ICD-10 Is Almost Here! Are You Ready?

ICD-10 implementation is around the corner and the healthcare industry is buzzing. Is the industry ready for such a huge change? What will happen when thousands of providers are all attempting new codes? Will there be a delay in receive payments for claims? Will claims be accepted at all?
(Find out what happened when Australia implemented ICD-10)

Let’s take a look at what we can expect to see come October 1.

CMS Medical Coding Tests

If we look back to the Center for Medicare and Medicaid Services’ (CMS) June-July testing program, it can be assumed that we are close to ready. Statistics showed that out of 29,286 ICD-10 claims submitted, an outstanding 25,646 were accepted!

The test was designed to see if providers would be able to successfully write and submit the new ICD-10 codes. It also evaluated how successful CMS would be at processing these providers’ claims.

An 87% success rate for such an enormous change is incredibly positive, but what were the common errors?

Basic Mistakes

Most of the rejected claims were invalid because they still contained ICD-9 codes. ICD-10 coding mistakes were the second most prominent reason for a denied claim.

All other mistakes were very minor. These mistakes included an incorrect date, incorrect National Provider Identifiers, and invalid places of services.

While the ICD-10 trial was fairly successful, there were only a small number of providers participating as compared to the number of healthcare practices across the country.

These mistakes will most likely add up and could become overwhelming. In fact, the cause for simple mistakes like an incorrect date could be attributed to the amount of time being spent working on getting the ICD-10 codes correct.

We will likely see very simple mistakes increase as providers become more stressed. There is no doubt time will be taken away from practices as they expend more of their energy on writing perfect ICD-10 claims to ensure their revenue cycle doesn’t experience a hit.

For all of these reasons, it’s important to do one more major assessment of your practice before implementation on October 1. Make sure you have enough time set aside for coding and get all of your unanswered ICD-10 coding questions answered ASAP.

A Better Solution

There are a number of things that could go wrong for your practice if not properly prepared.

The risks could mean a longer wait on payments for your claims. This could damage your working capital.

You might lose time to do very basic things within your office, or more importantly, spend time with your patients.

How can you avoid the risks? Your best bet is to hire a medical coding company.

A medical coding company will have exceptional ICD-10 coding skills. They will be able to file your claims accurately, so you don’t have to worry. In addition to providing you with accurate coding, a medical coding company will also provide you with extra time.

Focus on what counts: your patients. Leave the ICD-10 coding to our professional coders at MEREM Healthcare Solutions. Contact us today.