University of Pittsburgh Medical Center (UPMC) reported $212 million in bad debts for the fiscal year 2014. The numbers are not deniable – the reason for bad debt is higher deductibles. While choosing their medical insurance plan, most people tend to choose the plan with the least annual premium, what they fail to realize is lower premium means higher deductible.
The healthcare industry is bracing itself for probable disruptions that the latest version of International Classification of Diseases will bring with its new set of codes for describing illnesses and injuries.
Under ICD-10, cardiologists will have 845 codes for angioplasty, dermatologists will need to be specific regarding which of eight kinds of acne a patient has,
With the implementation deadline of ICD-10 less than a week away, many healthcare groups and physicians are nervous about this inevitable transition. After all, for providers alone the shift will bring about more than five times, approximately 68,000 diagnostic codes in comparison to the current 14,000 ICD-9 codes. While the larger healthcare providers are ready for ICD-10,
MedConverge helps physician practices become ICD-10 ready.
A lot of discussion has gone into how ICD-10 (International Classification of Diseases, 10th Revision) will impact physician practices, and ultimately change the face of their bottom-line.
However, what seem less debated are the possible solutions that physician practices can adopt, and do well as usual,
Yes, truly! You can be assured of your practice’s financial health by asking yourself these Three Questions periodically:
1. Is my front office efficient? Because front office is where it all begins. When we consider the fact that most patients have a minimum of $10-$15 primary physician copay and $30-$40 specialist copay,
You should never,
Is your practice ready to transition to ICD-10?
Whether you are a large practice or a single physician practice, you and your staff need to prepare now to face ICD-10 head-on. With a little over two months to go before the implementation date, you could be panicking if you have (like many) hoped that ICD-10 would be postponed again.
MedConverge was founded with a vision to provide the most comprehensive healthcare revenue cycle management solutions at the most competitive price.
We have over two decades of experience in the healthcare revenue cycle management domain. We have seen the industry evolve over the years and understand how practices are constantly burdened with the strain of payment reductions,