Is icd 10 proving to be too expensive for small practices

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At 84,000$ Will ICD 10 Sound The Death Knell For Private Practices ? For more info Visit us http://www.medicalbillingstar.com/blog/at-84000-will-icd-10-sound-the-death-knell-for-private-practices/

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Is icd 10 proving to be too expensive for small practices

  1. 1. Is ICD 10 Proving To BeToo Expensive For Small Practices ? Presented by Angomark, MedicalBillingStar
  2. 2. Will Your Practice Get Caught, In The ICD 10 Quicksand? 55,000 more codes and an entirely new coding construction is no amble in the park. Small medical practices will be forced to align with clinics to endure in this tough economic climate.
  3. 3. Another Nail In The Coffin For Small Practices…ICD 10 is being associated to Y2K.It is highly unlikely that ICD 10 will be postponedonce again. Or like what most medicalpractitioners, pray for nowadays, simply disappear .
  4. 4. ICD 10 Comes With An 84,000$ Price Tag ! Don’t gasp! That is the figure put down by the MGMA. For the small practice that is barely making ends meet, this is an astronomical amount.
  5. 5. And The Price Is Not The Only Headache… If the fear of hogging headlines is the major fear of big hospitals. To keep the lights on in the building is the biggest challenge of small and medium practices.
  6. 6. A Few Challenges That ICD 10 Throws in The Face of Medical Practitioners Loss of productivity . A hit in the coders efficiency and working hours during the transition. Expensive system upgrades.
  7. 7. Why ICD 10 is Nothing Like Its Timid Cousin ICD 9 141,000 codes Longer alphanumeric codes More emphasis on exact clinical documentation 5,500 small hospitals will be affected Comes at a price tag of $84,000
  8. 8. Who Will, Reach The Finishing Line… Only 36% of 722 physicians surveyed are ready for ICD 10 Small practices will be hit the hardest Over $2000 needed for education alone $20,000 could be the cash flow disruption while implementing
  9. 9. How To Survive Without Sinking ! Focus on clinical documentation Hold training sessions Verify if your EMR is compatible Sit with your biller to redesign super bills Consider outsourcing coding tasks
  10. 10. 5 Questions You Need To Ask Your Vendors ! Have you upgraded your systems to HIPAA 5010? Can you offer online coding support? What resources do you use? What is your risk mitigation plan? Can you help me scale down on costs?
  11. 11. Thank You For taking the next big leap with a trusted ICD-10 Medical coding partner visit ushttp://www.medicalbillingstar.com/ or touch base with us anytime @ 1-877-272-1572

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