Ortho eNews: January 2013


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Ortho eNews: January 2013

  1. 1. JANUARY 2013 IN THIS ISSUE 1.1 EBOOK: 8 REVENUE CYCLE CONCERNS FOR ORTHOPEDIC PRACTICES & HOW TO FIX THEM 1.2 eBook: 8 Revenue Cycle Concerns for HOW ICD-10 WILL AFFECT WORKER’S Orthopedic Practices & How to Fix Them COMPENSATION Orthopedic practices are in a time of constant change with reimbursements, patient volumes and elective 2.3 surgeries all declining. These changes are forcing ICD-10 physician practice owners to reevaluate processes and IMPLEMENTATION tackle inefficiencies. SCHEDULE & WHAT IT MEANS FOR ORTHOPEDIC PRACTICES Theres a huge correlation between profitability and how the revenue cycle is managed; the revenue cycle of the practice is the bloodline. 2.4 MEDICAL BILLING – DO YOUR Physicians should reevaluate their revenue cycles. This COMMUNICATIONS eBook will assist you, as you begin your revenue cycle reevaluation. ENCOURAGE PAYMENT? Click here to download your Free eBook! How ICD-10 Will Affect Workers’ Compensation ICD-10 is not required for entities and organizations that are not covered by HIPAA, including workers compensation programs. However, not adopting ICD-10 and requiring a different billing method can be expected to impose significant hardships, so many workers compensations are voluntarily making the switch. For those that are, ICD-10 offers a number of distinct benefits for their program. F I R T Y The additional complexity of ICD-10 codes exists primarily for the reason of creating (855) RING-HIS medical codes that are more specific and provide more information on what happened, where it happened, what was done in response, and what the 350 S. Northwest Highway diagnosis actually is.  Under ICD-9, a submitted claim may not have Suite 200 accurately affected the reality of an injury, resulting in payments that were Park Ridge, IL 60068 either above or below what should have been paid as compensation.  ICD-10 www.healthinfoservice.com makes a significant advance towards eliminating this problem, allowing more accurate and useful information to be transmitted and processed. Read more about ICD-10’s affect on Workers’ Compensation.HEALTHCARE INFORMATION SERVICES, L.L.C www.healthinfoservice.com
  2. 2. ICD-10 Implementation Schedule & What It Means for Orthopedic PracticesThe implementation date for compliance with ICD-10 in the UnitedStates is October 1, 2014.  Unless the date is moved back, all practicesmust be fully ready on this date, since there is no grace period allowed.Orthopedic practices have a number of challenges, and being aware ofthese will help understand what to do at each stage of the process.ICD-10 both permits and requires a greater degree of information to becoded.  In ICD-9, many codes were more generalized and did not workwell for specific diagnoses, but this is set to be changed.  This will requiremany people in the office to learn to be more specific about what is said,but will also mean that coders and physicians still working with ICD-9 will have to translate it into thecodes theyve been using.  It may be best to state both whats been said for ICD-9 and what will be saidfor ICD-10 in order for the staff to understand the difference.  Working to be more specific should occurearly in the implementation schedule. Read more on ICD-10 Implementation Schedule here. Medical Billing – Do Your Communications Encourage Payment? As owners, managers and administrators in the medical field you have to know your business in-and-out if you want to be successful, and one area of particular importance is communicating with your patients.  This is true not only in regard to their medical conditions, but also in explaining and collecting payments on their bills. Medical billing communication is one very important aspect of Revenue cycle management. The wording, style and timing used may seriously affect how successful your collection attempts will be. For more tips on making billing easier, click here. Have Questions? We’re happy to help. Healthcare Information Services (HIS) (855) RING-HIS 350 S. Northwest Highway, Suite 200 Park Ridge, IL 60068 www.healthinfoservice.com F I R T YHEALTHCARE INFORMATION SERVICES, L.L.C www.healthinfoservice.com