Published on March 4, 2014
Gearing up for ICD-10 © CureMD Healthcare
ICD-10 • It’s 2014 and the transition to ICD-10 is less just a few months away, coming into effect on October 1st • This will replace the old system of diagnostic coding and significantly increase the number of these codes from the current 14,000 to around 69,000 • ICD-10 will enable physicians to specify diagnoses better, track follow up visits, code accurately, support future technology, support new payment models, improve interoperability and manage quality
Switch to ICD-10 • The switch to ICD-10 will also be expensive • Research suggests ICD-10 changeover to cost up to $1.5 billion in the next 10 years, while savings resulting from this change will exceed $7.5 billion • On average, a mid-sized practice will have to spend nearly $300,000 in ICD-10 adaptation costs while, for larger practices this cost may go up to $3 million • ICD-10 comes into effect after ten months, but practices should start their preparation now
Questions to ask • Questions to check if your practice is ready for ICD10 – – – – Is your EHR vendor ready? Is there a plan for your staff’s training? Will your medical billers need re-certification? Do you know which ICD-9 claim codes are changing in ICD10? – Do you have a coding error checklist? • Providers must understand that the shift to ICD-10 is so complex that without coordination, it will not be successful
What to ask your vendor? • You must know the extent of your vendor contracts along with their plans and timelines • They should be able to tell you how ICD-9 and ICD-10 will work simultaneously • Also, ask them what the implementation process includes and if there is any additional training cost involved • In addition, you should also know which of your vendors will be affected by ICD-10 and whether or not any existing interfaces require upgrades
Read more on blog.curemd.com • To read more on this topic, visit: • http://blog.curemd.com/gearing-up-for-icd-10/
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