With the rollout of ICD-10 right around the corner, there are many concerns about the impact it will have on medical practices and physician reimbursements.
Medical Business Management is prepared for the October changeover and we want to share a few facts with you about the new coding system.
#1 ICD-10 Will Lead to More Effective Treatment
Thanks to the extra data that is being added for each diagnosis, procedure, and treatment we will be able to collect analytical information in a way that was previously impossible. By studying these analytics, over time, we will be able to make treatment efforts more effective. This coding system will create a valuable library of data.
#2 ICD-10 is the First Coding Update in Almost 40 Years!
One of the reason ICD-10 is so necessary is that ICD-9 has been in use since 1979. Think about how many new treatments and procedures have been introduced since then. Many other countries have already adopted ICD-10 as their coding system. The U.S. has been putting it off because such a huge change is going to take a lot of work.
#3 ICD-10 Includes Specifics into the Main Entry that were Previously in the Notes Only
Before, a code may have simply stated that a patient had a burn. Now the code will tell you a lot more details. It may say that the patient received a second-degree burn on their left calf. Not only will this help with duplicate errors on bilateral procedures, but it will also make the patient’s information more useful.
For example, someone may be contacted about a clinical trial based on their information. In the old system, they possibly wouldn’t have shown up as a viable candidate due to lack of details.
#4 ICD-10 Includes a Code for Being Pecked by a Chicken
Yes, it gets that specific. This is great news for those coders who are tired of trying to find the code that most closely matches the information when there really isn’t one. However, this also means that your coders are going to have to learn a ton of new codes. Thousands actually. There are over 60,000 new diagnosis codes alone, all of which go into effect October 1.
#5 ICD-10 Could Hurt Your Coder Productivity
When Canada implemented ICD-10 in a staggered rollout, over the course of 4 years, they saw about a 67% drop in coder productivity. Preparation is key. Many experts believed that the low emphasis placed on training for the new system was the downfall of the productivity.
With all of the new codes, coding errors will be a great threat to your revenue cycle. What can you do if your medical practice isn’t prepared for the ICD-10 rollout?
Welcome ICD-10 with Confidence. Let Medical Business Management Help!
We are fully prepared for the new coding system and can handle all of your claims efficiently. If your practice isn’t ready for the ICD-10 changeover, contact Medical Business Management today. We can make sure your productivity and revenue cycle don’t suffer with outsourced medical billing and coding by expert coders.
