The new ICD-10 diagnosis codes take effect on October 1, 2013, and all healthcare providers are required to comply with the new regulations
Loudoun County, VA (PRWEB) November 30, 2011
Capture Billing & Consulting Inc., a medical billing company located in South Riding, Virginia, is well on its way to transitioning to ICD-10 to be in a better position to help physicians in small to large medical practices with the new diagnosis coding system. The new ICD-10 diagnosis codes take effect on October 1, 2013, and all healthcare providers are required to comply with the new regulations or they may have trouble with insurance reimbursement. These changes in medical billing practices are significant enough to have caused marked slowdowns in billing and payment in other countries.
So what can a healthcare provider expect when their office phases out ICD-9 and incorporates the ICD-10 billing requirements into their healthcare practice? First, there is an increase in the number of billing codes, from 17,000 to 140,000. Medical Billers and Coders will need to have a more detailed knowledge of anatomy and physiology, as well as medical terminology.
Coders will also have to work more closely with doctors and educate them on proper coding and medical billing methods. Superbills, that had been used in the past as a way of quickly coding diagnoses and services, may no longer be effective timesavers. Unfortunately, more codes to choose from may render superbills obsolete. Physicians will also have to invest in new software designed to accept the longer digit codes.
The new ICD-10 codes also mean changes in patient coverage. Doctors will need to be more specific in their documentation and code observations such as stages of healing. The new ICD-10 codes include more payment limitations for services. Case managers’ phone call volume will increase as they deal with an increased need for patient education on coverage charges.
Medical providers can expect a slowdown in accounts receivable which decreases cash flow. Medical billing departments can expect an increase in call volume for confusing or rejected claims; the number of billing audits may also increase.
Other countries that have already implemented the ICD-10 codes report a 50% longer turnaround time for medical accounts receivable and a decrease of 50% in coder productivity. If the changes are implemented over time and proper education given, these changes hopefully will have only a short-term and minimal effect on the financial health of the healthcare provider.
ABOUT CAPTURE BILLING
Capture Billing and Consulting, Inc., a leader in the outsourced medical billing service industry, offers one of the most cost effective outsourcing solutions to healthcare professionals available. By eliminating the need of an in-house medical billing staff, Capture Billing's staff of expert medical billers and certified professional coders help to increase physician reimbursement by improving collection rates and ensuring proper ICD-9 and CPT coding, and soon will offer ICD-10 training. Practicing physician and CEO, Dr. John D. Farrell, Jr., formed Capture Billing in 2004 as the answer to one of the largest concerns physicians face today, how to receive proper insurance reimbursement for services they provide.
Capture Billing & Consulting Inc.
25055 Riding Plaza, Suite 160
South Riding, VA 20152
Contact: Manny Oliverez
# # #