A definite plus about a career in medical billing is that these jobs are needed all over the United States. Those who are interested in this field should learn what a medical biller salary is here in New York City and elsewhere around the country.
Average versus median salary
It’s very common for people to confuse the two terms “average” and “median” when discussing salary rates. However, the two terms are not synonymous and reflect different values. To arrive at the average, you add up all of the salary entries and then divide by the total number of entries. The problem with this manner of calculation is that particularly high, or very low, salary figures skew the average in one direction or the other.
The median is a more accurate depiction of actual salary numbers. It is determined by counting the number of salary entries and then selecting the middle number, with an equal number of lower and higher figures on either side of it. Most statistics use this calculation to derive the medical biller salary in a particular region.
How the numbers add up in Brooklyn, NY
The annual median medical biller salary in Brooklyn, New York, is $39,338. The below figures break it down further:
- Monthly – $3,278
- Bi-weekly – $1,513
- Weekly – $756
- Hourly – $19
With some minor fluctuations, those figures hold true for all five boroughs of New York City. Here in the Big Apple, medical billers tend to earn more than their counterparts in many other regions of the state and nation. To show the contrast, the nationwide average medical biller salary rate is $26,000 per year.
Factors that influence a medical biller’s salary
While there are many factors involved with the salary for medical billers, some stand out more than others. Some of the factors have to do with the employees themselves, and others are more environmental in nature, such as the cost of living in a particular area. As anyone who pays rent in New York City can attest, the cost of living is higher here. To keep pace with that, so are the wages.
The laws of supply and demand apply as well. In New York City, there is a great demand for qualified medical billers, allowing them to command a higher salary rate than someone equally skilled working in an area where there is much less demand for their services.
On a more personal level, a medical biller salary reflects an employee’s competence and experience on the job. Entry level positions will not pay as much as is earned by those with years of on-the-job experience in the field of medical billing.
To a certain degree, the more education one has, the likelier they are to command a higher wage. For instance, attaining an associate’s degree could boost a medical biller’s salary. Those working second- and third-shifts in facilities like nursing homes and hospitals that are open around the clock can see shift differential pay rates reflected in their paychecks. Overtime is another major factor affecting the salary of a medical biller, as some positions offer OT for their employees, while others don’t.
Growth in industry good for wages
Those who are looking for an industry with a high growth potential rate can find it in the field of health care. There are many reasons why this is a growing industry, among them the implementation of the Affordable Care Act and the aging Baby Boomer population. But the field of health information technologies of all types is a good field to enter right now, as the projected rate of growth through the year 2024 is 15%. This is more than twice the 7% average rate of growth for all other occupations. As the demand for these services increases, it is reasonable to assume that salaries will also rise to meet that demand in the coming years.
Prepare now for a hot new career move
If you find yourself plodding through the day stuck in a dead-end job, jump-start your career by getting training in medical billing and coding from a reputable, accredited school. That’s the first step on the path to discovering the career that can turn your dull work days into exciting challenges full of lucrative opportunities.