October 10, 2013
Is your practice ready for ICD-10? Resources are being developed by CMS to help healthcare industry implement ICD-10 but if your practice has not yet started prepping, transition to the new coding system will have a major impact on your reimbursement.
With little less than a year left before the mandated shift, small or large practices using healthcare information containing a diagnosis or inpatient procedure codes are gearing up for handling ICD-10 complexities.
What preparations are required before ICD-10 deadline?
Successful transition to ICD-10 will require more than just hiring healthcare vendors and consultants.
You will have to create a communication plan with external partners, create a training plan for in-house staff and discuss in detail about ICD-10 and the responsibilities to be met
The business, technological and policy impacts of this new coding system will have to be assessed and strategies will have to be identified to ensure smooth migration from old system to new system
Internal as well as external testing of systems and procedures will be required to figure the impact of ICD-10 on business
Planning will have to be done to deal with heightened regulatory scrutiny, increased clinical documentation and convergence of technology
You will have to create a budget and review the health plan contracts to find out if more information will be required after implementation of ICD-10
Essential health IT transformations will also have to be done, including e-prescribing and “meaningful use” mandates for EHRs
Implementation of HIPAA-5010 for ICD-10 claim processing and electronic transactions has been made mandatory for providers, vendors and payers. Since HIPAA-4010 will not support the new codes, installation and testing of the new version in billing, practice management and processing systems has become compulsory for practices
Establishing co-ordination with payers and everyone involved with your practice is vital for completion of necessary system changes. If practices fail to meet the requirements due to lack of staff training and budget limitation, it will result in claim denials and major reduction in payments.
With focus increasing on provision of quality care and rise in number of patients, physicians are left with limited time for documentation. Rise in coding complexities is also resulting in errors and loss of productivity in coders. Preparation for ICD-10 is giving less time to the staff and physicians to handle other important functions and healthcare changes.
As ICD-10 is all set to increase pressure on clinical and operational functions of medical practices,Medicalbillersandcoders.com, largest consortium of billers and coders is committed to help practices navigate through the new coding system. We have been delivering effective billing services to hospitals, physicians and clinics across the United States and our team has the required training and expertise to manage the demands of ICD-10 and HIPAA-5010 compliance reporting. MBC makes use of advanced software required for ICD-10 to help practices reduce their headache of managing claim denials and increase their profits. Our aim is to handle your revenue cycle and give you ample time to concentrate on patient care.