Planning for the Future
Physician practices have long been concerned about the financial implications of the new ICD-10 code set transition. A recent report commissioned by the American Medical Association reinforces that fear as they estimate the costs might be as much as five times more expensive than originally thought. Wonder what that number looks like post-delay? This interesting news came from Bloomberg BNA in their article, “Has ICD-10 Implementation Just Gotten A Lot More Expensive?”
ICD-10 is a code set updating healthcare diagnoses and procedures from the currently used 13,000 codes in ICD-9 to 68,000 codes. All Health Insurance Portability and Accountability Act (HIPAA) entities must transition to ICD-10 by October 1, 2015.
The most financially vulnerable are small providers. With this impending reality, making sure that claims are processed in a timely and compliant fashion becomes more important than ever. There are tools available to ease the transition and improve upon the current systems. Machine-aided indexing solutions, such as Access Integrity’s ICD Tagger, can make the transition a little easier. The change is here; all that is left to do is embrace it and work to find meaningful solutions.
Melody K. Smith
Sponsored by Access Integrity, delivering advanced technology solutions for full and complete compliant processing of medical transactions to the healthcare industry.
Photo, http://pixabay.com/en/time-doctor-doctor-s-appointment-481445/ / CC0 1.0