Medical Billing Business Salary Info

 
 
 

medical billing IncomeWhat Is The Medical Billing Salary Range Of
Professionals In The Workforce?

 

One’s medical billing salary range in the USA is influenced by several factors but the largest contributors are:

 

1) Your geographic area (North, South, East, West and everything in between)

 

2) Your employment location (city size, rural areas, etc),

 

3) Who you are employed by (hospital, nursing care facility, outpatient care facility, physician office, group practice facility, insurance company, lab or clinic, etc),

 

4) Your level and years of experience, and

 

5) If you are certified or not.

 

Business Plans For Home Based medical biilling businessWhy Should I Listen To Your Medical Billing Salary Ranges Advice?

 

Great question and I would be shocked if you didn’t want to know!!! Hello, my name is Paul G. Hackett and I thank you for taking the time to visit today!

 

Listen… I could list all the accomplishments that have made me the billing, coding and transcription business expert I am today however, I created this page specifically for your benefit so I will not do so here!

 

However, you deserve the opportunity to learn more about me so here is a link that is dedicated to who I am, what I’ve gone through in my own businesses, why I have chosen to mentor others, etc., so please click here. Now let’s continue…

 

To make things simple on both of us I am ONLY going to cover the medical billing salary range of “Entry Level” billing specialists and to give you the most accurate statistics concerning those medical billing salaries I have compiled this data from three sources:

 

1) Bureau of Labor Statistics/U.S. Department of Labor,

 

2) Payscale.com, and lastly

 

3) Salary.com

 

According to the U.S. Department of Labor Statistics entry level medical billers nation wide is:

 

$32,350

 
Department Of Labor Medical Billing Salaries Statistics image

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

According to Payscale.com entry level medical billers nation wide is:

$31,192

 
what medical billers get paid from salary.com image

 

 

 

 

 

 

 

 

 

 

 

According to the Salary.com entry level medical billers nation wide is:

 

$35, 867

 
medical billing salary range from payscale.com image

 

 

 

 

 

 

 

 

 

 

 

Now while I am sure these numbers are correct, I have contacted hundreds of friends and associates form all over the USA to get a more realistic overview of the entry level salary a medical biller makes is as follows:

 

Annually Anywhere From:

 

$20K in the smallest of areas to as high as $30K in most of the big cities, and

 

By Employer From:

 

Hospital: $32K

 

Nursing Care Facilities: $34K

 

Outpatient Care Facilities: $28K

 

Single Physician’s Office: $22K

 

Group Practice: $26K

 

Insurance Carriers: $33K

 

As I mentioned before your level and years of experience will play a big part in how much you will actually be offered so these numbers can dramatically decrease if you don’t at least have 1 year of verifiable work history being a medical biller!

 

What Is The Medical Billing Salary Range Of A
Home Based Billing Business Owner?

 

I have seen this answered in many ways and most of them are very, very misleading! At one time I read an article online that stated you can make upwards of $100K (are you serious, lol, you’ll see why in a minute). I have also seen $40K, $50K and even $60K but the problem is and this is especially true when you are just starting out and you don’t have any clients yet…

 

NO ONE Can Begin To Tell You What You Will Make As A Medical Billing Business Owner Because:

 

1) They don’t know the specialty of your client,

 

2) They don’t know how many claims will be generated weekly by that client,

 

3) They don’t know what specific services your client is asking you to perform, and lastly

 

4) They don’t know how much you will charge your client to perform those services!

 

You should price your services according to type of practice you will be billing for, the type of service you will be giving, and the amount of time you will have to spend rendering the service. In other words, you will have to be flexible with your pricing structure without selling yourself short.

 

I Know! I Know! That doesn’t help you right? Well, I didn’t understand it either when I first got started but it became abundantly clear once I started to sit down with clients that having only one price will lead to no income at all.

 

So, I had to do some research on what my local competition was charging, what the NY average for medical billing services were and then figure out what my high, mid, and low price would be.

 

Look at it this way. If you were trying to sign an elderly psychologist who wants you to submit and follow-up on the claims only, sees a total of 30 people a month with the majority dealing with Aetna insurance, and it would take you about 20 minutes total per month to get their claims paid would you charge them as much as a practice that you have to do triple the work in order to get reimbursed? I think not (but there are those who do)!

 

When I say check what your local competition is charging I mean go to their website and see if they list their pricing (if not at least take down their address, major selling points, and services), ask your doctor what he/she is paying to have their claims processed, ask the office manager what company they use and a ballpark figure, go to different billing forums and post a question asking what your city/states average per claim fee or percentage being charged is, ask billers (that you know) what they charge.

 

You will be surprised that the majority of services charge about the same thing in a geographic area (in NY I find the going rate is about $2.50-$4.00 per claim, 6-10 percent of the amount collected per month, or a flat fee rate of $1,500-$2,500 per month).

 

Another thing is, competition does play a part when it comes down to pricing especially when you are new and not as versed in front of a client.

 

First off, you’re excited and nervous about getting in front of a practitioner, you are not a well established company, you don’t have a particular talk track down yet so there is a lot of stumbling and uneasiness, and you’re not confident enough that your knowledge and pricing is competitive enough to clinch the deal. But not to worry, with practice and time the situations and questions will become second nature and you will begin to surprise yourself. I Can Guarantee That.

 

There are going to be times that you will go below what you normally charge for your services because of direct competition (it’s either you or them and you both are offering exactly the same thing). My advice is to do it only if it is not going to cost you more to process the claims than you are getting paid to process the claims. For Example:

 

You are charging the practitioner $2.50 to process the claim but if it actually costs you $2.70 to process the claim then regardless of the circumstances it’s not worth it.

 

Since each practice is charged differently there is literally no way for me or anyone for that matter, to calculate the medical billing salary range you will make as a result of you starting a medical billing service.

 

If anyone tries to tell you a definitive dollar amount as to what you will earn as a medical billing business owner, RUN!

 

Lastly, starting any type of business is hard to do so anytime you feel that you are at a stand still don’t give up. Think about all the successful people you admire and all the obstacles that they had to overcome to be the icons in business they are today.

 

You will find that the spark that made you want to start your own business in the first place will burn brighter and give you the fuel you need to continue your quest.

 

If you need someone that will understand your situation turn to me or any medical billing forum and you will find the answers you need. Just don’t give up before the magic happens! Now that you are aware of what medical biller’s and coders salaries are…

 

Let’s move on and discuss the topic of:

 

Legitimate Medical Billing Jobs From Home

 
 

I really enjoyed sharing with you today and I hope you learned a thing or two about calculating your entry level medical billing salary range.

 

  Here’s To Your Success!

 
 
 
 

External Resources On Medical Billing Salaries

 

Billing Salary Wizard

 

Billing Salary Video From Youtube.com

 
 
 
 
 
 

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