Is a Bachelor’s Degree in Medical Billing and Coding Worth It?

Medical billing and coding is a growing field in healthcare. With the widespread adoption of electronic health records (EHRs), there is an increasing need for skilled professionals who can accurately code health data. Many aspiring medical billers and coders wonder if getting a bachelor’s degree is necessary or worth the time and expense. In this article, we’ll explore the advantages of earning a bachelor’s degree in medical billing and coding and help you decide if it’s the right choice for your career goals.

What is Medical Billing and Coding?

Medical billing and coding involves reviewing clinical documentation from doctors and other healthcare providers and assigning standardized codes to diagnoses, procedures, and services These codes are used for medical billing purposes and reimbursement from insurance companies.

Coding is a specialized skill that requires in-depth knowledge of code sets, medical terminology, anatomy and physiology, and disease processes Billers often handle tasks like submitting claims, following up on unpaid claims, appealing denied claims, and communicating with patients about account balances

Why Get a Bachelor’s Degree?

Many medical billing/coding jobs require an associate degree or postsecondary certificate However, there are advantages to earning a four-year bachelor’s degree

• Higher earning potential – Bachelor’s degree holders earn an average of $23,900 more per year compared to high school graduates. The advanced education signals deeper knowledge and skills.

• Upward mobility – A bachelor’s degree better positions you for leadership roles in management, compliance, IT, analytics, training, and consulting. These roles often require a bachelor’s at minimum.

• Broad skillset – Bachelor’s programs build a diverse set of hard and soft skills beyond coding through general education courses and electives. This versatility can open more career opportunities.

• Prep for certifications – Many bachelor’s degree programs are designed to prepare you for certifications like the RHIA, which requires at minimum an associate degree to be eligible for the exam. Earning the RHIA can boost your resume and salary potential further.

• Foundation for graduate degree – Students who want to pursue a master’s degree in health informatics or MBA will benefit from having an undergraduate degree in a related healthcare field.

What Will I Learn in a Bachelor’s Program?

While specific curriculum varies, bachelor’s programs in medical billing and coding typically cover:

• Coding and classification systems (CPT, ICD-10-CM, HCPCS)
• Medical terminology and anatomy
• Disease processes and pharmacology
• Healthcare reimbursement methods
• Healthcare law, ethics, and compliance
• Health information technology/electronic health records
• Healthcare data analytics
• Project management
• Leadership and communication skills

You’ll gain technical coding expertise as well as critical thinking, problem solving, and management skills relevant to supervisory roles. Electives allow you to customize your degree with topics like public health, healthcare marketing, quality improvement, healthcare finance, and information security.

Many programs include a capstone project or professional practicum experience. This lets you apply your new knowledge and skills in a real-world healthcare setting.

What Jobs Can I Get With a Bachelor’s in Medical Billing and Coding?

While you can pursue traditional medical coding jobs, a bachelor’s degree better prepares you for higher paying roles such as:

• Coding manager – Lead a team of coders and oversee coding accuracy, productivity, and continuous training. Median salary $73,430.

• Coding compliance auditor – Monitor clinical documentation and coder performance to ensure adherence to regulations and internal policies. Median salary $77,850.

• Clinical documentation improvement specialist – Work with providers to improve documentation practices to ensure accurate code assignment. Median salary $71,730.

• ** Cancer registrar** – Capture and analyze data on cancer diagnosis, treatments, and outcomes. Median salary $61,240.

• Health information manager – Manage all aspects of health information for a healthcare facility including EHR systems. Median salary $100,980.

• Healthcare data analyst – Collect, evaluate, and present healthcare data to improve operations and patient outcomes. Median salary $62,630.

• Revenue cycle manager – Oversee the revenue cycle to optimize clinical documentation, coding, billing and revenue. Median salary $92,680.

• Healthcare trainer – Develop training programs for coding, revenue cycle, and EHR adoption. Median salary $67,550.

A bachelor’s degree combined with certifications like the CCS, CRC, RHIA, or CPC opens doors to diverse career paths with lucrative salaries well above the average medical coder.

How Much Does a Bachelor’s Degree in Medical Billing and Coding Cost?

The total cost depends on the school. A bachelor’s degree from an in-state public college costs an average of $36,880 for in-state students and $123,720 for out-of-state students (includes tuition, fees, room and board). Private non-profit colleges average $181,180 and for-profit colleges $127,120.

Online colleges can provide more affordable options. For example, SNHU charges $960-$1,881 per course. Spreading classes out over 5-6 years can help manage costs. Completing an associate degree first also minimizes bachelor’s degree costs.

How Long Does It Take to Complete?

A bachelor’s degree typically takes 4 years of full-time study or longer if attending part-time. Accelerated online programs may allow you to graduate faster.

Earning an associate degree first provides a quicker path into the field, then you can complete the bachelor’s degree later while working. Credits transfer to minimize duplicated courses.

Some schools offer a coding certificate you can stack into an associate then bachelor’s degree. This allows you to start gaining valuable experience as you continue towards your bachelor’s degree.

Is a Bachelor’s Degree in Medical Billing & Coding Worth It?

While an associate degree or certificate can qualify you for entry-level billing/coding jobs, a bachelor’s degree is worth the additional time and money for certain students.

It’s ideal for those seeking higher level leadership roles in management, compliance, IT, revenue cycle, analytics, education, and consulting that require at minimum a bachelor’s degree. The versatile mix of hard and soft skills also benefits those wanting to advance their career.

Students who excel in the classroom and want to pursue competitive master’s programs in health informatics, MBA, data science, or healthcare administration benefit from having an undergraduate degree specifically in healthcare as a foundation.

Overall, a bachelor’s degree in medical billing and coding gives you flexibility to pursue diverse healthcare roles at potentially higher salary levels. While not universally required, the advanced education can help set you apart in the job market.

Key Takeaways: Is a Bachelor’s Degree Worth It For Medical Billing and Coding?

• Bachelor’s degrees allow upward mobility into management, compliance, IT, revenue cycle, and other advanced roles beyond coding.

• You develop a versatile mix of technical, communication, critical thinking, and leadership skills.

• The education shows commitment and prepares you for graduate studies in health informatics, MBA, data science, etc.

• Higher earning potential of $23,900 more per year compared to high school graduates.

• Costs vary; public colleges average $36,880-$123,720 for total bachelor’s degree. Accelerated and online options provide more affordable alternatives.

• Completing an associate degree first allows entry into the field faster, then you can return for a bachelor’s degree.

• Ideal for students wanting leadership roles or to pursue competitive graduate programs in healthcare.