Transition to ICD-10 will be a lengthy and complex task for providers who are not prepared to meet the challenges. Switching to a new coding system will not only affect different departments within a practice but investment of time and money will also be required for personnel training and system testing before October 2014.
Challenges to be met during ICD-10 transition:
- ICD-10 will have major implications on IT and coding department; however, it will be a challenge for providers to gain support from other departments to ensure smooth transition
- A budget will have to be created to prepare for ICD-10 changes which could range from $83,000 to $2.7 million per practice
- HIPAA-5010 requirements will have to be met for processing ICD-10 claims as the old version will not support new codes
- Since the number of codes will increase, accuracy in documentation will become extremely vital for error-free coding
- Software and technology will have to be updated and forms will have to be revised to match the specificity of the new code set
- Money will have to spent on hiring expert coders or retaining key staff as coding complexity might bring down staff productivity
Is your practice lagging in preparation?
Magnitude of ICD-10 transition is apparent and with less than a year, balancing between quality care for rising number of patients, implementation of EHR for stimulus funding and prepping for ICD-10 is becoming difficult for providers. Many are taking help from specialized medical billing services to ensure effective and timely implementation of ICD-10 compliant operational and clinical services.
Medical billing services will take the responsibility of handling claims processing and re-processing of your practice and offer timely, error-free coding and billing services to strengthen your cash flow. A billing partner will not only provide you support during ICD-10 transition but also address the effects of the new coding system on following areas:
- Patient registration
- Clinical documentation
- Analysis and reporting
- Referrals and authorization
- Order entry
For practices that don’t have the required staff, finance and time to handle the challenges and requirements for ICD-10, outsourcing is the best solution. Billing specialists are proactive and prepared with ICD-10 medical requisites. While a dedicated team of coders and billers, trained in ICD-10, HIPAA and other compliances will be handling your revenue cycle, you can make use of the spare time in provision of patient care to qualify for government funding.
Medicalbillersandcoders.com is one of the reputed medical billing services that offer an expert team of billers and coders for smooth ICD-10 transition. Our team has the required expertise to address ICD-10 challenges for practices and handle claim processing, denial management, account receivables through error-free coding. MBC also offers a training program for coders to help them master the new coding system. You can either outsource all your coding and billing requirements to our team or make use of our ICD-10 Training Program to train your in-house coders.