It is time to work towards ICD10

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The article is about the complications in ICD-10 and its effect on workflow and documentation.It also explains the impact on your revenue.

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It is time to work towards ICD10

  1. 1. It is time to work towards ICD10 MedicalTranscriptionsService
  2. 2. The countdown to ICD-10 begins! • The transition to ICD-10 is indeed a transformational event. • With less than half a year until the day of conversion of ICD-10 on October 1, 2014, a physician’s ultimate life preserver would be planning and training It’s time to pull up your socks, if you cannot bill with ICD-10, it won’t be just a little cut, it will be a 100% cut in payment!
  3. 3. ICD-10 is a lot more complex! • The number of outpatient diagnostic codes will increase from 13000 to more than 68000. • Transitioning to the new coding system will require training for coders, billers and providers, in the documentation requirement, as well as changes in the billing software.
  4. 4. Time to update your workflow and systems… • This is the time to identify key benchmarks and measurements that the new technology change, must support. • A bad approach can lead to missed requirements, workflows that do not support the code transition and configurations, and, result in claims being denied, or billed under both codes. • Strategically an inventory should include any system and functions that would benefit from the use of more expansive ICD-10 code set. Systems should be analysed for their ability to handle ICD-10 CM’S extended alphanumeric structure.
  5. 5. ICD10 is a million times more granular than ICD9… • As ICD-10 is more robust than ICD-9(with up to seven characters), practices should assess whether their current clinical documentation will support the level of specificity necessary. • An experienced auditor should conduct the audits evaluating random samples and reviewing various record types. Clinical documentation assessment tools determine whether current documentation supports ICD-10.
  6. 6. How does it impact your bottom-line? • Physician practices will be wise to include ICD-10 in their payer contract negotiation discussion for the next two years to decrease their risk concerning compliance error and claim denials. • As the implementation of ICD-10codes become apparent, so will the implications for greater payment for greater complexity and lesser payment for lesser complexity. • For this reason it is critical for the practice to know which insurer has transitioned to ICD-10 and which have not, so it can prepare the billing accordingly and ensure proper and prompt payment.
  7. 7. Thank You…!!! For details call 877-272-1572 or visit us www.medicaltranscriptionsservice.com

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