Becoming an accomplished medical biller requires a deep awareness of specifics, great detail-orientation, and years of learning and dedication. This tough journey does not happen overnight, so youngsters nowadays may question what they can benefit from the career after that much effort.
Today’s article will serve as an eye-opener on ‘how much does a billing specialist make?’ and what factors may affect a biller salary.
Distribution of Billing Specialist Salaries in The US
Salary Range
The billing specialist salary in the US ranges from 38,300 USD/year (minimum wage) to 113,000 USD/year (maximum wage).
Median Salary
Generally speaking, the median figure represents the average salary value. You will want to stay on the right side of the graph where the group making more than average is.
70,700 USD/year is the median billing specialist salary in the US, meaning half of employees working as BSs are making less than 70,700 USD, whereas the latter half are making more than that.
Percentiles
The two closest values to the median point are the 75th and 25th percentiles. According to the wage distribution diagram we’ve compiled, 25% of BSs are making less than 49,100 USD, and 75% are making more than 49,100 USD.
Besides, among those with incomes of over 49,100 USD, 25% of them are making more than 88,000 USD, while 75% are receiving less than 88,000 USD a year.
How Much Does A Billing Specialist Make?
Apart from other subordinate factors, like additional skills and certifications, a billing expert salary can vary broadly depending on three primary elements, including location, education, and years of experience.
By Years of Experience
Your level of experience is probably the most critical facet determining your wage. Typically, the more experienced you are, the higher your salary.
We researched billing specialist salaries based on the experience level, and here’s what we’ve found. Workers with under two years of experience add about 43,500 USD/year to their bank accounts per year.
Those possessing 2-5 years of experience have an average income of 58,400 USD/year – 34% higher than those with under two years of experience.
Moving upward, a work experience level of 5-10 years can land a wage of 75,900 USD/year, 30% higher than those with 2-5 years of work experience.
Usually, once a person crosses the 10-year-experience mark, their salary tends to double the starting wage they received when just stepping into the field.
In particular, billing experts whose expertise endurance ranges from ten to fifteen years can land a wage of 91,900 USD/year, 21% higher than those having worked in the field for 5-10 years.
With 15-20 years of experience, you can confidently negotiate an average salary of 100,000/year, which is 9% higher than those possessing work experience of 10-15 years.
Now, let’s come to the peak of the chart: the 20-year-experience point. Professionals having devoted more than 20 years to their career generally charge their employers 106,000 USD/year for their performances. This figure is 5% higher than that of people with 15-20 years of dedication.
By Education
It’s a universal truth that higher education is synonymous with bigger incentives. Yet, how much money can a master’s supplement your income with?
This question has raised our curiosity and led us to break down the salary comparison by education background.
With a basic high school degree, your average income when working as a medical billing professional is 52,400 USD/year.
Meanwhile, a specialized diploma or certificate will help you earn 59,900 USD/year – 14% higher than what a high school diploma can bring.
Many BSs step into the field with a bachelor’s which can averagely yield 84,400 USD/year – 41% higher than people holding a diploma or certificate.
In comparison, professionals possessing a master’s degree can make others envious with a desirable average wage of 102,000 USD/year – 21% higher than a bachelor’s degree’s holders.
The thing is, a postgraduate or master’s program in the US, which often lasts two years, may cost anywhere between 39,500 USD and 118,000 USD. That’s quite a significant investment.
So, here comes another question: Is an MBA or master’s degree worth it? Or, in other words, should you go after higher education.
If you’re already working as a medical billing expert, you won’t expect to see any increase in your wage during the learning period. Most employers will conduct a salary review once you’ve completed your studying and attained the degree.
Higher education is a robust tactic to seize a more well-paid job. The increasing number of people pursuing a master’s supports the theory.
If your budget can cover the expenses of higher education, the return on investment is absolutely worth it. We’ve seen many specialists recover their expenses within nearly a year.
By Location
According to the BLS, the five states having the most health information and medical record technicians in 2020 were New York, Ohio, Florida, Texas, and California.
There’s a reason these states attract such a workforce. Employees in these areas earned median wages of $55,180, $45,690, $43,750, $44,100, and $55,020, respectively, with the District of Columbia showing the highest median billing specialist salary throughout the country – $60,530.
Workers in some low-paying states, such as West Virginia, Louisiana, Kansas, Ohio, and Mississippi, earned between $32,940 and $38,960 a year.
If you can adapt to a new environment and working culture quickly, being a mobile billing specialist is not a bad idea. Provided you’re an experienced worker, don’t worry about moving to a new place and starting again.
Sum It Up
Today, most patient encounters require coded documentation submitted to federal and insurance payers. So, it’s no surprise medical billing specialists are welcoming optimistic job prospects and enjoying favorable earnings. If you look to make an entry into this promising field, we’re ready to refer plenty of billing specialist jobs to you to help you locate a perfect fit with a satisfactory salary.