As of July 1, 2012, all HIPAA-covered entities must be fully upgraded to the new ASC X12 Version 5010 electronic transaction standards. Hospitals and other providers that are noncompliant “will be subject to enforcement action under the existing HIPAA transaction and code set enforcement process,” according to CMS.
For those that have not made the complete transition, CMS recommends immediately reaching out to clearinghouses and payors to ensure claims transactions will be handled correctly. CMS also recommends providers contact financial institutions to establish lines of credit to cover any interruptions in claims reimbursements.
More Articles on Version 5010:
Study: Payors Lag in Payments Due to Technology, Compliance
How to Avoid 3 Common Version 5010 Claims Rejections
CMS Will Not Enforce Version 5010 Through June
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