According to a survey commissioned by Navicure and conducted by Porter Research in February 2015, 81% of respondents feel that they will be ready by October 1, 2015 (the newly scheduled date of ICD-10) to implement ICD-10.
59% of physicians are concerned about ICD-10 cash flow impact and revenue.
With so much concern over ICD-10, it is important to know why ICD-10 is so very crucial.
- Precise Documentation: ICD-10 does not require a change in how physicians practice medicine. It demands precise documentation and gives physicians more diagnostic choices to capture new data.
- Better compensation: Unlike ICD-9, the ICD-10 codes have been designed keeping the mind the reimbursement aspect. ICD-10 helps physicians create an electronic trail of evidence to receive proper credit and payment from government payers, insurers, health systems, etc.
- Better Description of Patient’s Condition: Both CPT and Volume 3 of ICD-9 contain unlisted procedure or an unspecified code. With ICD-10-PCS (Procedure Coding System), the codes are going to be created based on the surgeon’s documentation in the operative report.
- Reputation Management: Once the treatment is done, documentation becomes the basis for the ICD-10 codes, which will reflect the quality of care provided by a physician.
- Reducing the hassle of audits: ICD-10 codes will allow physician’s documentation to be translated into accurate clinical picture, thereby reducing the chances of misinterpretation by third parties, auditors and attorneys.
Another important concern over these days is Electronic Health Record (EHR). No matter people change their doctors or move anywhere in the world for treatment, with EHR, it’ll never be difficult for them to refer to their past medical data. It shall provide details of patient’s health and history by pulling information from other systems, providing clinical decision support and alerting providers to health maintenance requirements. It is helpful in:
- Providing accurate and up-to-date information at the point of care.
- Enabling quick access to patient records for better treatment.
- Safe sharing of patients’ data with relevant clinicians.
- Reduces medical errors.
- Reducing costs through decreased paperwork, improved safety and reduced duplication of testing.
Where to get the best?
MBC is all geared up for ICD-10 integration. MPC is inviting Medical Billing and Coding Professionals to take the leap where regular updates and training will be provided to them. The program will detail out transition tips from ICD-9 to ICD-10. It shall also have problem solving webinars along with weekly updates of ICD-10 implementation. A special FAQ shall also be available so that the professionals find a ready solution to their queries. MBC will also facilitate Coding Practices forum with other experts and participants.
And, when it comes to EHR, MBC is one name that stands for reliability, accuracy, quick referral and secure sharing of patient’s data with relevant clinicians.