With the implementation deadline of ICD-10 less than a week away, many healthcare groups and physicians are nervous about this inevitable transition. After all, for providers alone the shift will bring about more than five times, approximately 68,000 diagnostic codes in comparison to the current 14,000 ICD-9 codes. While the larger healthcare providers are ready for ICD-10, many smaller physician practices may have a few doubts and concern regarding their preparedness.
It is easy to let the gravity of the situation overwhelm you – one can get bogged down by just thinking of the improvements in clinical documentation, coding requirements, not to mention issues with cash flow and delays in payments. A recent survey by the Medical Group Management Association revealed that around 9% of the surveyed physician groups were still using an electronic data transmission format that was incompatible with ICD-10 codes! There are quite a few physician practices that are in the same boat.
MedConverge offers three last minute hacks to help you prioritize and streamline efforts.
- Identify your practices’ most important codes – the most frequently used codes and the ones that generate the highest revenue
- Create a detailed action plan – delineate responsibilities and tasks
- Empower your team and make them understand the importance of these codes so as to enable them to make the required system and workflow changes
Remember that the CMS is giving providers an adjustment period. However, ICD-10 is going to happen whether you are prepared or not. It does make sense to outsource your services as soon as possible.
A recent survey of 650 hospitals, conducted by market research firm Black Book Ranking, indicates that nearly half of the hospitals said they will outsource ICD-10 services when the new diagnostic and coding system goes online in October. This same survey found that 19% of hospitals are already outsourcing their coding, but that number is expected to grow to 47% of hospitals by the providers polled.
It makes sense to take advantage of the expertise provided by outsourced vendors, but more so because it allows one to focus on the core business. MedConverge’s ICD-10 CodeAssist offers 24/7 ICD-10 Coding Support Services wherein your providers can connect with MedConverges’s multi-specialty and multi-facility proficient, certified ICD-10 coders via chat or email regarding all their clinical and payer-specific coding questions. Additionally, we can assist you with researching payer policies and coding coverage guidelines. At $50 per month, subscribers to our CodeAssist services receive unlimited access to our ICD-10 Resource Hub as well.