As the ICD-10 countdown continues, coders and billers in physicians’ offices are taking many steps to make sure they’ll be ready. You’re likely attending trainings or using online resources to learn the new codes, and you’re probably also conducting testing with payers. Despite these measures, many in the industry fear that ICD-10 implementation will have a negative effect on their productivity and denial rates.
While CMS has given Part B providers some breathing room with the recent announcement that it will allow one year before beginning to deny claims based on coding specificity errors, worries still persist that the changeover will cause problems with other payers, or in 2016 when CMS does begin denials.
But before your office can determine the impact of ICD-10, you’ll first need some baseline data. As a recent Healthcare Finance article points out, practices should start right now—if they haven’t already—with some key measurements, including current denial rates and amount of denied reimbursements. You might also find additional reports helpful, such as a breakdown of provider revenue by month.
Gauging this data now will leave you better-equipped to monitor fluctuations in revenue after ICD-10 coding is enforced. Delve into your billing software to see the full variety of reports you can access. With these figures, you’ll have a better understanding of any changes after ICD-10 goes into place.
If you feel confident in your training on the new codes and you’re simply waiting for the deadline to put them to work, you can also use your time in the next few months to make sure your revenue cycle is as streamlined as possible. With your team working efficiently, you’ll be better prepared to implement any necessary fixes when October 1 finally arrives.