According to a recent report, post ICD-10, the American healthcare industry has successfully processed claims from about 2400 hospitals and 630,000 healthcare systems at a collective value of around $25 billion. October 1st is a significant milestone in the ICD-10 journey. Let’s take a look at what the past month with ICD-10 has revealed.
Most organizations report that the ICD-10 transaction has been smooth. The most common concern so far has been the time-lag between bills generated and receiving payments. For denied or rejected claims, the situation has been a little more stressful. Payors explain that it’s taking a little more time to cross check codes drafted by healthcare facilities due to the magnitude of new codes. With the implementation of ICD-10, a number of insurers have also recruited additional people to audit the claims so as to reduce chances for errors. Insurers have assured that it won’t take long for staff to get accustomed to the new system and payments will be released in shorter time frame.
Organizations that outsourced their billing have had their functions running almost as smooth as it were before. Since the outsourced companies keep track of submitted, approved, rejected and denied claims, physicians have been able to concentrate on their practice and other duties. Facilities with an internal coding team are keeping themselves afloat by consulting experts.
Overall, the preparations from last couple of years have given facilities an upper hand in the situation and it has not been a bed month for the industry. For assistance with your medical billing and coding, contact us at firstname.lastname@example.org or call us on (800) 898-0709.