ICD-10: Get ready for the big change

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Information about ICD-10: Get ready for the big change
Health & Medicine

Published on March 4, 2014

Author: CureMDHealthcare

Source: slideshare.net

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ICD-10: Get ready for the big change

ICD-10: Get ready for the big change © CureMD Healthcare

Transition to ICD-10 • The transition to ICD-10 virtually impacts every member of the healthcare continuum including providers, payers and health IT vendors • Amongst these, providers have the most to lose • If claims are not submitted correctly, providers will not be paid and with just a few months until ICD-10 comes into effect on October 1, 2014, a provider’s ultimate goal should only be planning and training

Preparing for ICD-10 • Why so complicated? – ICD-10 greatly increases the specificity of diagnostic codes. The number of outpatient diagnostic codes will increase by almost 44,000 – a fivefold addition – For healthcare organizations, shifting to the new system will require training for coders, billers, and providers in the documentation requirements, as well as changes to existing billing software or potentially upgrading it • Seize the opportunity – Providers need to accept ICD-10 as an opportunity to ensure better care with more elaborate documentation, rather than get frustrated by the large number of codes

Preparing for ICD-10 • Boosting reimbursements – One way to reduce the financial impact of the transition is to have an external chart reviewer analyze your documentation process now and determine what changes you may need to ensure compliance with ICD-10 • Name a point person – An important first step is to name a “point person” to lead the transition. The practice manager or chief coder may be the ideal person for this job

Preparing for ICD-10 • Work with your health IT vendor – EHR vendors are aware of the conversion deadline and should already be working to update their software to conform to ICD-10. The need for timely communication between vendors and practices is pivotal • Implementation cost – Most researchers suggest the implementation cost for small (one to two providers) to medium (five to ten providers) practices will range from $80,000 to $300,000 based on their requirements

Preparing for ICD-10 • Training – There are many options available for staff training, but vendors are the best place to start. Practices should consider sending an experienced coder for specialized training, while other staff members can get up to speed with less-expensive online resources. • Finally, start testing – The only way to know if you are ready is to run some tests with ICD-10 data. You can submit test claims now if the clearinghouse or payer(s) participates. Double coding a small subset of your charts now will show you where your problems are

Read more on blog.curemd.com • To read more on this topic, visit: • http://blog.curemd.com/icd-10-get-ready-for-thebig-change/

Thank you! CureMD Healthcare 55 Broad Street, New York, NY 10004 Ph: 212.509.6200 www.curemd.com

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