Becoming a medical professional is an ambition for many. Medical coding is a stream that is equivalent to practicing medicine. A medical coder is someone who examines the doctor’s report after check-up and codes in the best way to translate it. Without the procedure code matching the diagnosis code, the claim can be rejected.
By coding and going through the patient’s conditions, you can predict and diagnose the condition. For one who wanted to work in the healthcare industry, medical coding would be a fulfilling one for the same reason.
The US Healthcare system needs accurate medical coding for revenue cycle management (RCM). Though RCM is to claim payment from the insurance company or the patient, the process starts way back from patient scheduling and registration. Medical records coding is the crucial process that defines the claims being approved or rejected.
The healthcare sector is undergoing a lot of changes, increasing job opportunities. Medical Coding is one of the booming industries even before and after the pandemic. There is increased responsibility for providing quality care and reducing costs in the healthcare industry now. Medical Coding is the solution to this issue.
A career in medical coding would be a flourishing one for the following reasons:
The fear of uncertainty of the dying industry is an everyday nightmare. Everyone is having this fear of uncertainty. Whereas Medical Coding is not going to die any soon or later. The replaceable jobs are low-skill jobs. But medical coding needs analytical skills as every code for a patient is different from others. Also, the codes and rules are not the only solutions. There are vague descriptions only a human brain can analyze the code for it.
Around 80% of the hospital from the US are outsourcing the service to India. The demand for qualified and efficient professionals is increasing. As per a study by the National Association of Software Services and Companies (NASSCOM), India’s 24/7 availability, skilled employees, investor-friendly tax structure are reasons to outsource to India.
Medical coding is not a standalone field to work. Based on the skills you can work in management, auditing, documentation, compliance, and more. There is no fixed career path after medical coding. You could try your hands in different positions.
The medical coding industry is valued at USD 15.2 billion in the year 2019. It is projected to witness a CAGR of 9.6% between 2020 and 2030. The industry is expected to grow steadily.
The US Bureau of Labor Statistics (BLS) reports medical coding and medical billing have faster job growth in jobs than average. It has projected an 8% growth in job outlook from 2020 to 2030. About 34,300 jobs will be opened every year for medical records and health information specialists.
The medical coding career path is a flourishing one for anyone interested in making their career better. Starting with medical coding requires less time with short courses. Valliappa Foundation in collaboration with Tech Mahindra Foundation is offering a training course on Medical Coding. The 3-month program is conducted at Chennai and Hyderabad centers. This course would be the beginning of your career in medical coding.