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Thursday, January 30, 2014

ICD-10 Transition, Do You Have A Plan?



It's no secret ICD-10 is coming and if you are not ready, it could have devastating effects on your practice. CMS has stated that they will not delay the implementation of ICD-10. Don't wait until it is to late because your medical reimbursements will go down to zero and your medical insurance claim rejection and denial rates will skyrocket; not to mention you will not generate any revenue.  Well, why would you not want that revenue? You need that revenue, in order to sustain your practice and see the people who need your services and depend on you for their health and well-being. 


As of 12 am October 1, 2014 all medical insurance claims will have to be submitted using the ICD-10 code set. Patients insurance claims that have a date of service before October 1, 2014 will still be coded using ICD-9.  It is time that you start your transition because the longer you wait the harder it will get. Making the transition now will allow you the freedom to focus on your patients and not have to worry about the financial piece when it comes down to the deadline. You will be ahead of the game. The transition to ICD-10 doesn't have to be hard, but it will take some input on your part as you pick apart the code set to identify the ICD-9 code that will correspond with the ICD-10 code in order for you to effectively generate a new superbill and properly code in order to get paid. The bottom line is that no matter how you look at it your medical practice is a business. A business has to generate capital in order to remain open. 

Here is a brief list of questions you should ask yourself or vendor when preparing your transition from ICD-9 to ICD-10. 
  •  Is your practice management system ICD-10 ready?
  • Can your practice management system store both code sets ICD-9 and ICD-10?
  • How much will the ICD-10 upgrade cost?
  • Are you aware of the revised CMS 1500 forms?
  • Is your billing service prepared for ICD-10?  
 By writing down and asking these question you can really start to drill down where you need to focus and who need to focus on during your transition period. There are plenty of advantages that will come from making the switch from ICD-9 to ICD-10. The Centers for Medicare & Medicaid Services has given us nine and here they are:
  •  Measuring the quality, safety and efficacy of care
  •  Designing payment systems and processing claims for reimbursement
  •  Conducting research, epidemiological studies, and clinical trials
  •  Setting health policy
  •  Operational and strategic planning and designing health care delivery systems
  •  Monitoring resource utilization
  •  Improving clinical, financial, and administrative performance
  •  Preventing and detecting health care fraud and abuse
  •  Tracking public concerns and assessing risks of adverse public health events
Change is difficult and can sometimes be intimidating to some, but you have to overcome the fear and embrace the changes that are to come within the healthcare industry.  Some doctors have stated that they will just close their doors before they comply and some will, but many won't because it is their livelihood. These changes do not have to be difficult for you. There are plenty of resources out there that have been developed to help medical providers to get in compliance and stay in compliance with the changes that will ultimately effect their entire practice. ICD-10 is just a small portion of the change but will have a huge impact if you do not make efforts to transition now. 

The time to act is now and not October 1, 2014. 

For further information regarding transitioning to ICD-10 do not hesitate to contact Triple E Medical Solutions LLC. We are here to make the transition as smooth as possible and set you up for success not only tomorrow but well into the future, so let the Evolving Efficient Experts in Healthcare give you a real time solution for the real time problem you are facing. Contact us today so you can see how our solutions are bridging the gap in the healthcare industry.

Phone: (888) 338-7293  Fax: (888) 391-2109
Email: info@tripleemedicalsolutions.com 
Website: www.tripleemedicalsolutions.com 
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