Medical billing and medical transcription are the backbones of every healthcare practice. But surprisingly, very few people know its functioning and importance apart from medical staff and professionals.
Healthcare organizations generate mounds of paperwork on a regular basis, and it takes a multitude of trained professionals and healthcare staff to get doctors, insurers, and patients on the same page. This is when medical billers and transcriptionists come into play.
Medical transcriptionists work closely with doctors and medical staff to convert the audio recordings containing detailed patient care information into written notes. The billers’ job is to prepare and submit bills to insurers for payments. The practice is the same for every medical billing company in Florida.
Below are the key differences between a medical biller and a medical transcriptionist in the United States.
The Key Differences
|Duties of Medical Billers||Duties of Medical Transcriptionist|
|Prepare bills, submit timely claims to receive reimbursements||Listen to health practitioners’ audio recordings and transform them into reports.|
|Most billers start out with an Associate’s degree and do additional diplomas and certifications for advancement.||Medical transcriptionist doesn’t necessarily need an Associate Degree, they can work with diplomas and certifications.|
|Licensing and Certifications|
|Certifications are not mandatory but highly encouraged because of employers’ preferences.||The same goes for medical transcriptionist.|
What is Medical Billing
Medical billing is a process of generating healthcare claims and submitting them to insurance companies to receive reimbursements for the rendered services. The process revolves around three concerned parties; the patient, the provider, and the insurance company.
The core job of a medical biller is to generate and submit medical bills and makes the reimbursement process hassle-free. While the job doesn’t seem daunting, even the slightest mistake can lead to claim rejection and revenue loss.
What Medical billers do
As said earlier, a medical biller’s job is to prepare and submit a claim. For that, they require necessary information about the patient, including their demographics, insurance coverage, medical history, and the rendered care services.
Billers collect this information by reviewing the patient’s insurance plan and their medical charts to prepare to submit a clean claim. Once the claim is prepared they review it again and finally submit it to receive the payment.
Ideally, a biller prepares the bill before the physician sees the patient, which involves deducting the amount of the treatment the patient will be administered, factoring in deductibles and copays, and adding an outstanding balance at the patient’s end. It takes around 3 to 4 weeks to submit a claim.
Medical Biller Salary in the US
As of 2023, the average annual pay of a medical billing specialist is $37,522 in the US. This works out to be approx $18.09/hour.
While the statistics show annual salaries, as low as $23,000 and as high as $50,500, most ‘Certified’ billing specialists earn $31,000 to $41,000, excluding top earners that make $47,000 annually US-wide. Salaries of medical billing specialists vary slightly from state to state.
Top 10 Highest Paying States for Medical Billers:
|State||Hourly Wage||Annual Salary|
|Green River, WY||$19.55||$40,655|
|Santa Clara, CA||$18.17||$37,788|
|San Francisco, CA||$17.73||$36,888|
|Cool Valley, MO||$17.56||$36,528|
|Los Angeles, CA||$17.25||$35,883|
|Jersey City, NJ||$17.22||$35,815|
|San Jose, CA||$16.89||$35,133|
What is Medical Transcription
Medical transcription is a systematic process of converting the physician’s consultation into a formal medical record. The MT (medical transcriptionist) team closely works with physicians and other healthcare professionals to receive the voice files and transcribe it into a printed form.
The transcribed reports are then submitted to the Electronic Medical Record system for the patient’s records. However, healthcare practices today rely on speech recognition software (MTS) for transcription.
What Medical Transcriptionists Do
A medical transcriptionist has to perform a wide range of duties on a regular basis. For instance, their duties include transcribing the care receiver’s medical history recordings to submit to different specialties such as Radiology, Oncology, and Acute care.
The patient’s medical data is then categorized into notes, records, operative reports, consultation, and discharge summaries. If the healthcare facility uses speech recognition software for data transcription, then the job of a transcriptionist includes reviewing and editing the transcripted recordings to ensure accuracy.
Lastly, the transcripted reports are documented in the facility’s medical record system.
Medical Transcriptionist Salary in the US
As of the first quarter of 2023, the average salary of a medical transcriptionist in the US is $15.57/hour.
While the stats show hourly wages as low as $11.8 and as high as $19.71, the majority of the professionals in this field earn between $13.70 to $18.27 across the US. Additionally, medical transcriptionists’ pay greatly varies from state to state, which suggests there is room for advancement and pay raises based on skill set, years of experience, and location.
Top 10 Highest Paying States for Medical Transcriptionists:
|State||Hourly Wage||Annual Salary|
|San Mateo, CA||$21.81||$45,373|
|Daly City, CA||$21.53||$44,783|
|Green River, WY||$21.35||$44,411|
|Santa Clara, CA||$20.00||$41,599|
According to the Bureau of Labor and Statistics, the medical billing specialist job is expected to increase by 15% between 2023 to 2024. On the flip side, medical transcriptionist jobs will see a sharp decline of nearly 7% till 2031. While the overall industry is solid and sought-after by many healthcare organizations, a small plunge is predicted for the coming years.
Given the above statistics, you can start planning your career in the growing field and take additional certifications to strengthen your chances of getting employment at the top medical billing company in Florida.