ICD-10 brings benefits for your practice!

CMS is well prepared in 2015 to actually implement ICD-10. They reported to the Government Office of Accountability (GOA) that their efforts to prepare providers, clearinghouses, and health plans for the Oct 1, 2015 transition deadline are on track and that CMS is ready to process claims using the new coding system.

ICD-10 will bring positive changes to your practice, large or small. The estimated cost for conversion is now well under $10,000 – a far cry from the widely referenced 2008 report that predicted costs of up to $100,000. This older, and over exaggerated estimate of the cost conversion has increased physician fears and caused many to overlook the very real and positive aspects of this conversion: more accurate and higher coding, and increased line item reimbursements.

The less stringent documentation that is allowed under the current ICD-9 coding system often results in under-coding, especially when the patient care is complex. More specific ICD-10 codes will reduce the number of under-coded claims – more billable line times, more ROI for your practice.

Ensure you have a plan or strategy for your conversion – call your vendor or consultant and find out what the costs are to keep their products ICD-10 compatible. Make arrangements to remediate or update your files so that you can get started dual coding and testing internally and externally before you have to actually submit live billing in October.

Complete any setup or configuring of the systems your practice is responsible for. Arrange for training on the new systems, procedures, and documentation needed for ICD-10. Test each upgrade internally and externally to reduce potential transmission and practical errors.

If you are looking for alternatives you might consider:

  • Use an online medical claim filing system offers by larger payers or clearinghouses
  • Use free medical billing software to file medical claims
  • Purchase a billing system that is ICD-10 compliant
  • Hire an ICD-10 compliant billing service
  • Submit paper claims using the updated form CMS-1500