Changes to healthcare as we know it are coming. They are coming sooner rather than later. The big question: Are you ready?
The Nightly Business Report had a spot on ICD-10 coding changes coming up in October. They interviewed some physicians and office staff and very simply explained ICD-10 differences. The physician made three comments that stood out:
- Workflow in office has to be changed along with systems, forms, software, etc.
- A consultant advised to have three months of capital or line of credit reserved in case reimbursement cash flow slow
- The disappearance of the small independent practice is inevitable
For a couple of years we have been telling you that ICD-10 will change the world of healthcare like nothing else we have seen. But we have tried to do it in a rational and non-threatening way. This NBR video brings in about 3 minutes some very scary ideas. And all of them are true.
Yes, everyone is aggressively testing systems. Payer contracts are being scrutinized and coders have been schooled and trained. So then why the grim prospect? Doesn’t the rest of the world use ICD-10 for reporting morbidity statistics? Haven’t they used it for years and it works just fine for reporting and the USA is the last hold?
Yes, but the difference is this: The rest of the world does not use ICD-10 for payment purposes. Only reporting. The USA will tie ICD-10 to reimbursement models. And herein lies the rub!
While the model of reimbursement isn’t changing; as it will continue to be code based, the code structure changes so drastically that one to one crossover codes occurs only 18% of the time. The sheer number of codes offered to ensure greater specificity and information about the disease will require much more specific documentation and code capture.
And here’s what a large ICD-10 code tool seller is saying; “only 58% of practices will be ready for conversion.”
What about your practice? Will you be ready? It’s not too late to prepare for this event on October 1, 2015 that will make extensive changes to healthcare.
Give us a call today and let us help you get through this potential nightmare.