ICD 10 coding changes are going to introduce new diagnostic and procedural codes, completely transformed at a granular level. This in turn is likely to benefit healthcare providers in terms of –
- Improved medical coding and billing efficiency.
- Better integration of pay for performance or fee for service model in the billing models of medical practices, with granular coding of complex, multi staged procedures
- Lesser chances of data misuse and medical frauds or malpractice
As the primary objective of ICD 10 is to improve overall healthcare billing system and processes, the delay in its launch can mean more time for medical practitioners to prepare themselves for a smooth transition. If you were already prepared for ICD 10 coding system to be launched, then your medical practice can further focus on –
While these activities can boost the already prepared medical practitioners, those who have procrastinated for ICD 10 should use this time and their outsource billing service to a medical billing expert who can test, train, review and gear up to prepare their medical practice for the eventual coding changes.
- Training and Testing You can identify further training gaps for your medical staff which once addressed will improve ICD 10 adoption and reduce coding errors. Even if your medical billing team and system is prepared for the coding changes, you can check the coding upgrade schedules – when they are planned and how the ICD 10 delay will impact them.
- Clinical Documentation Process and documentation gaps can expose your medical practice to increased malpractice risk and audit risk. Therefore, you can use the extra time to check what kind of documentation can be cross referenced with ICD 10 to improve value based procurement and processing.
- Financial Performance ChecksThis could be the ultimate acid test for your medical practice and can define whether your practice is ready to bank on the ICD 10 coding changes and safeguard both, short term and long term profitability. Complete review of your revenue cycle management, audit checks, payers mix and projected change in financial performance of your medical practice can ensure that even if the super bill varies from ICD 10, your practice should be ready to remain financially viable.
MedicalBillersandCoders.com is a medical billing service provider that specializes in coding transitions and billing process automation. Our team of medical experts and experienced consultants bring onboard both technical knowhow and strategic acumen to prepare not only your medical practice but your associated insurance carriers as well as your patients for impending ICD 10 changes.