.
Doctor & Physician Shortages
As the graduation rate of doctors continues to be an issue in the United States, the shortage of physicians is expected to become an even bigger problem. Currently, less than 25% of newly graduated doctors choose to go into primary care, and of that group, less than 5% locate their practices in rural areas. In addition to a shortage of primary care physicians, there is also a critical shortage in other specialties, such as general surgery. As a result, hospitals and other medical facilities are feeling the strain of having fewer personnel to handle a variety of necessary tasks such as medical coding and billing. To ease the strain on these facilities, many are turning to those people who have received medical billing and coding training to handle the workload.
What kinds of places do medical billers and coders work?
Certified medical billers and coders have a wide variety of options when looking for places to work. In multiple different healthcare contexts, whether it is a hospital or insurance carrier, medical billers and coders are needed to communicate patient histories, diagnosis and more to necessary parties like insurance and healthcare providers. Here is a brief list of the different places certified medical billers and coders can work:
- General Medical and Surgical Hospitals
- Physicians Offices
- Nursing Care Facilities
- Outpatient Care Centers
- Office Admin Services
- Psychiatric and Substance Abuse Hospitals
- Pharmaceutical and Medicine Manufacturing
- Scientific, Technical & Development Services
- Insurance Carriers
With all that being said it remains clear that medical billing and coding is a profession that is here to stay. As the population ages and technology improves the medical industry will rely more and more on these kinds of workers. If medical billing and coding as a career interests you, check out the Medical Assistant Certification program at MTI College in Sacramento.