Get Your Medical Practice ICD-10 Ready
Being prepared for ICD-10 goes beyond learning new codes– it is about business! UPS Healthcare has organized five essential business strategies for your medical practice that can lead your healthcare facility to not only get a handle on ICD-10 but implement the code successfully by the October 2015 deadline.
To get prepared we have organized 5 essential tips that your healthcare organization needs to know! Here are a couple highlights from the eBook.
To download the full eBook, click ICD-10 Business Strategy Guide
- Plan for a Significant Dip in Revenue
Given the magnitude of the ICD-10-CM transition, there are two significant projections that will impact your business sustainability beginning October 1, 2015 and lasting through end of year.
- 50% reduction in monthly revenue is predicted.
- 40% or greater drop in billing/coding productivity is expected.
You’ll need to begin adjusting budgets now!
- Communicate Often with your Top Payers
Identify the payers responsible for 80% of your revenue. Usually it is a relatively short list. Make sure you have management level contacts within each of those payers. Ask these contacts about their ICD-10 readiness and plans to guarantee timely payment.
- Build a first-name relationship with your payer contacts.
- Communicate often and effectively to guarantee they also understand your needs and concerns.
If you are looking for other ways to get ready for ICD-10, you won’t want to miss our eBook. Check it out today!
For other needs, contact UPS Healthcare!