How to Become a Home Based Medical Coder

Home based medical coders are often self employed as independent contractors. This type of work falls somewhere between being an hourly employee and owning your own business.

An independent contractor is an individual who has contracted with a larger organization that provides work to the home based coder for an agreed upon payment. These independent contractors benefit by working from home, having a flexible schedule, and having a steady and reliable income without assuming the large overhead costs and liability that accompany small entrepreneurships.

The contract agreement entered by the home based medical coder and the organization should specify items like:

Number of Chart Provided/Coded
Payment
Accuracy Standards
Hardware and Software Responsibilities

The number of charts a coder can contract for may depend upon their coding specialty, experience, desired income, and time commitment.

Since rates vary by specialty it is important to know the industry standard for your specific specialty and if you fall within that specialty’s average.

The following is a loose projection home based medical coders can use when negotiating a rate in their contract:

Coding Specialist I:
45 inpatient records daily
2 min/chart or 250/day outpatient and ER records
3.5 min/chart or 130/day ambulatory surgery records

Coding Specialist II:
32 inpatient records daily
2 min/chart or 250/day outpatient and ER records
4 min/chart or 120/day ambulatory surgery records

Coder II:
23 inpatient records daily
3 min/chart or 160/day outpatient and ER records
6 min/chart or 80/day ambulatory surgery records

Coder I:
15 inpatient records daily
4 min/chart or 120/day outpatient and ER records
8 min/chart or 60/day ambulatory surgery records

Home based medical coders who choose to be independent contractors will also need to negotiate their rate of pay. Usually this is a flat rate that is agreed upon in the contract. This rate is then paid on a per chart basis.

Rates of pay are strongly influenced by things like geographical location, coding specialty, experience, and current economic variables. A home based medical coder can use the following as a loose guide to help them in their contract negotiations regarding rates of pay.

Professional Coding/Outpatient:.60 -.75 per chart
Facility Coding/Inpatient:.70 -.85 per. chart
Combination Coding/Both In and Outpatient:.90 – 1.50 per. chart

The rate of charts coded and the rate of pay are the two main influences affecting a home based medical coder’s income. It is important to properly calculate the chart commitment and pay rate and balance it with the amount of time needed to perform the task.

For instance, a medical coder who codes out patient charts may contract for 875 charts each week at a rate of.65 cent per chart. If the week’s commitment is divided by the standard rate of 25 chart per hour the medical coder will need to allot for 35 hours of work time each week (875/25=35). If the medical coder is paid.65 per chart then their weekly income will be $568.75 (875 x.65) and their “hourly” average will be $16.25 ($ 568.75 / 35 hrs).

To hold a profitable home based medical coding job speed and accuracy are of upmost importance. Speed will enable the medical coder to increase their pay and decrease their time commitment. It is possible to achieve “full time pay” working only 20 hours a week, but this takes time to achieve and it is important to remember to maintain accuracy as well.

Most organizations that contract with home based medical coders specify in the contract that the coder must maintain a specific accuracy standard. This standard is usually between 94% – 98% accuracy. Charts that are coded and submitted by the independent contractor are periodically audited to ensure they are being coded correctly. This audit is what produced the accuracy percentage. If accuracy is not maintained the organization may terminate the contract.

Benefits and taxes are other items a home based medical coder must consider prior to becoming an independent contractor.

Benefits such as medical, dental, 401K contributions, vacation, and paid time off are usually not provided since you are considered self employed. Contracting organizations usually do allow for their coder’s to take vacations and sick days, however, since these are usually unpaid they should be budgeted for in advance.

Taxes are also different for the independent contractor. The organization that the medical coder contracts with will usually send their payments out similar to a scheduled paycheck. These checks are paid in gross earning though.

It is the responsibility of the home based medical coder to withhold taxes from each check and set the money aside for payment to the government at the end of the year. When the end of the year arrives the organization will send the coder a 10-99 instead of a W-2 and when filing taxes the independent contractor should file a schedule 1040.

A schedule 1040 allows the home based medical coder to itemize and subtract some items such as medical coding books, computers, internet connections, office supplies, etc. as deductions. Keeping track of work related expenses is important and beneficial come tax time.

Items that are provided by the contracting organization may not be counted as a deduction though. What is provided by an organization and what the home based medical coder is responsible for varies from one organization to another.

Some organizations may provide the medical coding books while other organizations hold the medical coder responsible for their purchase. The most common practice among organization regarding independent medical coders though is to provide them with the medical coding software, a firewall, e-mail, and some technical support.

