The impending change from ICD-9 to ICD-10 will be the largest and most challenging transition of our careers. When it comes to ICD-10, a good plan is important to your success. Have you formulated a plan yet? If not, don’t panic but be prepared to roll up your sleeves and get busy! Our Billing Experts can help you prepare a plan specific to your company.
You may be wondering why it’s important to start preparing so far in advance. There are many steps in the preparation so the more time you allow, the better the result will be. Think of the preparation as dress rehearsal for the live show. The more rehearsal time you have, the better the live show will be. The same applies here because the financial health and very survival of your business depends on a flawless live show.
This transition will have significant challenges and will be the largest transition the healthcare community has ever undertaken. This will impact all areas of operation: billing processes, clinical documentation, workflow structures, quality reporting, revenue cycle and employee retention.
Preparation for this transition can help mitigate the impact. There will be a learning curve with this transition so adequate training, patience and encouragement is paramount. You can expect cash flow interruptions, an increase in denials, a significant decrease in productivity and employee burnout.
Remember, when it comes to ICD-10 preparations, your organization is either preparing to succeed by taking proactive steps or preparing to fail by doing nothing.