If you’re looking at a career that gives you great scope for professional growth and freedom, medical coding and billing could be just right for you!

The healthcare industry promises to be one of the fastest growing in the United States. According to the US Department of Labor, by the year 2014, healthcare will account for more new jobs than any other industry.

Within the healthcare industry, medical billing and coding is a lucrative option. With insurance and healthcare companies demanding detailed records of services rendered to patients, medical billing and coding is growing much faster than average.

What exactly is billing and coding?

Medical coders maintain patients' records with the help of a universally accepted alphanumeric coding system. Codes are assigned to specific medical procedures, ascertaining compliance with insurance requirements and federal regulations.

These codes are used by doctors, insurance companies and hospitals for planning and internal data collection.

Medical billing, a sub-specialty of coding, includes following up with insurance companies regarding claims and ensuring payment for services rendered by healthcare providers.

If you’re planning to enroll in a program, it’s best to opt for one that offers you training in both coding and billing.

Do you have what it takes?

Medical billing and coding require distinct and yet related skills. If you're considering an occupation in this field, you will require a thorough understanding of medical terminology and human anatomy besides in-depth knowledge of universally recognized medical form-completion procedures.

You also need to be computer savvy, with a typing speed of at least 35 words per minute. Often, medical billing involves face-to-face interaction with physicians, patients, medical personnel and agents from insurance companies. Good interpersonal skills, communication and customer service abilities will therefore prove to be valuable assets.

Apart from all these skills, a keen eye for detail is extremely crucial. Incorrect coding or billing can often be a matter of life and death and can have very serious legal implications. So, it is essential that records are error-free and up-to-date.

How a degree can make a difference

Many medical coders do not have a degree or formal training. While training is not a prerequisite, remember that as competition in the field continues to grow, a trained technician would command more responsibilities and a higher salary.

An accredited course in billing and/or coding will help you stand out from the sea of coders in the market today.

Linda McNeil, president-elect of a Seattle chapter of AAPA (American Academy of Professional Coders) reports that coding has become so specialized that it takes a lot of training to do it right.

“Some codes change every year, and soon they'll upgrade all of the diagnosis codes. It takes work to keep up with what's current,” she says.

A Whole New World

You can easily kick-start an exciting new career in medical billing and coding, either by working for someone or setting up your own home business. For beginners, salaries would be about $30,000 per year on an average, while an experienced professional can take home more than $100,000 per year. Happy coding!