ICD-10 Readiness: Is Your Practice Prepared?

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    26-Jul-2015

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<p> 1. ICD-10 Readiness: Is Your Practice Prepared? 2. Deadline is October 1st, 2015 The discussion is back on about how replacing the current ICD-9 code set will impact practices and medical revenue cycle management companies. How difficult will it be to identify and select the correct ICD- 10 codes? How will the practices revenue be affected? Is the current software being used ready right now to handle ICD-10? 3. What Percentage of Healthcare Facilities are ICD-10 Ready? Statistics show that overall, only 41.8% of healthcare facilities have an ICD-10 implementation plan in place for the 2015 deadline. There are two facets to being ready and implemented: The practice needs to be knowledgeable about ICD-10 The Software being used (PM &amp; EHR) must be ICD-10 compatible and include a code converter 4. Educate staff on the ICD-10 requirements and be sure that everyone is becoming familiar with the most commonly used ICD-9 codes and their corresponding ICD-10 codes. How To Create a Smooth ICD-10 Transition This is especially true for the providers since they most likely will be coding through the EHR during the encounter. If your current software already has a code converter built in, it should be used now for practice purposes. 5. Typical Costs ICD-10 implementation could cost $83,000 or more depending on the size of the healthcare facility. These costs stem from: Staff Training Various IT Charges Potential Cash Flow Disruptions Potentially minimizing these costs is possible if: The software vendor has an ICD-10 solution available at no additional cost. The solution is already implemented (or will be soon) so that users can begin preparing for coding conversions. 6. Thank You! </p>

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