Medical billing codes are a boon to doctors, insurance companies and enterprising people. The new process translates complicated medical procedures to an easily read and understood series of numbers and letters. This process allows fast and accurate information to be transmitted between people doing procedures and people paying for them. Computer savvy people can capitalize on these employment opportunities in the healthcare industry. Anyone looking for a lucrative position with long-term opportunities and job growth should investigate what coding is, how to do it and where to get the necessary training.
Instead of trying to read hard-to-decipher handwriting, numbers and letters are used as a shortcut to describe what was done. CPT, Current Procedural Terminology, is one of the common programs. Under this system 90658 means a flu shot while 12002 is stitching up a 1 inch cut on a patient’s arm. When the insurance company receives the claim, the insurance company writes a check for the dollar amount it will pay for that procedure. Someone in the claim’s office does not have to guess what was done, send the paperwork back for clarification or pay the wrong amount.
These coding technicians simply read medical records and input the right medical billing codes into patient’s files and appropriate claim forms. Physicians and the nursing staff are consulted, if needed, for more information. These new codes are fast, easy-to-read and reduce mistakes. Enterprising people have two ways to capitalize on job opportunities. These computer specialists can work directly in the office of a medical clinic, hospital, nursing home, pharmacy or claims department of insurance companies. Full-time employees start around $25,000 to $30,000 a year with full benefits. Many people go into business for themselves contracting with doctors to do the work from home as start-up costs are around $3000. Self-employed people set their own schedules and earn between $20,000 and $100,000 a year depending on how they manage their businesses. Some people use this opportunity to supplement other income working part-time while others operate insurance billing and patient file updates as a business with additional staff and multiple clients.
Different training is available for medical billing codes. Occasionally, doctors’ offices, hospitals, nursing homes or other facilities will train an office worker to do this complex job. Normally, people in this industry take formal training courses from colleges, specialized schools or the Internet. Schooling can last from a couple of months to several years depending on the school format, amount of information and student’s abilities. Many people take a quick course covering legal aspects, anatomy and terminology and go to work expanding their knowledge on the job. Other people invest in a two or four-year college program graduating with a degree. Online training is very popular as it allows students to get the necessary information and start work quickly.
Medical billing codes are a lucrative opportunity to control the future and make money. According to the US Bureau of Labor Statistics, this field should grow 12% through the year 2018. These computer experts can find a job almost anywhere.