Beginning on October 1, 2013, the US Department of Health and Human Services will issue a mandate requiring all healthcare providers discontinue use of the ICD-9 medical codes and adopt ICD-10 diagnosis and in patient hospital procedure codes. As with any new system there is a learning curve, and healthcare providers are concerned about the impact the new coding system will have to healthcare revenue cycle management. The changeover represents one of the most significant changeovers in the history of information management and technology: according to IT experts, the size of the system upgrades required should easily surpass those required for 1999-2000 Y2K changeover (healthleadersmedia.com, 2012).
For busy physician practices the ramifications are significant. Medical and coding are areas of opportunity for most offices; in-house billing teams typically achieve a clean claims rate between 70-80 percent; this with a coding system that has been in use for years and should carry a large degree of familiarity. Errors in coding translates into claims that are denied, resulting in slow or no payment, causing your practice's healthcare revenue cycle management to suffer.
The solution is to develop an innovative approach to ICD-10 implementation. Rather than rely on hope that your in-house team is studying to ready themselves for the change, consider developing a partnership with an organization that has a team of expert, certified medical coders to handle the launch of one of the largest changeovers of information in history. Healthcare Information Services, LLC., has a team of over 65 certified coders who will reduce billing and coding errors in your practice's current medical billing process, and are trained and ready to work with the upcoming ICD-10 codes and procedures.
HIS' medical coders boast a 98% clean claims rate due to their exert training and experience. HIS requires all coders to maintain a 95% accuracy rate or better. With accurate and timely submittal along with aggressive denial management, HIS provides a robust healthcare revenue cycle management system that generates more money for your practice in the form of quick payments and reimbursements along with lowering your labor costs due to eliminating the time consuming claims re-submission process and/or a lengthy appeal.
ICD-10 presents its own set of challenges in terms of sharing of medical information and transmission of billing data between your practice, a hospital or a referring physician. To ensure your healthcare revenue cycle management remains robust during the implementation with errors minimized, HIS' team of certified medical coders are training today in preparation for tomorrow.
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