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September 2015 Client Newsletter

The time for ICD-10 is nigh! CPB has tested its software, submitted test claims to Medicare, Medicaid and our clearing house with good results.
Those who have prepared should be in good shape. Those who did not, risk much! If you have not prepared as we have suggested for nearly a year, it is now time to PANIC!
However, if you start immediately, you may still be able to minimize loss of cash flow.  
If you aren't practice coding two to three of your patient visits each day you are now "in trouble." When ICD-10 goes into effect on October 1, it will be important to have become familiar well in advance to ensure you know what needs to be documented in your medical records - office, nursing home, Operative Reports, etc. It is time to start practicing your ICD-10 coding now. ICD-10 Charge forms should be in their final stages of review and testing. We strongly recommend coding two to three charts per day so you can test the ICD-10 process you plan to use. The testing process does not allow providers to send ICD-10 codes on actual claims for dates of service prior to October 1. If you want, code both ICD-9 and ICD-10 - we will bill with the ICD-9 and review the ICD-10. Then send to CPB for us to review (send to Rich's attention).
For those looking for inexpensive coding assistance, offers online access for a rather economical fee - FREE! And it works on tablets and smartphones. Since ICD-10 requires more information than ICD-9, you should take a look at some of your common diagnoses to view the various additional information that is required - you will likely be surprised. Many of the "Misc." ICD-9 codes do not have ICD-10 equivalents.
CPB will be able to handle ICD-10 coding for our clients just as we have ICD-9, as long as your diagnoses are specific enough. Remember the approximately 68,000 ICD-10 codes replace 13,000 ICD-9 codes - an average of 5:1 ratio. Be sure to also test now by coding real claims. Be sure to send all ICD-10 test Charges in a separate file - to Rich's attention.
Cash Reserve. Just a reminder that while there are differences of opinion in how much cash reserve to have available, all experts are strongly recommending providers have a cash reserve in case the insurers experience processing issue in October. We suggest two-to-six months would be a reasonable amount. That amount of money would be three-to-six times your average monthly expenses. If you will not be able to fund that much, a Credit Line is usually very inexpensive to obtain at a local bank. Cape Bank did a nice job for CPB. If interested, we can give you the name of our contact.
Referring providers: for specialists and sub-specialists - have you verified that your referring providers are prepared to send you valid ICD-10 codes?
As we have done for many years, Morey's Piers allows us to share our Corporate Discount with our clients. Clients interested in taking advantage of these savings for waterpark and amusement rides can email Rich for the website and login information.
2015 Client Newsletter Archive