The ICD-10 transition may be less of a burden if healthcare providers view the process as a way to improve the practice's overall financial performance, according to Healthcare IT News.
Providers' first step should be to analyze their financial performance with the current ICD-9 terminology and determine what can be improved before ICD-10 takes effect. Surgery centers and practices must know where cash flow will be impacted so as to properly manage resources that may be delayed during the switch.
While no amount of planning will completely eliminate lost revenue in the first few months after the Oct. 1, 2014, deadline, providers will be in better shape through defining and implementing a set strategy. Planning and budgeting should also ensure stronger financials once employees are comfortable with ICD-10.
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Providers' first step should be to analyze their financial performance with the current ICD-9 terminology and determine what can be improved before ICD-10 takes effect. Surgery centers and practices must know where cash flow will be impacted so as to properly manage resources that may be delayed during the switch.
While no amount of planning will completely eliminate lost revenue in the first few months after the Oct. 1, 2014, deadline, providers will be in better shape through defining and implementing a set strategy. Planning and budgeting should also ensure stronger financials once employees are comfortable with ICD-10.
More Articles on Coding, Billing and Collections:
Number of ACOs in the United States — A Quarterly Breakdown
Sequestration Set to Kick in, Cut Medicare by Billions
ZH Healthcare Adds Features to its Open EMR Billing Module