Providers must be prepared in a number of different areas when transitioning to ICD-10, according to a whitepaper released by SourceMedical, a provider of therapy software and ambulatory surgery center software solutions and billing services.
Here are five steps providers can take to prepare financially for the shift to ICD-10, according to the whitepaper:
1. Identify costs associated with ICD-10 changes in your practice, business processes and system, including upgrades with your current vendors.
2. Potential ICD-10 costs include updates to practice management systems, new coding guides and resources and staff training.
3. Design and prepare a budget to cover the implementation and transition expenses.
4. Plan for additional resources both staff and financial to respond to denied claims.
5. Consider establishing a line of credit to cover cash flow issues that may arise
Plan and evaluate cash reserves.
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Here are five steps providers can take to prepare financially for the shift to ICD-10, according to the whitepaper:
1. Identify costs associated with ICD-10 changes in your practice, business processes and system, including upgrades with your current vendors.
2. Potential ICD-10 costs include updates to practice management systems, new coding guides and resources and staff training.
3. Design and prepare a budget to cover the implementation and transition expenses.
4. Plan for additional resources both staff and financial to respond to denied claims.
5. Consider establishing a line of credit to cover cash flow issues that may arise
Plan and evaluate cash reserves.
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