If you are considering a career in New York City as a medical biller, chances are good that before you take that step and enroll in classes, you want to first explore all aspects of the job. Certainly one of the most important will be what to expect for a medical biller salary in NYC.
Learn the difference between the average and the median.
A lot of people misconstrue the terms average and median, but in reality, their meaning is very different. When you attempt to determine an average salary, you simply add all the salaries together and divide by the number of entries. This is not as accurate as the median, as the average can be skewed by either very low or unusually high salaries at both ends of the income spectrum.
To determine the median medical biller salary in NYC, however, you list the salaries from lowest to highest, and then select the middle number. That’s your median salary, and this is a far more accurate indicator, as it prevents outliers from diminishing or increasing the value.
NYC is a salary leader for medical billers.
If you plan to launch your career as a medical biller here in New York City, you will be ahead of the salary curve, as this urban area has higher median salary rates than other areas of the state or other cities in nearby states. For example, a medical coder working in Brooklyn has a salary range from $34,914 to $50,363, with a median salary of $40,600. The same position in Henrietta, New York, would have a median salary of only $33,916 per year.
Most of the representative positions in the five boroughs of the city have salaries of roughly the same amount. This means that salary rates are remaining competitive with the NYC employment market. But that is simply the salary. It does not take into consideration other benefits or bonuses that could boost the medical biller salary in NYC rate appreciably.
Benefits and bonuses.
It’s impossible to predict what one particular employer will offer its employees in regards to various benefits and bonuses. The passage of the Affordable Care Act now requires businesses with a certain number of employees to offer health insurance benefits to its staff. With this in mind, it can generally be said that larger organizations such as major clinics and hospitals offer their employees more potential benefits.
But that is not always the case, as responsible employers tend to recognize the value of satisfied employees, and many will reflect that by offering attractive benefits packages. Some may even include annual bonuses that may be related to an employee’s performance review. Your best bet is to do your homework prior to sending out resumes. Learn which facilities offer the better benefits packages and direct your employment search there first.
Breaking it down.
Most medical billing positions will not be salaried jobs, but will be based on an hourly rate. One PayScale salary survey done of medical billers in New York City found that the median hourly pay rate was $15.71. Entry level positions start at $13 an hour, with the high end of the pay scale maxing out at $23 per hour.
But positions like these often offer overtime, especially large facilities that rotate three shifts per day. Working a second or third shift can boost the hourly rate as, of course, would overtime. Even before the intrinsic value of medical, dental and vacation benefits are factored in, it’s possible for the salary to range from $26,069 to $51,306.
As you can see, it is possible to earn a solid living with a medical biller salary in NYC. This is especially true for those who have worked in the field for a few years.
It is even possible to one day open your own medical billing business, but these ventures are seldom successful unless you have worked in the industry for a significant amount of time and developed a strong relationship with a number of clients. But for those who have successfully made the transition, their earnings could potentially be even greater.
Making a positive change.
Don’t stay stuck in a low-skill, dead-end job when you can learn the skill of medical billing right in NYC. Find an accredited school for medical billing and speak with an admissions advisor to have all of your questions answered.