RCM tip of the day: Prepare for the impact of ICD-10
ICD-10 implementation is set to take place Oct. 1. Even with a transition period for the new code set, the switch will have an impact on revenue cycle management.
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Karen England, Ingenious Med Revenue Cycle Consultant: From a financial standpoint concerning the implications of ICD-10: A loss in productivity from all players within the healthcare industry is expected. However, reduction in productivity on the MD and payer side should not be as severe as originally anticipated due to additional time for training, preparation and testing. The success of end-to-end testing has reduced the stress of denials, loss of claims and need for administrative rework. And CMS' recent announcement of no denials, solely for unspecified diagnosis for one year post-transition, will help prevent stoppage and slowdown in reimbursement. Even so, since no one is 100 percent sure on what the loss of productivity will look like, it is still vital to continue documenting activities that will cause a negative impact on revenue cycles. These activities can include: charge lag, number of denials, reimbursement and days in A/R.
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