As many in the health care industry are acutely aware, the International Classification of Diseases 9th Revision (ICD-9) diagnosis code set is being replaced with ICD-10. This change will have a significant impact on almost every aspect of physician revenue cycle management and coding. On April 1, 2014, the Protecting Access to Medicare Act 2014 […]
ICD-10 Compliance Date is October 1, 2015 Read More »
What are some of the overlooked unforeseen costs of implementation? Practices may secure cash flow savings or a line of credit to help weather the storm during the transition; it is suggested that practices have a minimum of the equivalent of 30 days of operating capital on hand Measure and budget for money and time
Unseen Costs of ICD-10 Implementation Read More »
PracticeMax prepared a series of frequently asked questions about ICD-10 and its impact on physician and provider practices. What are the main points of consideration for a practice postponing preparation, besides not getting paid? Transition is mandates by law Inability so submit claims What are three advantages to using a revenue cycle management partner like
ICD-10 Preparedness Considerations from the Health Care Solutions Advisor POV Read More »
PracticeMax prepared a series of frequently asked questions about ICD-10 and its impact on physician and provider practices. Q: What benefits and disadvantages emerge when comparing inhouse billing/coders (who have yet to be trained) to outsourced revenue cycle management services? Effective and thorough coding and ICD-10 training takes time, money and resources In some practices
ICD-10 Preparedness Considerations from the Revenue Cycle POV Read More »
In today’s highly competitive market, establishing systems to measure key stakeholder feedback is crucial to increasing volume and nurturing relationships. Well executed survey tools result in business intelligence that can (a) help your practice understand what customers want and expect, (b) assess how your practice is delivering in these areas and (c) help your practice
Monitoring Stakeholder Feedback Read More »
In June, the Medical Group Management Association released the results of a questionnaire that ranked members’ most pressing practice-management challenges. In this edition of “Practice Makes Perfect,” we’ll tackle No. 1 on that list: preparing for the transition to ICD-10 diagnostic coding. In DATA, the CMS announced that the new implementation deadline for the International
Practice Makes Perfect: ICD-10 Delay Allows Time for Clinical Documentation Improvement Read More »
Pediatricians and other low-margin practices could take a significant financial hit during the transition to ICD-10 procedural and diagnostic codes, according to a study in Pediatrics, the journal of the American Academy of Pediatrics. The 68,000-code ICD-10 system is scheduled to replace the 14,000-code ICD-9 system Oct. 1, 2015. Researchers at the University of Illinois
Move to ICD-10 will Hurt Low-Margin Practices, Study Finds Read More »