Pressure of ICD-10 implementation has eased with the deadline extension; however, anxiety of its impact continues to prevail among chiropractic practices. ICD-10 will affect coders as well as the entire operation, pushing practices to prepare for any loss in revenue.
Transition to ICD-10 will increase the burden on financial, clinical and operational efficiency of chiropractors but it will also help them in correct documentation and reporting. This will eventually lead to accurate revenue generation. To make all this happen, it is essential for chiropractic practices to up their game.
How will ICD-10 impact chiropractic billing?
Are Chiropractic practices ready for the change?
Majority of chiropractic practices are small in size with few employees. They mostly lack a team of certified coders who are well trained for handling the transition to ICD-10 coding. As per a study of National Board of Chiropractic Examiners, approximately 75% of chiropractic reimbursements require submission of claim forms for which proper selection of codes is vital.
Usually, 45% of a chiropractor’s time is spent on documentation and business management whereas remaining 55% is spent on patient care. In order to drop out from the insurance game, some chiropractors operate on cash-only basis. However, a cash-based practice also faces different challenges that can eat up your revenue.
Considering the lack of skilled staff and time, any error in insurance coding can lead to denied claims. Therefore, it has become essential for chiropractor practices to prepare for the shift to ICD-10 so that the revenue flow isn’t disrupted. Rather than making your practice vulnerable, it is better to avail services of medical billers and coders who have the required expertise in ICD-10.
Transition to ICD-10 is inevitable and Medicalbillersandcoders.com can make the process easier for you. Our team of expert billers and coders are well-trained for planning, testing and implementing ICD-10 compliant clinical documentation, billing and coding services for chiropractors. We have affiliation with ICD-10 specialists across 50 states in the US that have been helping chiropractors in a smooth transition to the new coding system. The team at MBC is equipped with HIPAA, ICD-10 and other compliances to ensure the financial health of medical practices.