A total of 38 billing companies responded to the survey. HBMA warns it is not a statistically valid survey, however the association believes it provides valid insights into the revenue cycle industry.
Below are five takeaways.
1. Of HBMA’s membership, three RCM companies reported having to shut their doors due to an inability to master ICD-10 implementation.
2. Twenty-two companies experienced up to a 10 percent increase in claims denials post-ICD-10.
3. Of respondents, 22 companies reported coding productivity is still 25 percent beneath levels recorded prior to ICD-10.
4. RCM company preparation for ICD-10 varied. Seventeen companies reported making no changes to coding departments, five hired more coders, seven companies outsourced coding and nine added automated coding tools.
5. Companies that serve different specialty practices had significantly different experiences of ICD-10. Anesthesia, primary care and radiology RCM providers reported much more difficulty in claims adjudication than oncology, emergency medicine or pathology RCM providers.
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