The ICD-10 transition is imminent, yet Friday’s report from the Workgroup for Electronic Data Interchange (WEDI) found that provider readiness for ICD-10 in advance of the Oct. 2014 deadline looks grim.
More than two fifths of health care provider respondents to WEDI’s Feb. 2013 survey indicated they did not know when they would complete their impact assessment and business changes. But it is not just providers. Payers and vendors are also falling behind in readiness for what may be one of the most widespread changes to the healthcare system in decades.
In Hello Health’s recent webinar, “ICD-10 and the Revenue Connection,” Fred Pennic of Netspective Communications, LLC, reviewed what to expect with the new coding sets, and offered tips, resources and best practices to handily manage the ICD-10 shift and minimize revenue cycle and operational disruptions.
According to Pennic, the total cost impact of ICD-10 may be as much as $285,000 for a medium practice and $83,000 for a small practice. And, because the Centers for Medicare and Medicaid Services (CMS) is not likely to push out the compliance date again, he advises that medical practice owners and managers “get started now” to be ready in time.
“This is not just about having more detail in the diagnosis and procedure codes − there will be major people, process and technology ramifications to this shift, and they need to be managed proactively,” he said.
The ICD-10 scope is enormous, and touches every aspect of the revenue cycle, from patient registration, to patient care and documentation, coding and charge capture, and billing and reimbursement. Pennic outlined a detailed, 12-week project plan that medical practice staff should follow to help with preparation across all of these areas. He also offered seven recommendations for ways that organizations can avoid major setbacks to their cash flow.
To learn what your practice can be doing to be ICD-10 ready, watch the recorded version of the webinar: