ICD-10 has brought a lot of change and some are still feeling the effects of the shift to the new coding requirements. One of the biggest concerns ICD-10 has brought on is whether the new coding system is hurting organization’s revenue.
Because this is one of the biggest changes the healthcare system has seen in years, it is likely that such a shift could be costly to your practice’s bottom line. Though it’s easy to be agitated towards this change, ICD-10 is here to stay. The best way to help your practice adjust to ICD-10 and succeed post-implementation of the new system is to stay proactive and educated.
ICD-10 and revenue are directly connected in a number of different ways, and when they work together correctly, your practice will succeed. Submission of claims with proper ICD-10 codes, and the timeliness of those submissions can all affect an organization’s revenue. Essentially, those on your team unfamiliar with day-to-day ICD-10 practices or the intricate details involved are likely costing your practice time and most importantly – money.
Digging deeper into the connection between ICD-10 and reimbursement is vital to helping you understand how your revenue cycle may be impacted.. The correlation between ICD-10 submissions of claims, codes, and timeliness and practice revenue can be impacted by mistakes (or lack thereof). If mistakes are being made on medical claims, or coding errors are submitted, practices can (and will) receive decrease in reimbursement in return due to errors. If submissions are not sent in on time, it can cost the practice revenue for timely filing issues.
Bottom line: the implementation of ICD-10 is to help your organization work seamlessly with today’s technology and medical advancements – it was not implemented to make your practice lose money, so don’t let it. We suggest one of two ways for your practice to avoid losing money with the ICD-10 system. Each practice is different, so be sure to choose what is most suitable for your practice.
Option 1: If you are seeing issues with ICD-10, reinvest in educational training for your medical staff. Knowing the system and understanding it’s intricacies will more than pay off.
Option 2: Outsource the management of your revenue cycle. There are a variety of revenue cycle, billing, and medical coding experts who can complete your ICD-10 submissions, manage your reimbursements, ensure proper billing, and help to make your practice more efficient and profitable.
HIS has more than 65 Certified Professional Coders and thirty years of experience with coding and billing. We specialize in creating a specific plan for each practice that best suits your organization, because we understand every practice is different. With our services, we’ll speed up cash flow, maximize reimbursements through an effective coding process, improve denial management, handle appeals, minimize billing errors, increase practice reimbursements, and more. We go above and beyond providing a partnership that delivers results