As a resource to all current and prospective students, Allied Schools, Inc. has developed this blog to provide relevant information to students, job-seekers and professionals alike. Use this blog as your "career guide," turning to Allied Schools for industry updates, career trends, and job search advice. We thank you for visiting!
The medical billing field is already known for its growth potential and ability to give people on the go a portable career. The Bureau of Labor Statistics (BLS) is also estimating 22% growth for medical billers between 2012 and 2022, and with the implementation of the Affordable Care Act (ACA) in October 2014 and subsequent increase in medical bills flooding the health care market, a career in medical billing becomes even more appealing.
The Effects of the ACA on Medical Billing
Thanks to the Affordable Care Act, the work for physicians’ and hospital billing departments is on the increase. Additionally, new requirements for submitting patient claims to insurance companies and maintaining electronic health records makes it absolutely necessary for these departments to be ready with specially-trained medical billing specialist staff.
Beginning October 1, 2014, medical billing specialists will need to also help physicians’ offices to become compliant with the International Classification of Diseases (ICD-10), a new coding system that includes a staggering 69,000 diagnostic codes. It is vital that ICD-10 be adopted if claims are to be paid. In turn, this makes trained medical billers a hot commodity.
The Medical Billing Process Will Change
In addition to the changes expected with the adoption of the ICD-10 coding system, the ACA will make changes in the way providers bill for services and payers process claims. The impact of ACA operating rules on billing procedures have many practices scrambling to understand the challenges they will face. Specifically, the ACA will make it so practices are required to bill for quality, not quantity, of the care given.
Additionally, payers will face new rules for claims processing, which includes determination of eligibility and could result in billing errors requiring claims to be resubmitted.
Fortunately, training now in the medical billing field will give specialists an advantage because they have learned about these processes, including the ICD-10, and how to best circumvent the issues discussed above.
The Future For Medical Billers
If there is one thing for certain, it is that work will continue for medical billing specialists. The 10-year projected growth by the BLS is considered “faster than average” compared to other careers. The combination of millions of newly insured patients, combined with the transition to ICD-10, will require increased healthcare staffing needs, and in particular medical billing specialists.
Why Become a Medical Biller?
Convenient Online Training – Your medical billing career training can be completed 100% online with Allied Medical School. Our training program allows you to learn on your schedule, making it easier for you to fit education into your busy routine.
Flexibility – Medical billers can work part-time, full-time and in a variety of settings. This includes doctors’ offices, hospital billing departments, and for other health care services providers such as a laboratory or radiologist. Additionally, a medical billing career can be taken anywhere in the country, making it appealing for people on the move.
Career Stability – The aging population will lead to an increase in the need for medical tests and treatments. In turn, there will be a greater demand in insurance claims for reimbursement and the medical billers who can organize and manage this data.
Explosive Career Growth – The facts speak for themselves about medical billing – it is a hot career that is growing leaps and bounds above others, with 22% growth expected between 2012 and 2022.* The reasons for this are many, with the transition to the ICD-10 coding system and the implementation of the Affordable Care Act.
Labels: medical biller, medical billing, Medical Career