It is usually the responsibility of the home based medical coder to provide an adequate computer system, medical coding books, an internet connection, and day to day work supplies (paper, pens, etc.)

Technical support is usually limited to the organization’s software, firewall, and e-mail. Hardware failures, internet service interruptions, and items of that nature are usually the responsibility of the independent contractor.

Once a medical coder has informed themselves regarding all of the facts and they are prepared for the specific obligations that accompany home based medical coding and independent contracting they are ready to locate an organization that offers such opportunities.

If searching online avoid searching for phrases such as: “work at home medical coding jobs” and try searching for phrases like “remote medical coding jobs” and “independent contractor medical coding jobs”.

Companies like Avia Code, Med Data, and The Coding Network are just a few that hire home based medical coders as well.

Candlestick Charting – The Number One Forex Trading Tool

Forex trading has been hugely impacted by the accessibility of the internet. Not only have financial institutions been able to get more accurate and up-to-date information, but the amateur forex trader has been able to access the same information with a few mouse clicks. It is therefore vital to use the best tools for the job and candlestick charting undoubtedly are one of the best tools available.

Candlestick charting was introduced initially by the Japanese within the rice industry, however, over the last couple of decades they have lit the imagination of forex traders all over the world and have almost become a universal standard. As someone once said “You can’t do today’s job with yesterday’s methods and be in business tomorrow.” Candlestick charting is definitely the most powerful tool available today.

Structure of a Candlestick

It is true that candlestick charts hold the same information that bar charts do i.e. a high price, a low price and the opening and closing prices. The actual body of the candlestick shows the opening and closing prices. In the early days of candlestick charting, if the body was black then opening was higher than the closing. If it was empty then the opening price was lower than the closing. Nowadays candle bodies are coloured, green for upward movement and red for downward. The use of colours makes the charts much easier to read.

Candlesticks show high and low prices for a given time period by using vertical lines which appear above or below the candlestick body. These lines are also known as shadows

So what are the main features of candlestick charting that separate them from other charting methods? Listed below are the two main features.

Visual appeal

This is one of the most important features. At a glance, the trader can quickly understand what is going on within a particular forex market. No matter what the time scale being used, the trader will be able to see the market movement and whether it is the sellers of the buyers who have dominated a given session.

Readability

Any trader who has mastered the basics of candlestick charting will quickly be able to identify the opening and closing price for a given currency pair. Candlestick chart show the same information as a bar chart, but in a prettier, graphic format. It is very important to be able to use the support and resistance levels together with the opening and closing prices.

Other advantages of candlestick charting include the following:

  • Trading patterns change over time. That is why no system will always work. But candlestick patterns are not a system hence candlestick patterns always work.
  • Candlesticks get you into price action much earlier than the majority of indicators. This means that the traders using candlestick patterns can enter trades earlier than those traders relying on indicators.
  • Candlesticks are the fastest form of price prediction there is.
  • Candlestick trading is very reliable. Providing that the patterns are properly picked, and
  • the poor ones weeded out, the probability of success is extremely high.

Anyone who seriously investigates the use of candles will learn that there are many patterns and candlestick formations that provide very useful information for traders.

The forex market is extremely volatile so it is important to remember the words of Warren Buffet said “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”

Mastering candlestick charting is undoubtedly one of the most important skills that a forex traders needs to possess. This single tool will do more than any other to improve success for those who put in the effort to learn how they work and implement them into your

Earning Money the Enjoyable Way with the Home Trading System ™

Discover the Home Trading System ™

The revolutionary Home Trading System enables you to make better, faster and smarter trading decisions straight out of the box.
Advanced algorithms and innovative features combine into a fully integrated real-time trading system, designed to make your trading life as simple and straightforward as it can possibly be.

You will be presented with a powerful and effective visual display of what your chosen trading market is doing at a particular point in time, on any given trading chart.

The Home Trading System is compatible with a variety of charting platforms and works across all time frames and all markets. It can even be run on tick charts, momentum bars and range bars, among others.

Here are some of the key features of the Home Trading System:

Trigger Bars (with Initial Stop)

At the heart of the Home Trading System is a complex mathematical algorithm which works in real-time to deliver extremely accurate and vital trading signals to you.

As the pressure in a given market moves from one direction to another, a turning point is created, which is instantly detected and highlighted by a small blue or red dot on your screen.

