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Don’t let ICD-10 Transition be a Hindrance in Effective Cardiology Billing
Deadline for ICD-10 implementation has been extended to 2015; however, there are many providers, including cardiologists who still have a lot of ground to cover before taking on the new coding system.
As per a study released by Aloft Group in February 2014, merely 25% or less of ICD-10 implementation process had been completed by half of healthcare providers in the US
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ICD-10 will benefit cardiology practices as well as patients. It will make cardiology billing, coding and documentation easier and efficient. But the transitioning will pose challenges for providers with limited time, money and resources.
Lack of preparation will put cardiology practices at risk for claim denials, affecting their financial health
If coders are not prepared to handle the increase in number of diagnosis codes, coding errors will lead to rejected claims
Most conditions under ICD-10 will require specific documentation by physicians, which will be difficult to achieve as physicians will be busy attending increased number of patients
Increased workload will affect productivity level of coders, physicians and every other staff who will be impacted by the new coding system
How can cardiologists make the transition smoother?
Compared to ICD-9, thousands of new codes will be included in ICD-10 so, the key to success lies in focusing on codes you are most likely to use because according to CMS, not all codes apply to every specialty
You will have to use available training resources to prepare for ICD-10. Numerous training resources are offered by CMS where practices can access fact sheets, implementation checklists and other tools. This helps them jumpstart their conversion to the new coding system www.medicalbillersandcoders.com Copyright ©-2013 MBC. All Rights Reserved.
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It will be required for you to become familiar with new coding concepts and guidelines in order to become familiar with the changes and prepare your staff for the same
Necessary preparation will be required for all points of “code contact” for ICD-10 such as scheduling, coding, referrals, lab or imaging orders, medical records, denial of appeals and so on
You will have to ensure that practice management systems or electronic health record systems are prepared for the transition to ICD-10. It will be important to know if these systems can store and use ICD-10 codes or if an upgrade will be required
ICD-10 can cause a financial turmoil if you are not prepared. You will have to streamline your cardiology billing practices in order to remain financially stable. If lack of time, money and resources is posing challenges in achieving this objective, outsourcing can bring an end to all your worries. Medicalbillersandcoders.com is a reputed billing company that has been catering to varied specialties, including cardiologists across 50 states in the US. The expert team of coders and billers at MBC is equipped with the latest technology to help cardiology practices sail through ICD-10 challenges. Our aim is to streamline billing and strengthen the revenue cycle management of cardiology practices. While we eliminate your worries related to claim denials, HIPAA and EMR, you can concentrate on provision of quality care.
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