RAC coordinators ensure hospitals receive the correct Medicare payments.
As part of the 2006 Tax Relief Act, Congress set up series of regional committees to audit Medicare payments to hospitals. Known as Recovery Audit Contractors, or RACs, these groups identify and collect overpayments made to medical institutions. Many hospitals have appointed their own RAC coordinators to handle the enormous task of maintaining and preparing documentation for the regional RACs.
Average Salary
As of May 2010, medical records and health information technicians -- which includes RAC coordinators -- earn an average salary of $16.84 per hour, or $35,010 annually, according to the U.S. Bureau of Labor Statistics. The median salary for this profession is $15.55 hourly or $32,350 annually. The lowest 10 percent of earners receive $21,240, while the highest 10 percent average $53,430.
Highest Paying Fields
Hospitals represent a relatively low-paying field for RAC coordinators and other health records technicians. As of May 2010, medical records technicians working in hospitals earned an average annual salary of $39,020. Only those in physician's offices earned less, with a mean wage of $29,030. Those working in specialty hospitals earned $39,270, while medical records and health information technicians in the federal government earned $46,090. The highest paying field for this profession was business and professional organizations, which offered an average salary of $49,710.
Salaries by State
New Jersey serves as the top-paying state for medical records technicians, such as RAC coordinators. According to the U.S. Bureau of Labor Statistics, professionals in this field earn an average of $47,050 in New Jersey, followed by Washington D.C., with an average salary of $43,140. Hawaii, Maryland and Massachusetts round out the top five highest paying states for this profession, with salaries exceeding $40,000 in each of these states.
Salary for All Regulatory Coordinators
In 2009, the Regulatory Affairs Professionals Society conducted a salary survey of its members, which consist of regulatory professionals in the health care industry. All regulatory coordinators reported an average base salary of $55,606, with an average total compensation of $60,400. These figures reflect salaries for hospital RAC coordinators, as well as RAC and other regulatory coordinators in industry and medical manufacturing, where wages tend to be much higher than those paid in hospitals.
Tags: medical records, records technicians, this profession, 2010 medical, 2010 medical records