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.
The human body is full of surprises and mysteries. No two human bodies respond to an external factor in exact same manner. Therefore, the medical field has to be on a constant alert about what is new regarding the challenges faced by physicians across the globe. When a similar pattern of symptoms are documented in a large number of cases,
Start listing the major differences in the codes of ICD-9 and ICD-10 and this will probably the first on your list – the addition of seventh character extender. This seventh character, in a way, is what ICD-10 is all about. The tabular list of codes primarily listed in chapter 15 and 19, give you a detailed idea about why the number 7 is not so lucky in this case.
It’s been more than a few weeks since the implementation of ICD-10 across the country. ICD-10 was endorsed by the World Health Assembly in 1990; WHO member states started using it as of 1994. The United States too made the first draft of ICD-10 available in 1995. Fast forward to 2015, two decades later, and we still lament the lack of time in preparing for ICD-10.
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.