4 Medical Billing Industry Statistics

4 Medical Billing Industry Statistics

By Manhattan Institute
Posted in Medical Billing & Coding
On October 12, 2018

Things are changing in medical billing, and even if you are planning to become a medical biller, you may not be completely up-to-date on certain new trends. These 4 medical billing industry statistics shed light on the changes taking place in the medical billing industry today. Read on to learn what they are.

Medical Billing Is Growing

Medical billing and coding are growing industries for many reasons. An aging population has a lot to do with the growth that can currently be seen across the entire healthcare field. But there’s something else at play in medical billing’s growth. Technology has changed dramatically in the past couple decades, and most medical records are now being digitized. Doctor’s appointments are taking place over the phone, and medical billing is done almost entirely electronically. However, while some processes have been streamlined (payment tracking, etc.), there is more work than ever for medical billers who need to navigate an increasingly complex payment ecosystem.

Medical Billing Jobs Will Continue to Rise

According to the Bureau of Labor and Statistics, we’re expected to see another 30,000 job openings in medical billing over the next 7 years — on top of the growth that this field has already seen. If you’re looking for a steady job in healthcare, you may want to check out the average salary of a medical biller. It’s an excellent career for computer-savvy individuals and those willing to learn.

Medical Billing is Growing Everywhere

Medical billing isn’t just growing in the United States. Increased privatization of healthcare is fueling medical bill outsourcing across the globe. Job locations are no longer limited to the hospital or medical office you bill for. Many medical billers work from home offices for one or many different clients.

Data Breaches Are a Huge Concern

With more and more medical billing occurring over the internet, data security is becoming increasingly more important. Customers and politicians demand privacy for medical information, so companies are constantly introducing solutions to keep the next data hijack from happening. Keeping important information secure is just one of the many things a medical biller does.

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