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June 26, 2015

ICD-10: What It Is and Why It Matters

June 26, 2015

ICD 10 Coding CompaniesWhat is ICD-10?

ICD-10 stands for the International Classification of Diseases, 10th Revision. It is a revision of ICD-9, which is the system currently being used by physicians to code all symptoms, diagnoses, and procedures. ICD-10 is set to go into effect on October 1, 2015.

Because ICD-9 is over 40 years old, this is a major update. ICD-9 made no distinction between right and left arms or legs, for example. ICD-10 does distinguish between the two. In fact, the new coding system has twice as many categories and is much more specific in identifying treatment.

Medical practices that are familiar with ICD-9’s 13,000 diagnostic codes will now have over 68,000 codes to implement.

Why Does It Matter?

ICD-10 is a big deal if your medical practice isn’t fully prepared to make the switch over from ICD-9. Failing to use the proper coding can cause your claims to be denied, meaning you won’t receive payment for the services you have already provided at your facility.

Coding errors will result in the lengthy process of revising the original claim, appealing the denial, and resubmitting the claim. This could seriously affect the success your medical practice.

Some groups, including the AMA and Alabama state lawmakers, are calling for a 2 year grace period where claims are not denied because of coding errors. If they are unsuccessful in getting this grace period established, your practice will need to be fully ready to implement ICD-10 by October 1st.

Not Quite Ready for ICD-10 Yet? Medical Business Management Can Help!

With the deadline for ICD-10 readiness approaching, it’s important that your medical practice is ready to make the change. Need help? Turn to Medical Business Management!

Our medical coding experts are familiar with the new requirements and can provide the coding services you need to ensure you are getting paid properly for your services. Contact Medical Business Management today to learn more.

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