When it comes to making a career transition, becoming a medical billing and coding expert is an excellent option for both those just beginning their careers and those who have been in the workforce for many years.
Although the fact that the healthcare industry is flourishing, the labor in this field is severely understaffed to meet the growing demand. Moreover, between 2016 and 2026, the Bureau of Labor Statistics expects the employment of healthcare vocations to expand by 18 percent, with an additional 2.4 million jobs forecast.
Medical billing and coding professionals will continue to be in high demand as the country’s elderly population continues growing, resulting in an increase in patient contacts and medical record reviews. Medical coding jobs are an excellent career choice for the following reasons:
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1. Medical coding is an in-demand job
Currently, there is a 40 percent shortage of qualified medical coders, a situation that has worsened over the past year.
By 2024, the employment of medical coders is expected to increase by 15%, which is substantially sooner than the average for all occupations in the healthcare industry.
Medical coders are in high demand since they are essential to the proper operation of the revenue cycle in the healthcare industry.
Adding to the team’s value are medical billing and coding specialists. Their work is essential to keep expenses low, reduce medical errors, and ensure that patients’ medical histories are organized and appropriately recorded. The medical billing and coding sector, on the other hand, provides just the appropriate amount of work-life balance and mobility.
2. A lucrative healthcare career
Increased use of data and technology in the healthcare sector is likely to lead to a rise in the demand and remuneration for medical coding experts.
Medical coding can be a lucrative career choice in the healthcare industry. This not only improves the sharing and use of patient medical records but also decreases expenses and eliminates typical errors. With their ability to work in an ever-changing environment, medical billers and coders are at the heart of all critical reforms.
3. Demand for analytically-skilled coders
Medical billing and coding is a great option for folks who want to work in healthcare but don’t want to spend years in college. Only a few months of training are required for medical billers and coders to begin their professions!
Medical billing and coding programs, on the other hand, are cheaper than medical colleges on average. You won’t have to pay back any loans or grants to get your career off the ground. Because of this, it is great for people who are exploring a midlife career shift but yet need to provide for their family while doing so.
The ability of medical coders to analyze and make decisions is becoming increasingly important as automation makes inroads into the field of medical coding.
They may have a significant impact on the revenue cycle and ultimately benefit patients and providers alike if they act quickly.
4. Multiple opportunities for career advancement
Many people who are contemplating a job change are worried that they will be unable to secure new employment.
A medical biller or coder might work in hospitals, clinics, nursing homes, administrative support centers, and even medical labs. You may expect a lively work market with plenty of options because of the large range of firms that need these specialists.
Expertise gained during a career as a medical coder is useful in a variety of healthcare industry positions. Practice management, auditing, documentation improvement, and compliance are just some of the areas covered by these professionals.
Candidates’ career advancement and promotion to higher positions will be aided by the new abilities they’ve acquired along the way.
5. Kick-start your career quickly
Candidates can begin their careers in medical coding in as little as a year if they complete the majority of the programs offered. Midlife career changers will find this very helpful.
Intense full-time studies can be completed in two months at some institutions. An online and in-person 35-day course offered by Omega Medical Coding Academy (OMCA) includes real-world case studies as part of its instruction.
One can begin working on charts of any kind from day one after completing the course because they will have learned the codes and can recognize them quickly, whether they are ICD-10 or HCPCS codes.