IRVING, Texas (PRWEB) January 08, 2014
Miraca Life Sciences announced today that they will offer a series of complimentary webinars to educate healthcare providers on the effects that the new ICD10 coding changes will have on physician practices, and help healthcare providers prepare to transition to the new coding structure.
Miraca Life Sciences will offer four separate opportunities to join the free 45- minute webinar:
- Monday, January 13th 10:00am CST
- Tuesday, January 14th 8:00am CST
- Tuesday, January 14th 2:00pm CST
- Wednesday, January 15th 2:00pm CST
“Organizations need to prepare for the changes if they are to succeed, or prepare to fail if their efforts fall short of expectations,” said Dan Kelly, Director of Client Connectivity at Miraca Life Sciences. “ICD-10 will have a deep impact on revenue, as well as clinical efficiencies, and will require substantial effort on the part of the provider. Miraca Life Sciences is dedicated to helping healthcare providers meet this challenge.”
ICD-10 will apply to all providers, and compliance with the new code regulations will be required by October 1, 2014. According to the Centers for Disease Control and Prevention, the Tenth Revision (ICD-10) differs from the Ninth Revision (ICD-9) in several ways, although the overall content is similar: First, ICD-10 is printed in a three-volume set compared with ICD-9's two-volume set. Second, ICD-10 has alphanumeric categories rather than numeric categories. Third, some chapters have been rearranged, some titles have changed, and conditions have been regrouped. Fourth, ICD-10 has almost twice as many categories as ICD-9. Fifth, some fairly minor changes have been made in the coding rules for mortality.
The impact of this shift is substantial. Not only does the new code set include five times as many codes as the ICD-9 code set, the different arrangement of codes will require more documentation, revised forms, re-training of staff and physicians, and changes to software and other information technology. Changes in reimbursement patterns may also result from the increased specificity of the new code set.
Implications could include:
- Revenue Shortfalls: Improperly coded diagnoses and procedures will not be reimbursed. The bottom line is that claims will get rejected and revenue will be negatively impacted.
- Cash Flow Restrictions: The accounts receivable cycle will increase due to the delays in reimbursement.
- Operational Inefficiency: If staff is not properly trained in the new code sets ahead of time, productivity will decline as they struggle to make the transition in real time.
“As a leading pathology service provider, we’ve always had a focus on technology” noted Kelly. “We’ve worked with numerous EHR systems, and we have a strong history of providing workflow efficiencies and solutions to our clients. By combining our extensive experience and expertise, we’ve created a technology services solution that assists healthcare professionals in advancing workflow efficiency.”
About Miraca Life Sciences
Serving more than 5,500 patients each day, Miraca Life Sciences is a leader in providing an academic-caliber pathology laboratory with diagnostic services in the fields of dermatology, gastroenterology, hematology and urology. Building upon our experience with health IT, we also offer accessible technology solutions to assist healthcare professionals as they work towards accordance with Meaningful Use initiatives.
Miraca Life Sciences, a wholly-owned subsidiary of Japan-based Miraca Holdings Inc., employs a talented team of leading pathologists, histologists, lab technicians, technology consultants, and other medical professionals — all driven to help provide the highest and most up-to-date levels of diagnostic quality, enhanced workflow and practice solutions possible. It is part of our commitment: not only to scientific excellence, but to patients and practices.