November 26, 2013
ICD-10 will be reshaping the coding and documentation procedure to a great extent and failing to prepare for the same will result in lost revenue. Poor quality documentation and coding will not just affect providers but it will also have a negative impact on payers and patients. One of the best ways to start preparing your practice for ICD-10 is to train your coders and improve clinical documentation because the new coding system will require higher level of specificity.
With accurate ICD-10 documentation and coding, you will be able to enhance patient care as detailed documentation lends collaborative support and insight to other practitioners. It will also help in improving quality reporting, patient safety and clinical decision support.
Once ICD-10 is implemented, documentation should assure transparency and accountability and capture the right level of severity and risk. Error-free coding will result in timely billing and this will help your practice get paid on time, reducing claim denials and delay in payments.
How to prepare for ICD-10 coding and documentation?
Coders can code only on the basis of what the physician has documented. Even if coders are well-trained for handling the new coding system, they can do nothing to get you paid if there is lack of detailed documentation from the clinician’s side.
Clinicians will have to devote more time to ensure precision in documentation. For this, practices will have to assess the current documentation process and train the clinicians for the required changes
Necessary technology changes will have to be brought in to help physicians comply with enhanced documentation requirements
Coders will have to make sure that ICD-10 coding is consistent with the documentation. They will require training in new code classification
A business manager will be required to ensure that every billing at your practice is accurately coded and supported by documented information
A budget will have to be created in order to prepare for transition to ICD-10 which will range anywhere between $83,000 to $2.7 million per practice
HIPAA-5010 requirements will have to be fulfilled for ICD-10 claim processing as the new codes will not be supported by HIPAA-4010
Focus is rising on provision of quality care but due to rise in number of patients, physicians are not getting ample time to concentrate on documentation and other administrative tasks. Lack of time and money is posing problems in hiring and training coders, retaining existing staff, buying expensive technology and prepping for ICD-10 due to which many practices are seeking help from billing companies.
Medicalbillersandcoders.com is the largest consortium of billers and coders that has been helping practices in successful transition to ICD-10. Our coders have the required expertise to handle the demands of ICD-10 and HIPAA-5010 compliance. While our team reduces your headache of hiring, training, implementing health IT, claim filing, denial management, you can concentrate on improving documentation. The well-trained team at MBC will manage your revenue cycle, maximize your profits while you offer quality care.