How to Make Money as a Medical Coder
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In the fast-paced world of healthcare, there is a growing need for medical coders who can accurately translate medical diagnoses, procedures, and treatments into alphanumeric codes. Medical coding is a vital part of healthcare reimbursement and is crucial in ensuring that healthcare providers are paid for their services. While some medical coders work full-time in healthcare organizations, others pursue it as a side gig. The flexible nature of the profession makes it an ideal option for those looking to earn extra income or supplement their existing job. Here, we explore the basics of the medical coder profession and why it could be a good side gig for you.
In this article
What is a medical coder?
A medical coder is a healthcare professional responsible for translating medical diagnoses, procedures, and treatments into alphanumeric codes for record-keeping and billing purposes. These codes are used by healthcare organizations, insurance companies, and government agencies to communicate medical information and determine reimbursement for healthcare services provided. Medical coders play a vital role in ensuring that healthcare providers are paid correctly and that accurate medical records are maintained.
The profession requires a thorough understanding of medical terminology, anatomy, and physiology and knowledge of coding systems such as ICD-10 and CPT. Medical coders can work in various healthcare settings, including hospitals, clinics, physician offices, and insurance companies. They may also work remotely as independent contractors or as part of a coding team.
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How much money do medical coders make
Certification and education can affect a medical coder's salary. Certified coders typically earn higher salaries than non-certified coders, and those with a bachelor's degree in health information management or a related field may also command higher salaries.
According to Zip Recruiter, medical coders can earn an average of $3,458 a month as of April 30, 2023. The American Academy of Professional Coders (AAPC) finds the average annual salary for certified professionals is $56,290, with those without certification earning $46,321. With various certifications, a coder can earn an average of $67,680 annually.
Freelance medical coders may charge hourly rates ranging from $25 to $50, depending on their experience and skill level.
Medical coding as a side gig
Becoming a medical coder as a side gig can be challenging but achievable with the right training and certification. Medical coding is a flexible profession that allows individuals to work remotely or part-time. Freelance medical coders can work with multiple clients and set their own schedules, making it an excellent option for those looking for a side gig.
Steps to take to become a medical coder
To become a medical coder, there are several steps you need to take:
Enroll in a medical coding program
Look for an accredited medical coding program from an institution that offers a curriculum aligned with American Health Information Management Association (AHIMA) or AAPC standards. Some programs may be offered online, which can be convenient for those needing a regular job.
A medical coding program is a training program that provides individuals with the knowledge and skills required to become a medical coder. These programs typically cover medical terminology, anatomy, physiology, pharmacology, and coding systems such as ICD-10 and CPT. Medical coding programs can be found at community colleges, vocational schools, and universities.
The length of a medical coding program can vary depending on the institution and the type of program. Some programs may take as little as six months to complete, while others may take up to two years. Online programs may offer more flexibility and be completed at your own pace, although they typically require more self-discipline.
In addition to classroom instruction, many medical coding programs include practical training, such as internships or externships, which provide hands-on experience. This type of training is essential for gaining real-world experience and preparing for certification exams.
Obtain certification
Once you complete a medical coding program, obtaining certification is next. Several certifications, such as Certified Coding Associate (CCA) and Certified Professional Coder (CPC), can increase your chances of being hired and lead to higher pay.
Certification is not mandatory but highly recommended as it can lead to higher pay and better job opportunities.
Certified Coding Associate (CCA)
The most basic certification for medical coders is the Certified Coding Associate (CCA), offered by AHIMA. This certification requires passing a two-hour exam consisting of 100 multiple-choice questions. The CCA certification demonstrates proficiency in basic coding skills and is a good option for entry-level positions.
Certified Professional Coder (CPC)
The Certified Professional Coder (CPC) certification, offered by AAPC, is a more advanced certification requiring a more comprehensive medical coding knowledge. To obtain this certification, you'll need to pass an exam that covers topics such as medical terminology, anatomy, physiology, and coding systems such as ICD-10 and CPT. To be eligible for the CPC exam, you must have at least two years of medical coding experience or have completed an approved coding program.
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Where to find freelance work as a medical coder
There are several platforms where freelance medical coders can find work. Some popular options include:
Freelance job websites
Websites such as Upwork, Freelancer, and Fiverr offer a range of freelance opportunities, including medical coding jobs. You can create a profile, set your rates, and bid on projects that match your skills and experience.
Medical coding companies
Some medical coding companies specialize in providing coding services to healthcare providers. These companies may offer freelance opportunities for experienced coders.
Industry job boards
Industry-specific job boards like Healthcare Jobsite and Indeed.com can help you find freelance medical coding jobs.
Pros and cons of medical coding
Like any profession, there are both pros and cons to being a medical coder. Here are some of the most common pros and cons:
Pros
- Job security. The demand for medical coders is expected to continue to grow as the healthcare industry expands, offering job security.
- Flexibility. Medical coding can be done remotely or on a part-time basis, offering flexibility for those who need to work around other obligations.
- Good earning potential. Medical coders can earn a good income, especially those with certification and experience.
- No patient interaction. Medical coding is a behind-the-scenes job, so there is no direct patient interaction, making it a good fit for individuals who prefer to work behind the scenes.
- Learning opportunities. Medical coding requires ongoing learning to stay up-to-date with coding systems, medical terminology, and industry changes.
Cons
- Sedentary work. Medical coding involves long hours of sitting and working on a computer, which can be physically taxing.
- Attention to detail. Medical coding requires high attention to detail and accuracy, which can be challenging for some people.
- Limited career advancement. While medical coding can lead to other roles in health information management, there are limited career advancement opportunities in medical coding itself.
- Stressful deadlines. Medical coders must often work under tight, stressful deadlines.
FAQs
What are the requirements to become a medical coder as a side gig?
To become a medical coder, you need to have a high school diploma or equivalent and complete a medical coding program. Certification is also recommended.
How long does it take to become a certified medical coder?
The length of time it takes to become a certified medical coder depends on your experience, education, and the type of certification you are seeking. Some individuals may be able to obtain certification within a few months, while others may take a year or more to prepare.
How much can I earn as a part-time medical coder?
The earning potential for part-time medical coders can vary depending on experience, certification, and location. On average, freelance medical coders can earn hourly rates ranging from $25 to $50.
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The bottom line
Medical coding is an essential profession that plays a crucial role in the healthcare industry. With the increasing demand for medical coders, it's an excellent opportunity for individuals to earn extra income or supplement their existing job. The profession requires a specific skill set that can be learned through training and certification, but it's a rewarding and fulfilling career choice.
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