All those transitioning from ICD-9 to ICD-10 should make sure to take advantage of dual coding to adjust to the new codes. In addition survey results are not positive for the level of confidence physicians have in ICD-10.
Take the Time to Adjust to ICD-10
For those who haven’t already done so, now is a good time to take advantage of dual coding and adjusting to the new codes. As of right now, dual coding will not be an option after the deadline, as CMS and many other payers have stated that they will not be able to process both types of codes.
Last week, the American Hospital Association (AHA) released an ICD-10 checklist (which can be accessed here) with defined steps for hospitals to take as they prepare to switch to the new coding system. The checklist advises hospitals to check internal systems, coordinate with external partners, and ensure financial preparedness for potential delays.
The Centers for Medicare and Medicaid Services (CMS) have also published several guides with resources and tips designed for specific specialties, including family practice, internal medicine, cardiology, OB/GYN, orthopedics, and pediatrics. Their Road to 10 website also includes various sources of information and opportunities for training around the country.
Be advised, insurance companies are not yet accepting ICD-10 codes. Claims payments for ICD-10 will begin October 1st. PrognoCIS EHR members are also invited to join our ICD-10 webinars for complete information. Sign up here: http://webinar.prognocis.com
Many providers are largely fearful of the financial consequences of the upcoming ICD-10 transition. A survey conducted by the Texas Medical Association (TMA), which assessed 936 respondents, suggests that some physicians are going as far as to consider early retirement if ICD-10 proves to affects them negatively. The survey reports that:
- 42% of physicians are solo practitioners
- 48% of physicians are part of practices with 8 or fewer practitioners.
- 31% of total practice revenue comes from Medicare
- 12% of total practice revenue comes from Medicaid
The survey also goes on to question physicians about their level of confidence when it comes to ICD-10 readiness. Of all the respondents:
- 41% reported being “not at all confident”
- Only 10% reported being “very confident”
- Only 31% of total respondents are financially prepared for potential delays in claims payments.
Chances are, there will initially be delayed or denied payments, as the industry slowly adjusts to ICD-10, and this will have a direct impact on the revenue stream. In this event, financial preparedness is imperative for providers.
TMA reports that 48% of those who quit an active medical practice chose to leave because of administrative burdens and 22% left due to ICD-10. Results show that 46% of physicians aged 61 or older are more likely to retire early if ICD-10 results in claims denial, while 34% of those aged 40 or younger are more likely to terminate or renegotiate their contracts.
These results are further proof of the inconvenience of ICD-10 on the physician community. However, it is an inevitable change that has already been delayed for two years.
With only 41 days and six short weeks left until the October 1st deadline, another delay is highly unlikely, and providers, if they haven’t already, need to make ICD-10 their priority if they expect to keep their practices afloat.
PrognoCIS EMR is already ICD-10 compliant and prepared for users. The easy to use interface enables users to quickly find the code they need populate it into the patient chart. If an ICD-10 code is not filled in, the software will prompt users to add them in with an alert. All lab & radiology tests, as well as e-prescriptions, will include ICD-10 codes. To learn more about the PrognoCIS ICD-10 solution, visit our ICD-10 Hub or click here to schedule a live demonstration with one of our experts: PrognoCIS Demo.
Author: Apoorva Anupindi