Are you properly preparing to meet the ICD-10 deadline of October 1, 2014? Did you know that all claims for health care services provided on or after October 1, 2014, must contain ICD-10 codes? Where in the transition process is your organization? It is important that everyone in your office has at least a general understanding of the ‘what’ and ‘why’ of ICD-10. A recent study conducted by American Health Information Management Association (AHIMA) indicates that healthcare providers are making slow -or no- progress toward ICD-10 implementation leaving the vast majority of providers with no plans, no budgets, and very little progress to report. AHIMA and CMS have predicted that at least 50 hours of ICD-10 training will be needed for each coder to successfully transition to ICD-10.
As your business partner, we want to ensure you are aware of the healthcare industry's key projections and equip you with relevant facts for more informed decision making
What should your business be doing right now?
- ICD-9 codes will no longer be accepted on claims after October 1, 2014.
- ICD-10 codes will not be recognized / accepted on claims before October 1, 2014.
- Claims cannot contain both ICD-9 codes and ICD-10 codes.
- ICD-10 implementation will affect every aspect of the patient, provider & facility encounter.
- Implementation will require system changes, extensive training and considerable expenses.
- CMS estimates claim denials will increase 100 - 200%.
- CMS estimates receivables (A/R days) to increase 20 - 40%.
- CMS estimates claim error rates to increase 6 - 10% based on improper coding.
Has your business examined the impact of increased claim denials?
- Identify all personnel whose job function requires the use or understanding of ICD-9 codes.
- Identify all policies, procedures and protocols impacted by the specialty of ICD-10.
- Determine training needs of all personnel.
- Identify the costs associated with implementation.
- Examine the impact of increased staffing.
- Examine the impact of increased claim denials.
- Examine the impact to departmental and physician productivity.
- Identify the costs associated with implementation such as:
- Reallocation of duties for personnel
- Cost of account rework
- Does your facility / physician practice have a denial management team?
- Do your specific adjustment codes clearly identify denials, adjustments and write-offs?
- What is your current denial rate, write-off amount?
- What is the financial impact for denials / write-offs?
- Is your business office trained appropriately?
- Did you evaluate the impact to revenue and cash flow of:
- Increased unbilled accounts
- Increased denials
- Increased late charges
- Increased time of payment schedules
To help you, your staff and physicians gain a general understanding of the ICD-10 transition, please visit CollaborateMD’s exclusive training website
to receive an overview of changes from ICD-9 to ICD-10.
To ensure success for your business, planning is critical. If you have not started the implementation process, please start now; the countdown clock is ticking.
Your CollaborateMD Team