One of the highest paying professions in the United States is that of healthcare professionals. However, for medical billing purposes, it is often important to understand the burgeoning fields/medical disciplines which are on the rise and garner the maximum revenue.
Financial challenges are increasing for medical practices in the US. Growth of high-deductible health plans and economic downturn has made patient payment collection a daunting task. With patients facing high out-of-pocket costs, cash flow of practices across the country is getting affected. According to a survey by MGMA, bad debt of multi-specialty practices went up by 14% between 2008 and 2012.
New Jersey tops the list of US states that offer high salaries ($55,130) to coders and billers. Second in the list is District of Columbia that offers $45,500. On the third and fourth spot are Hawaii and California where coders and billers are paid $42,500 and $42,270 respectively. The fifth state is Colorado; it offers an average salary of $42,110.
In order to facilitate the transition to ICD-10 coding, majority of hospitals in the US have started hiring a Clinical Documentation Improvement (CDI) consultant. According to a survey conducted by Black Book, 70% of hospitals will be hiring a CDI consultant to ease transition to the new coding system by 2015.
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