Others advance by teaching medical billing & coding courses. Medical billing & coding specialists with a few years of experience can consult or contract. Some will consult or contract full time, while others pick up additional shifts as supplemental income. Typically hourly consulting/contracting can be higher paying alternatives, though those options often don’t include benefits. Others may move to health care accounting/finance roles by earning a bachelors or masters degree. There are also opportunities for medical billing and coding specialists to advance to insurance companies, especially those who have earned at least a 4 year degree. Benefits and perks Health care, paid time off, pension, education reimbursement, sick days, insurance, bonus, and taxes increase the total compensation package by an average 32.9%**, bringing the median total medical billing & coding specialist compensation to $47,412. Salary negotiation tips Negotiating salary can be tricky. Large institutions (hospitals, government health agencies, or private companies), typically set up a salary range (or salary band), so the organization will have a little room to move on salaries (about 5-10%). Smaller organizations are less likely to have as much wiggle room on salary. Either way, don’t expect an employer to give you a higher salary just because you ask. Instead, prepare a well documented justification and stay within the organization’s salary range for the specific position so you’ll have a good chance at getting the salary increase you’re targeting. Your greatest ability to negotiate salary is when you have options.
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