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5 Responses to “Which field has the best professional promise bookkeeping, Medical transcription, or medical coding/billing?”
I disagree w/ the poster who said that MTs will be replaced soon. The technology that exists today w/ EMR and voice recognition is not something that most doctors like. The occupational outlook handbook states the profession is expected to grow through the year 2016. Out of the ones you have mentioned MTs make the most money unless you go into Hospital based coding. You most flexible option is the MT. Best wishes to you.
Medical Transcription – The US Department of Labor expects: "Employment of medical transcriptionists is projected to grow 14 percent from 2006 to 2016, faster than the average for all occupations. Demand for medical transcription services will be spurred by a growing and aging population. Older age groups receive proportionately greater numbers of medical tests, treatments, and procedures that require documentation. A high level of demand for transcription services also will be sustained by the continued need for electronic documentation that can be shared easily among providers, third-party payers, regulators, consumers, and health information systems. Growing numbers of medical transcriptionists will be needed to amend patients’ records, edit documents from speech recognition systems, and identify discrepancies in medical reports."
They also state: "Wage-and-salary medical transcriptionists had median hourly earnings of $14.40 in May 2006. The middle 50 percent earned between $12.17 and $17.06. The lowest 10 percent earned less than $10.22, and the highest 10 percent earned more than $20.15."
Bookkeeping – "Employment of bookkeeping, accounting, and auditing clerks is projected to grow by 12 percent during the 2006-16 decade, which is as fast as the average for all occupations. Due its size, this occupation will have among the largest numbers of new jobs arise, about 264,000 over the projections decade."
-"In May 2006, the median wage and salary earnings of bookkeeping, accounting, and auditing clerks were $30,560. The middle half of the occupation earned between $24,540 and $37,780. The top 10 percent of bookkeeping, accounting, and auditing clerks more than $46,020, and the bottom 10 percent earned less than $19,760."
I’m not sure about Medical coding/billing. The US Department of Labor groups the field together with several others, so it doesn’t give you an accurate picture.
I disagree w/ the poster who said that MTs will be replaced soon. The technology that exists today w/ EMR and voice recognition is not something that most doctors like. The occupational outlook handbook states the profession is expected to grow through the year 2016. Out of the ones you have mentioned MTs make the most money unless you go into Hospital based coding. You most flexible option is the MT. Best wishes to you.
The last two can and will be replaced in the next few years with technology.
Bookkeeping requires the use of professional judgement – cannot be replaced by technology.
Which one sounds like it has a future?
Medical Transcription – The US Department of Labor expects: "Employment of medical transcriptionists is projected to grow 14 percent from 2006 to 2016, faster than the average for all occupations. Demand for medical transcription services will be spurred by a growing and aging population. Older age groups receive proportionately greater numbers of medical tests, treatments, and procedures that require documentation. A high level of demand for transcription services also will be sustained by the continued need for electronic documentation that can be shared easily among providers, third-party payers, regulators, consumers, and health information systems. Growing numbers of medical transcriptionists will be needed to amend patients’ records, edit documents from speech recognition systems, and identify discrepancies in medical reports."
They also state: "Wage-and-salary medical transcriptionists had median hourly earnings of $14.40 in May 2006. The middle 50 percent earned between $12.17 and $17.06. The lowest 10 percent earned less than $10.22, and the highest 10 percent earned more than $20.15."
Bookkeeping – "Employment of bookkeeping, accounting, and auditing clerks is projected to grow by 12 percent during the 2006-16 decade, which is as fast as the average for all occupations. Due its size, this occupation will have among the largest numbers of new jobs arise, about 264,000 over the projections decade."
-"In May 2006, the median wage and salary earnings of bookkeeping, accounting, and auditing clerks were $30,560. The middle half of the occupation earned between $24,540 and $37,780. The top 10 percent of bookkeeping, accounting, and auditing clerks more than $46,020, and the bottom 10 percent earned less than $19,760."
I’m not sure about Medical coding/billing. The US Department of Labor groups the field together with several others, so it doesn’t give you an accurate picture.
Hope that helps!
I’m biased. Medical Transcription, coding and billing info on the website below.
Hi,
I do not know much about book keeping.
Medical Transcription: It is best job to work from home or office.
Medical coding: Not much home job oppertunities, you have to go to office. Medical coding and billing payouts are more than MT.