Industry leaders refer to the upcoming ICD-10 adaptation as a "seismic shift" in the healthcare landscape. ICD-10 will raise the number of available codes from 13,000 to more than 68,000, thus allowing for significant clinical documentation improvements and previously unseen precision in coding, billing and reimbursement. Rather than using the same simplistic diagnosis to cover a variety of related problems, ICD-10's expansive alphanumeric language offers healthcare providers access to detailed, descriptive diagnoses that hone in on specific conditions.
Although the deadline for ICD-10 compliance has been delayed until October 2015, practices should not stop preparing for this challenging transition. The move to ICD-10 will influence every aspect of your medical practice, from the initial patient encounter at the front desk to the submission of claims for reimbursement. Planning for the adoption of ICD-10 will require intensive revisions of all policies, procedures, documentation and electronic systems. Even though practices now have an extra year to make arrangements, preparing to implement this new coding system in advance will reduce revenue loss and ensure that the conversion is as quick and painless as it can be.Of healthcare providers surveyed:
- 60% expect reductions in short-term cash flow
- 45% expect revenue losses
- 40% expect losses of more than 6%
- HealthLeaders Media Intelligence survey
Practice Provider is ready for this "seismic shift" in healthcare, and we can help you prepare for the changes it will bring to every facet of your practice. The experts at Practice Provider can help your practice make the necessary changes to charting, billing and all other affected procedures in order to ensure full compliance with ICD-10. We can also help you anticipate and minimize reductions in productivity occurring as a result of the conversion.
The ICD-10 mandate will have a long-lasting impact on all aspects of the healthcare industry. Let Practice Provider make your practice's transition to ICD-10 as smooth as possible. Contact Practice Provider today to ensure that your practice's revenues survive this transition with minimal impact.