Source: Umbrella Research
CodeSmart announced that the company will begin offering the option of financial aid for new coders who enroll in its CODESMARTTM UNIVERSITY program. The new financing option will be offered through a number of financial institutions, which the company will announce at a later time. We believe that this is a significant new development for the company, as it should help to draw students to CODESMARTTM UNIVERSITY and grant access to a much larger population of potential students who may not otherwise be able to afford tuition costs.
In addition to the lack of supply of existing coders capable of coding using ICD-10, we expect to see a meaningful inflow of new coders as the conversion deadline approaches. Medical coders are in high demand across the healthcare industry because medical coding affects everything in a healthcare organization including finance, management, IT and clinical areas. As a result, medical coders are well paid (with an average starting salary for a new coder of approximately $60k a year) and have numerous job opportunities in hospitals, physician practices, insurance companies and other healthcare providers. CodeSmart created a unique offering with the new coder program to help train and prepare potential employees for these positions and now with an option of offering financial aid and numerous exclusive partnerships that the company has developed, we expect to see substantial enrollment growth at the CODESMART UNIVERSITY, which should quickly translate to revenues and earnings for the company.
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