Industry Growth

Medical Coding and Billing Industry Growth

MEDICAL CODING EMPLOYMENT GROWTH

 
As the largest industry in the nation, healthcare is one of the best places to be if you’re looking for job security and growth. In particular, medical coding has gotten a lot of attention as people have been looking for specific careers with lots of opportunities.

Thousands of new jobs are expected in the medical coding field. The U.S. Department of Labor’s Bureau of Labor Statistics projects a 15% increase in new jobs by 2024, which means tens of thousands of new jobs all over the country. There will also be additional opportunities as those professionals currently in the field retire.

In addition, there is already a shortage of medical coders. This shortage is estimated to be about 30% and is expected to increase to at least 53% with the industry’s shift from ICD-9 to ICD-10.

All of this growth and turn over in the field has a positive effect on job prospects for medical coding careers. The Department of Labor reports that the field is growing faster than average, and with all of the open positions (from both the new jobs and those open due to retiring professionals), those entering the field will have lots of opportunity.

If you’re interested in taking advantage of this growth, you need formal medical coding and billing training. Many employers are also most interested in applicants with medical coding certifications. Both of these considerations can significantly increase your success in the job market and your earning potential.