These dots represent ‘Long’ signals which tell you when the market is going higher, and ‘Short’ signals which tell you when the market is going lower. This means The Home Trading System can be used to readily determine and plan the direction of your trades.

The blue and red dots themselves are also strategically positioned to act as initial stop loss points for you when you first place your trades with the trading system.
You can leave your stop loss there for the duration of the trade, or else enable one of our highly recommended trailing stop features to guide you on your way to securing your profits.

Painted Bars

The Home Trading System paints a particular colour on your chart in real-time. This corresponds to who is in charge of the market at any particular point in time. With the ‘Buyers’ in charge, the colour will be blue and when the ‘Sellers’ take over, the colour turns red – what could be simpler that that?

The Home Trading System automatically paints your bars or candlesticks blue or red so that you can clearly see the market trends as they emerge and monitor them as they continue.

When a new Trigger Bar appears, marking a change in market sentiment, this will be very obvious on the chart. So now there is no need to try and ‘second guess’ the market, you can just let the Home Trading System and its wonderful colours do all the hard work for you.

EntryZone ™

After an initial Trigger Bar, the price often pulls back a reasonable distance into what is known as the ‘Buy Zone’ or the ‘Sell Zone’. As this happens, the EntryZone feature will distinctively change the colour of the most recent few bars on the chart. You can see this in action in the picture here, with the turquoise coloured bars to the right hand side of the chart.

This feature was developed to make it easier to use the Trigger Bars within the Home Trading System. It provides you with a visual indication of when is the perfect time for you to act on a given signal and enter a new trade.

EntryZone highlights your entry opportunities for you incredibly clearly when they come along, so there is no need to doubt your timing when it comes to placing your trades.

StopTrail ™

StopTrail has been designed and built into the Home Trading System to take all the hassle out of calculating and re-calculating your ‘stop-losses’.
It does this for you automatically, following your trades in real-time as it plots a series of small white of dots for easy visual reference, indicating where you should place your stop-loss to achieve the maximum effect.

Stop-losses can be used to trail your winning trades and to lock in your profits, protecting your capital against adverse market movements or even acting as an exit strategy for you to trade with.

StopTrail is a fantastic addition to the Home Trading System and is a truly incredible feature to have on your side, making your trading experience a whole lot more pleasant.

ProfitLocker ™

ProfitLocker is an alternative trailing stop which has been developed and built into the Home Trading System for those situations where you have already achieved a nice profit.

Perhaps you want to lock that profit in and minimize the chances of losing it again? Perhaps you are worried about an imminent market reversal? This is where ProfitLocker comes in.

ProfitLocker offers a slightly tighter stop distance, designed for exactly this purpose and, as with most of the features in the Home Trading System, it can be turned on or off at will.

ProfitLocker ensures that your trading profits have no place to escape to, other than your brokerage account, and ultimately your own pockets.

Painted Averages

In addition, to help you speed up and enhance your trading decisions we have built into the Home Trading System three of the major Moving Averages which the vast majority of professional traders like to watch.

The Painted Averages change colour, depending on which side of the line your instrument is trading, to provide you with a further visual indication of exactly where the price is heading.

With the price above the average, the line will turn blue and with the price below the average, the line will turn red. Interestingly, as price has a natural tendency to want to return to its average, these lines can really help to influence your trading decisions.

Painted Averages provide a fantastic bold visual representation and are a great addition to the Home Trading System which will be fully available on all of your trading charts.

HTS Momentum

This next addition to the Home Trading System is our own updated version of an indicator more commonly known as the ‘Squeeze’ Indicator.
It aims to capture breakout moves by using the Bollinger Bands relationship to the Keltner Channels. When the Bollinger Bands breakout of the Keltner Channels, the indicator fires a squeeze indicated by a bright white dot on the zero-line. A trade can be taken in the direction of the momentum when a white dot is present.

The momentum is plotted as a histogram. If the momentum is blue (up) on a squeeze, this is a long signal. If the momentum is red (down) on a squeeze, this is a short signal. When the momentum fades, along with its colour, then it’s time to exit the trade.

This is a fantastic indicator to use alongside the Home Trading System when you want to compare signals and get that extra confirmation of a move. It works great as both a filter and as a standalone indicator.

There are also two modes, ‘Standard’ or ‘Counter-Trend’ mode, which effect how the histograms display, depending on your own personal preferences. We are sure you are going to love the HTS Momentum, so please check it out and let us know what you think!

Thank you for taking the time to learn about the incredible Home Trading System.