Why Are Medical Billing Services in Such High Demand? | Institute of Medical and Business Careers

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Why Are Medical Billing Services in Such High Demand?

Medical Bill Form

Medical billing and coding jobs are part of a growing field of healthcare occupations as the demand for medical services increase each year. Many people mistakenly believe that jobs in medical billing services are merely administrative, but there is a lot more to these jobs than just this. 

Medical billing services include posting payments, filing insurance claims, assisting customers with their questions and calls, entering medical codes for important procedures, and implementing electronic health records. Solving problems and helping people by providing great service is paramount to success in this field.

People trained to work in medical billing services are in high demand in the healthcare industry, and the demand is expected to grow by leaps and bounds from here, according to recent reports from the U.S. Bureau of Labor Statistics.

If you have been considering a career path in medical billing and coding, here is why these careers are in such high demand and what that demand can mean for your future:

1. Job Growth is Strong

Medical billing services are in high demand, resulting in many new jobs being created each year, according to the U.S. Bureau of Labor Statistics.

Because of this need, medical facilities are always looking out for professional medical billing services personnel. They also want to make sure they do everything they can to retain the medical coders that they do employ. 

The median salary for those who work in medical billing services was $41,599 annually, not including the bonuses that many medical billing specialists can potentially earn. 

As you grow in experience in medical billing and coding, you’ll be able to increase your salary. Your compensation may vary depending on your level of experience, type of healthcare provider you work at, and location.

2. The Shift Toward the ICD-10 Coding Standard Has Added to the Shortage of Skilled Workers

Since October of 2015, a new medical coding standard was implemented. This new coding standard known as ICD-10 offers greater detail about patients’ diagnosis, treatment, and doctors’ notes. It also gives includes details about lab results. 

This new coding standard has six times as many codes as the previous standard. Since this change, healthcare facilities are looking for medical billing professionals who have been properly trained in this new coding system. 

If you’ve been trained with the ICD-10 coding standard, you may be in high demand. If you have experience in both the old and new platforms, you can assist with transferring information from the older ICD-9 database to the new ICD-10 database. These skills are very valuable and useful as well.  

Medical Billing Specialist

3. A Large Elderly Population Will Have a Big Demand for Increased Healthcare Services

The world’s elderly population continues to grow at an unprecedented rate with older people expected to outnumber children by the year 2034. This growth will be a big deal for the healthcare industry that will be relied upon to provide medical services to such a large group of people. 

There will be a higher demand for medical testing, treatments, procedures, and medical reimbursement claims. 

Experienced medical billing services associates will be crucial toward the effort to provide care for the millions of aging citizens.

Those with experience in hospital-based specialties such as orthopedics, geriatrics, and oncology will likely be in the most demand. As a result, they’ll potentially enjoy increased job security and earning potential. 

But it’s not just the elderly population that will continue to create a demand for healthcare workers. The population, in general, continues to grow which means that the need for well-trained healthcare professionals will grow right along with it. 

4. Increased Demand for Medical Billing Services Managers

If you want to take your career in medical billing services to the next level, consider continuing your education and obtaining an associate or bachelor’s degree. This may make you eligible to go for a position as a medical and health services manager, especially once you have some on-the-job experience. 

Medical billers and coders who hold a college degree and pass the required certification exams can typically advance into managerial positions. With a few years of work experience in the medical billing field, you can advance into a leadership position with potentially higher pay and responsibility.

Those who advance to a managerial position usually obtain a degree in health administration, nursing, business administration, or management, so as you work toward a degree, consider these areas of concentration. 

According to the Bureau of Labor Statistics, the employment of health services technicians is expected to grow by 11 percent by 2028. This will lead to the creation of almost 23,100 new jobs. This rate of growth is faster than in many other fields. 

Medical Records

Learn More About This Growing Career Field

Learn more about starting a career in medical billing services by visiting our website for more information and by giving us a call.

We’re happy to chat with you and discuss any questions you might have about our medical billing and coding programs and your future job prospects in the field. 

All students who complete a medical billing and coding program through our school will be placed in an internship to further develop their skills and prepare them for a career. 

Our program will prepare you to seek full certification with the National Association for Health Professionals so you can begin working right away. 

With locations in either Pittsburgh, Eerie, or online, you can take classes where it best suits your needs. 

Click here to request more information or call us today to learn more. We look forward to hearing from you!