Medical Coding is the most booming field in the quickly evolving pharmaceutical and healthcare industry. Due to the increase in the number of healthcare services, the need for skilled medical coders is increasing day by day. Medical coding is an extraordinary field that offers lucrative career options to healthcare professionals as well as to graduates with a science background. Let’s dive in and discuss the great job opportunities that Medical Coding has to offer.
What is a Medical Coding Career?
Medical coding translates healthcare diagnoses, procedures, services, and equipment into universal medical alphanumeric codes. These codes are derived from various sources within the medical record, such as the physician’s notes, laboratory results, radiology findings, etc.
Medical Coding is used in the healthcare industry for various reasons such as research, billing, patient statistics, medical services or assigning a unique code to the equipment used in the treatment procedures of a patient. These medical codes play a vital role in maintaining patient records, tracking patient outcomes, and determining the notion of medical necessities for reimbursements.
Medical Coding Jobs
Medical coding jobs are available in various institutions such as hospitals, clinics, government agencies, insurance companies, etc.
Medical Coders who work in insurance companies are responsible for reviewing claims and preventing any errors or fraud.
Medical Coding Job Roles and Expected Salary
1. Medical Coder – 3 LPA to 5 LPA
A Medical Coder translates the patient care data, such as lab reports, patient diagnoses, physician notes, and medical types of equipment, into unique alphanumeric codes. Insurance companies and healthcare providers use these codes for billing and maintaining records.
2. Medical Coding Manager – 5 LPA to 12 LPA
The Medical Coding Manager manages a medical coder team, oversees the ethical coding practices, and ensures patient data accuracy and safety.
3. Medical Coding Auditor – 2 LPA to 4.5 LPA
Medical coding Auditors act as quality control and ensure the safety of the patient data, check the codes, identify potential errors, optimise discrepancies, etc
4. Coding and Reimbursement Specialist – 3 LPA to 6 LPA
A reimbursement specialist works in an insurance company. Their primary work is to translate patient data into alphanumeric codes with no error and submit claims to insurance companies for reimbursement.
5. Billing Analyst – 4 LPA to 7.5 LPA
The primary responsibilities of a billing Analyst are to manage the billing process, ensure accurate and timely invoicing, resolve billing discrepancies, and collaborate with other teams to manage bills on time.
6. Medical Billing Director – 10 LPA to 18 LPA
The Medical Billing Director manages and oversees the maximising revenue and relationships with patients. They also oversee the entire billing process in the healthcare organisations.
Some Medical coders also work as freelancers or work remotely for independent clients or coding companies that offer them flexibility in their work environment and also maintain a better work-life balance. All this flexibility offers great career growth in Medical coding.
Scope of Medical Coding Career Growth
The pharmaceutical and healthcare industry is growing day by day due to innovations and research. This results in a need for patient data accuracy and safety. This increase in the number of healthcare services makes Medical Coding a booming field that offers numerous jobs in various healthcare sectors globally. Let’s take a look at why Medical Coding Careers are thriving.
Transforming Technologies in the Healthcare Industry:
The increase in influence of Artificial Intelligence and Machine Learning in the healthcare system is transforming medical coding. The exceptional potential of AI-powered coding tools is not only speeding up processes but also reducing errors and ultimately enhancing the precision of healthcare billing and insurance claims.
The Surge in Telemedicine:
Telemedicine has become a major trend in the healthcare system. There has been a rapid increase in telemedicine services after the COVID-19 pandemic, resulting in increased demand for skilled medical coders. This shift has opened the door to many new opportunities in medical coding careers, such as work from home or remote work and freelancing.
The trend of Outsourcing
Healthcare organisations are increasingly outsourcing their medical coding processes. India has become a global hub for medical coding outsourcing due to its cost-effectiveness and available skilled medical coders. As a result, outsourcing is creating more job opportunities for healthcare professionals in medical coding. This global collaboration is not only shaping the future of medical coding but also contributing to Medical coding career growth opportunities globally
Overview
The global market for medical coding was worth $15.7 billion in 2020 and is expected to reach $24.7 billion by 2027. Many hospitals are using electronic health records, and healthcare spending increases. The demand for skilled medical coders continues to rise, making it a great career choice. Medical coding offers lucrative career options and attractive salary packages with a chance to maintain a better work-life balance and financial stability. As the demand for medical coders is increasing day by day, you are guaranteed success in your career if you choose to pursue a career in Medical Coding.
FAQS about a Career In Medical Coding
1. How to become a Medical Coder?
Enrolling in a Medical Coding Certification Course can give a kickstart to your medical coding career journey and help you gain industry-oriented skills and knowledge. CareerInPharma offers a Medical Coding Certification course that helps you gain industry-oriented skills and knowledge and prepares you to crack top MNCs interviews, while offering 100% placement assistance.
2. What skills are required to become a Medical Coder?
A Medical Coder needs to have a mixture of technical and soft skills to succeed in this field, such as being detail-oriented, teamwork, Understanding of Medical Terminologies, proficiency in Coding, Basic Computer Skills, Good Communication, and Knowledge of HIPAA guidelines.
3. Who can become a Medical Coder?
Anyone with a bachelor’s degree in the following streams can become a medical coder: BPharma / Dpharma / Mpharma, MBBS / BDS / BHMS / BAMS / BSMS / BUMS, BSc or MSc in (BIo / Chemistry / Zoology / Botany ), Computer Science, Nursing, Biomedical.
4. Who hires Medical Coders?
Medical coding jobs are available in different institutions such as hospitals, clinics, government agencies, insurance companies, etc.
5. Can I work from home as a medical coder?
Yes, Medical coding offers various work opportunities, including remote and work-from-home opportunities, depending on the organisation’s policies.
