 In this hastily developing healthcare setting around the US, employers need trained professionals to help them manage the inevitability of changes, maintain compliance, and preserve profitability. Billing is a complicated matter that only trained and skilled people can do. Its importance is often overlooked most especially in the healthcare industry as professionals in this field tend to focus on giving proper care and services to the patients that is why administrative tasks like this are not their priority. This happens most likely to midwives and other birth professionals. Some individual practice owners don’t have enough time to crawl out keeping track of all the records, collecting payments, managing cash flows. Hence, a medical biller is the one that can save the day.
A medical biller is a trained professional who submits bills to patients and/or health insurance companies and follows up to make sure the healthcare provider receives payment for the services. When the medical biller receives a claim for the healthcare services, it’s represented by a code, and it’s the medical biller who translates it into a claim. It’s the medical biller’s responsibility to follow up on the bill until the provider has the final reimbursement. Like any other profession, Medical Billers are compensated well. As they perform crucial tasks, they are paid more. On average, medical coders (certified and non-certified) make $54,797 annually. Medical billers and coders without certification earn approximately $47,200 per year while certified coding and billing specialists make an average annual salary of $60,097 — 27% more than their non-certified colleagues. The Medical Coding and Billing Salary Survey demonstrates once again that certification pays. The average salary for professional coders with two credentials rises to $64,712. Billing and coding specialists with three or more credentials earn approximately $69,942 per year. In addition to competitive salaries and standard employment benefits, many employers also offer paid professional association dues and paid continuing education. Full or partial coverage of continuing education is particularly valuable, given the correlation between salary and medical coding credentials. Other variables that weigh into the salary equation include experience, specialty/medical field, employer type, and location. The price you pay for a biller varies greatly from hourly rate, commission, scope of work specific charges, or salaried. When determining if the price is fair for the services, determine the return on investment that cost if bringing in to your practice. If this biller is really good and brings you in far more money for a quicker reimbursement time, paying them more makes a lot of sense to do. Hiring the experts and the national bests will costs you more, but get you far better results in the end. References Aapc. (2022, February 9). Medical coding salary survey. AAPC. Retrieved August 5, 2022, from https://www.aapc.com/resources/research/medical-coding-salary-survey/ Pettigrew. (2021, May 7). The growing importance and value of medical billing services. PETTIGREW. Retrieved August 5, 2022, from https://www.pettigrewmedical.com/the-growing-importance-and-value-of-medical-billing-services/ What is a medical biller? The Best Health Degrees. (2022, April 25). Retrieved August 6, 2022, from https://www.besthealthdegrees.com/faq/what-is-a-medical-biller/ |
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Midwife Resources We Highly Recommend
Midwifery Business Consultation
Midwifery Business Consultation provides guidance, support, and resources to elevate any midwifery practice. Extensive resources in the areas of billing, accounting, contracting, business plan writing, and midwifery clinical expertise is available to make your midwifery practice thrive!
Midwifery Business Consultation provides guidance, support, and resources to elevate any midwifery practice. Extensive resources in the areas of billing, accounting, contracting, business plan writing, and midwifery clinical expertise is available to make your midwifery practice thrive!
Empowering Midwifery Education
Empowering Midwifery Education has a series of educational courses devoted to midwives and being entrepreneurs in today's fast paced health care system. Look through our series of great courses to learn about tax savings, accounting, policy creating, starting a home birth practice, starting a birth center practice, marketing, and so much more!
Empowering Midwifery Education has a series of educational courses devoted to midwives and being entrepreneurs in today's fast paced health care system. Look through our series of great courses to learn about tax savings, accounting, policy creating, starting a home birth practice, starting a birth center practice, marketing, and so much more!
Ultrasound for Midwives
We are excited to promote opportunities for midwives to expand their skill sets like this new ultrasound course for midwives. Ultrasound for Midwives is designed for any midwife (CNM, CM, CPM, LM, DEM) or Nurse Practitioner considering offering ultrasound services to their practice and prep for the Midwife Sonography Examination of the American Registry of Diagnostic Medical Sonographers (ARDMS). This online course has over 8hrs content including Point of Care, limited, obstetric and basic gyn ultrasound, business implementation, and billing tips.
We are excited to promote opportunities for midwives to expand their skill sets like this new ultrasound course for midwives. Ultrasound for Midwives is designed for any midwife (CNM, CM, CPM, LM, DEM) or Nurse Practitioner considering offering ultrasound services to their practice and prep for the Midwife Sonography Examination of the American Registry of Diagnostic Medical Sonographers (ARDMS). This online course has over 8hrs content including Point of Care, limited, obstetric and basic gyn ultrasound, business implementation, and billing tips.
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