How Much Money Does a Person with a Medical Billing & Claims Degree Make?

by Ruth Altman Google

Individuals in the field of medical billing may hold various titles and responsibilities. While specific duties may vary, medical billers and coders, including those who work in medical claims, are generally responsible for assimilating data, organizing it and sending it to the appropriate parties. They must ensure the data is secure, accurate and accessible. When it comes to salary, individuals can earn wages from $32,000 to the $58,000, depending on specific job function.

Medical Records and Health Information Technicians

Medical records and health informational technicians process patient data to ensure the hospital, clinic or doctor gets paid for services rendered. To facilitate the process, technicians must classify patient data into code and submit it to the appropriate insurance companies. They may also update and maintain patient files to ensure the correct data belongs to the correct patient. Medical records and information technicians generally hold a postsecondary certificate or associate degree in health information technology or medical billing. They may also seek professional certification including the Registered Health Information Technician (RHIT) designation. According to the U.S. Bureau of Labor Statistics (BLS), medical records and health information technicians earned a 2010 median wage of $32,350 per year.

Billing and Posting Clerks

Billing and posting clerks compile and compute patient data for the billing process. They may issue invoices for services rendered and record any received payments. In this sense, they may act as the accounts receivable department of a hospital, clinic or doctor's office. Most billing and posting clerks rely on accounting, bookkeeping or other statistical gathering to successfully complete their duties. Unlike medical records and health information technicians, they generally do not work with codes to interpret data or to collect billing. Most individuals hold a high school diploma, although many employers prefer candidates with an associate degree or some college. The strongest candidates have a background in billing, bookkeeping or accounting coupled with a solid attention to detail. According to the BLS, billing and posting clerks earned a 2012 mean wage of $34,540 per year.

Medical Transcriptionists

Medical transcriptionists write reports as dictated by a doctor, surgeon or other health care professional. To create reports successfully, they must listen to voice recordings and compile information into accurate documents. Once reports are completed, they become a part of the patient’s permanent medical history file. Most medical transcriptionists hold a postsecondary certificate or associate degree in medical transcription. The strongest candidates will possess a thorough understanding of medical terminology, abbreviations, billing and codes to excel in their role. ( Although certification is not required to become eligible for employment, many candidates seek professional certification as a Registered Medical Transcriptionist (RMT) or a Certified Medical Transcriptionist (CMT). According to the BLS, medical transcriptionists earned a 2010 median wage of $32,900 per year.

Medical Claims Adjusters

Medical claims adjusters are generally hired by health insurance companies. They are responsible for determining which medical treatments are necessary for the patient’s well being compared to those which may be optional and thereby questionable when it comes to reimbursing doctors for services rendered. In some cases, individuals working in medical claims may act as investigators to uncover fraud or other criminal activity. Most individuals hold a high school diploma, although many employers favor those with a bachelor's degree and previous experience in medical claims. Some states also require licensure which typically requires examination, and in some cases, prelicensure education. According to the BLS, claims adjusters, including those employed in medical claims, earned a 2010 median wage of $58,460 per year.

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