Contract medical coders provide a vital service to the healthcare industry by translating medical procedures and diagnoses into codes for billing and reimbursement. Medical coding is a highly specialized skill that requires advanced knowledge of medical terminology, anatomy, and healthcare regulations.
If you`re considering a career as a contract medical coder, or you`re interested in hiring a contract medical coder for your healthcare facility, you may be wondering how much they can expect to make. The answer is: it depends.
Factors that Affect Contract Medical Coder Salaries
Several factors can influence how much a contract medical coder earns, including:
1. Years of experience: Contract medical coders with more experience and expertise generally command higher salaries.
2. Certifications: Certified coders, such as those with the Certified Professional Coder (CPC) or Certified Coding Specialist (CCS) credentials, tend to earn more.
3. Geographic location: Salaries vary by region, with coders in urban areas typically earning more than those in rural areas.
4. Type of employer: Contract coders can work for a variety of employers, including hospitals, physician practices, and insurance companies. Salaries can vary based on the type of employer.
5. Type of coding: The type of coding required can also affect salaries. For example, coding for more complex procedures or specialties, such as cardiology or oncology, may result in higher pay rates.
Average Salary for Contract Medical Coders
According to the Bureau of Labor Statistics (BLS), the median annual wage for medical records and health information technicians, which includes medical coders, was $42,630 as of May 2020. However, this figure doesn`t differentiate between contract coders and those who work as staff members.
A survey conducted by AAPC, a professional organization for medical coders, found that contract coders earn an average hourly rate of $17-$28, with an average annual salary of $57,083. The survey also reported that certified coders earn an average of $7,500 more per year than non-certified coders.
Conclusion
In conclusion, contract medical coders can earn a decent income, with salaries varying based on several factors such as experience, certifications, location, and type of employer. While the BLS figures provide an overall salary range, AAPC`s survey provides a more accurate picture of what contract medical coders can expect to earn. Ultimately, the value of a contract coder lies in their specialized expertise in medical coding, which is essential to ensuring accurate billing and reimbursement in the healthcare industry.