Medical Office Jobs and Booming Economy
A good quality healthcare system is crucial for the residents to combat illness and to generate a flourishing economy. For example, the World Health Organization (WHO), time after time, praises France on its healthcare system that has a GDP of 2.8 trillion USD.
In the healthcare sector, Medical billers and coders play an imperative role in two ways. First, they increase the security regarding the hospital matters and second, keep the patient’s data and paying bills in check because the hospital will not be able to clear the pending bills without the help of the Medical Billers. One should not be astonished by the boost in demand for medical billers as they are crucial for the growth of the healthcare sector.
The Healthcare job market is breaking all records and benefiting all medical office workers,” said Tony Bedikian, head of global markets at Citizens Bank.
Employment Rate and Medical Office Jobs
The US unemployment rate was unaffected from August 2018 at 3.9 percent. Still, the jobless velocity remains low as the number of unwaged declined by 46 thousand to 6.23 million and employment chopped down by 423 thousand to 155.54 million. In 1982, unemployment rate in the US reached far above the ground with 10.80 percent and was lowest with 2.50 percent in May of 1953.
In 2014, the UK spent £179 billion on healthcare sector which enhanced the opportunity for Medical Billers and Coders. Similarly, healthcare expenditure was about 16.6% of the US’s GDP. Also, US president Donald Trump’s constant clash over healthcare improvement with the residence illustrates the value of the health system and how significant it is to get it correct. This economic growth has also impacted healthcare office job.
Effects of healthcare expenses on Medical Office Jobs
Researchers argue that healthcare spending is a positive sign for the economy and medical office jobs. This is because it generates jobs which, in turn, decreases rate of unemployment and people will get more office jobs (medical billing and coding) in health system. This effect was seen for the duration of former US president Barack Obama’s time.
US president knew how imperative health care was for the growth of the economy. In 2009, he stated that healthcare added to one-sixth of the US’s GDP. In 2010, the expenditure on healthcare has increased by 3.9% and produced around 500,000 office jobs in the healthcare sector. This was the booming time for all the aspirants who were looking to make their career in the healthcare field as medical billers and coders. This is how the booming economy has helped healthcare system to increase job opportunity and employment rate.
Booming Economy and Growth in Healthcare Expenditure
A trustworthy healthcare system means people will invest their money into the healthcare system. The investment can be of any sort, for example, it can be personal customer costs like insurance, retail items such as prescription or a hospital bill. To handle the expenses and to keep a track record of all the insurance, hospital and private consumers need a helping hand that can assist them with data. This work is done efficiently by medical billers and coders. They supervise all the hospital bills and records for future aid so hospitals and private consumers don’t have to be anxious about the paperwork.
Georgetown University’s Center on Education and Workforce has stated “ by 2020, there will be an enhancement in medical office jobs that will generate 5.6 million new health care jobs. Further added, “this may sum up to be a positive sign for healthcare workers or aspirants, who are looking for medical office jobs. According to federal statistic ‘The US used up $2.7 trillion on health care, and the total flap is expected to reach $4.78 trillion, or 19.6 percent of the U.S. economy, by 2021.
According to the Bureau of Labor Statistics, all these enhancements in the healthcare sector are happening too fast but showing the positive job outlook for medical office technicians including medical billers and coders. It is projected to grow 15 percent by 2024 that is a lot sooner than most professions. With economic growth coming from the health-care industry, it is going to increase job opportunities for the IT sector too.
National Career viewpoint for Medical Billers and Coders
According to the Bureau of Labor Statistics (BLS), the employment rate in the medical procedures and health information field is predicted to grow 13% by 2026 which is virtually double the anticipated growth rate of 7% for all occupations. This remarkable growth rate is just one of the many reasons to become a medical biller or coder. The reliance on technology and aging population mean an improved use of electronic health records (EHR) which will require more professional technicians to handle and systematize all the data and information.
In 2012 medical coding experts held 186,300 of all the jobs in the US which are being projected to be elevated at 227,400 of all jobs for 2022. A mass of these positions are found in hospitals and tells you that you can become fully incorporated into a hospital society abundant with other medical professionals.
In addition to hospitals, there are other healthcare facilities that employ medical coding technicians, such as:
- Doctor’s offices
- Nursing care services
- Outpatient care centers
- Federal government agencies
Most medical coding and billing technicians work full time in the hospital but can get weekend and evening shifts are per the requirement, especially when medical conveniences are open 24 hours a day. It comes with several benefits as you are not supposed to directly deal with patients.
As stated earlier, due to the aging population of the U.S., more medical tests, treatments, and measures will be required to claim repayment from private and public insurance. Consequently, the economy will need more medical billing and coding technicians on support staff. So, no matter what the economy is going through, medical office jobs will be available with large amounts of work.
Each country has its own health care system with some pros and cons which can make or break society. This is why it is important for the economy and is a sensational topic in political debates. There are strong judgments on healthcare because the circumstances are tricky in many countries. Spending too much on healthcare will adversely affect other sectors of the industry while spending too less means the population’s health will suffer. So to keep a track record and manage the expenses smoothly, medical amenities look up to medical billers and coders. The one thing that can be agreed is that a professional and reliable medical office job is a significant factor in setting up good medical facilities and good economy, eventually.