What will ICD-10 Mean to your Practice?
We’ve been talking about it for years, but do you know that ICD-10 can devastate your practice if you are not prepared? You have become accustomed to the ICD-9 diagnosis codes. Well, that all changes now. ICD-9 has 13,000 codes, but ICD-10 has approximately 68,000! Being precise in your diagnosis is more critical than ever, and what you don’t know CAN and WILL hurt you. If you’ve experienced insurance denials, downgrades or delays you haven’t seen anything to what ICD-10 can do to your practice.
Here are some tips:
Get a line of credit. You may need to cover the cost of operating your office if payments are delayed once ICD-10 kicks in. We really don’t know how prepared or accommodating insurance companies will be. But we do know their MO, so don’t expect a quick turnaround.
Practice, practice, practice. Train your staff now. Get ahead of the game and get familiar with those codes. It can make or break you.
Test your system. Identify potential changes in your workflow and business processes.
Be sure you are in compliance with requirements set by the Centers of Medicare and Medicaid. They will likely be your best payers, at least in the short-run. Other insurances have very little incentive to get you your money.
Concerned? You should be, and so are we. This really is a game changer. Call us for a free, no obligation review. No strings. But time is running out. See our countdown to ICD-10. Call today.