When Will You Be Ready to Comply with ICD-10?
Across the board, medical practices whose members respond to surveys regarding ICD-10 report that they want to do all that they can to comply by the October deadline, but many are concerned that resources are a significant barrier to doing so.
It’s Not Just about Codes. Many are also under the misunderstanding that this transition is all about learning new codes. Learn how ICD-10 is about business, not just learning new codes, and gain insight from UPS Healthcare as to 5 essential business strategies your healthcare practice, facility, or hospital must implement to become ICD-10 compliant in time.
#1 Plan for a Significant Dip in Revenue
Two significant projections indicate you should be adjusting your budget for a:
- 50% reduction in monthly revenue
- 40% or greater drop in billing/coding productivity
#2 Establish a Line of Credit
A reimbursement interruption is predicted for October, November and December of this year, leaving you with a cash flow shortage during critical months for your practice and staff. Lenders have designed exceptional line of credit programs to help you face these additional demands.
#3 Prepare your Staff- Coders & Providers!
Three actions you can take right now to be ready are:
- Train your coding, billing, and other office staff
- Review documentation changes with all providers
- Practice documenting and coding on your common conditions.
We can make this step easy with our Specialized ICD-10 Preparedness Training. To learn more about our flexible, focused, individualized options by clicking HERE or by requesting more information below:
#4 Communicate often with your Top Payers
Since 80% of your revenue comes from your payers, and since it is usually a relatively short list:
- Make sure you have management level contacts with each of your payers.
- Build a first-name relationship with them.
- Communicate often and effectively with them.
- Ask them about their ICD-10 readiness and plans to guarantee timely payment.
#5 Don’t Rely on Technology Alone
Yes, your technology has to be ready to process the new coding system, but you also need to check with your software vendors to ensure you understand their ICD-10 compliance plans. Be sure you hold them accountable to do their part but that you also know and follow-through on the actions needed on your part.
UPS Healthcare, Expert Help through the Transition: UPS Healthcare knows that ICD-10 compliance is a serious endeavor, but it is not impossible and we are here to help. To read our complete guide to the transition, click ICD-10-CM: Essential Business Strategies Guide for ICD-10 Transition.
Schedule a Free Consultation Today. Let’s plan, prepare, and execute your transition together. Contact us at 602-658-9500 or click HERE to schedule a free half-hour professional consultation to find out how we can help you continue growing your revenue as you leap the ICD-10 hurdle.