January 08, 2014
ICD-10 is all set to increase pressure on medical practices that are already dealing with challenges related to EHR, HIPAA, meaningful use and interoperability. Even though ICD-10 will pave the way for accuracy in new procedure payments, improved patient care and administrative performance, it will also cause coding problems and other challenges which will affect the financial health of your practice in the long run.
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According to industry experts, complexities introduced with the implementation of ICD-10 will require a lot of preparation, logistics and planning. Expert help will be needed to change language format, manage connection point between ICD-9 and ICD-10, make major system changes or manage the required infrastructure for supporting the new coding system.
ICD-10 will affect procedures, policies, data interfaces, workflow and possibly every aspect of a medical practice. Number of codes will increase and coders will have to pay extra attention in coding every service offered. Time constraint, lack of skilled coders and rise in number of patients will create room for coding errors, affecting the cash flow of medical practices. Therefore, seeking assistance from a multi-speciality coding expert would be a better option to solve coding problems related to ICD-10.
From 15,000 codes of ICD-9 to 110,000 codes in ICD-10, the new coding system is not just an update; it is an organizational change, vast enough to intimidate many providers.
How can a multi-speciality coding expert help?
Coders play a vital role in collection of payment for services rendered. However, with the implementation of ICD-10, coders will require certification and special training to understand and work with the new codes. Not just hiring, but providers will also have to retain and engage existing coders through recognizing their work, providing them required tech support and offering them training on regular intervals.
Considering the lack of time and money, seeking help from a billing company for ICD-10 coding problems makes sense rather than managing an in-house team.
Billing company will offer a team of certified, well-trained coders who are constantly trained and updated with ICD-10 coding requirements
Error-free coding will ensure accuracy in claim submission and timely payments
You won’t have to spend time and money on hiring or training coders at your practice for ICD-10
The cost for system changes, technology implementation and infrastructure will also get eliminated
Since a proficient team will be solely handling the coding tasks, chances of errors in coding will reduce considerably
You will have access to financial data 24/7 and even if you are on a holiday your coding tasks will be taken care of
Medicalbillersandcoders.com is a reputed billing company that offers multi-speciality coding experts to practices across the US. We have helped physicians in smooth transition to ICD-10 with an aim to reduce claim denials and maximize revenue. MBC also offers ICD-10 training program for coders, encompassing 34 weeks of training and updates. While our team of expert coders take care of ICD-10 coding problems and billing, you can concentrate on quality patient care.