Projected outlook for medical records specialists
Medical records specialists are in demand
Considering that every patient encounter requires coded documentation submitted to insurance and federal payers, it’s not surprising that medical records specialists enjoy favorable job prospects. The 2023 Salary Survey results show healthy growth across the board, as well as promising indicators for the future.
Yearly growth projected at 7%
U.S. governmental data also indicate that opportunities for medical records specialists continue to grow:
The U.S. Department of Labor (DOL) projects 7 percent average yearly growth in the healthcare business industry, compared with 5 percent average growth for all career professions.
The U.S. Bureau of Labor Statistics (BLS) projects job growth for medical records specialists to grow 7 percent through 2031.
Unemployment rates continue to drop annually. We are the lowest rates since the pandemic with a 2.9 percent overall decrease for medical records specialists since last year.
Factors fueling growth
An increasing share of the population is entering older age groups, which typically require more medical services. As a result, more medical records specialists will be needed to convert related health information into standardized codes to be used for insurance reimbursement and other purposes.
Additional records, coupled with widespread use of electronic health records by healthcare providers, will support demand for specialists to code and maintain the associated information in all areas of the healthcare industry.
Moreover, as payers focus more on data drivers of health outcomes and expenditures and further implement pay for performance models, medical coders will become increasingly important in revenue cycle management.
Medical records specialist incomes vs. incomes across all industries and education levels
Nationwide, medical record specialists, which include medical coders and billers, earned a median income of $62,160 annually in 2023. This is slightly above par with median third-quarter incomes across the country in all industries at $58,136, according to the DOL. Keep in mind that the all-industries number includes the incomes of people with advanced education degrees.
We see a sharp distinction in state economies when we look at median individual incomes across the country. The range between the highest and lowest single-earner income across all industries is 53.2 percent (New York at $104,780 and Mississippi at $49,088).
This 53.2 percent gap notably exceeds the 31.5 percent gap we see in medical records specialist incomes by state and is worth noting if you’re considering a career in this industry. We see less discrepancy in these incomes compared with individual incomes across all industries.