You probably heard that the long awaited deadline for ICD10, on October, 2014 has been delayed by at least a year.
There have been mixed reactions on whether this delay makes is irritation, after all of the preparations, whether it is a huge burden off our chest. We, however, are all left with the question of what is next???
We may not get clear answers to our questions quite yet, since chances are there will be more questions in the coming days and weeks to CMS, especially since the implications of the new legislation are still unclear in regards to the new deadline.
This article from Modern Healthcare explores several of these questions, such as:
- What will the new deadline will be?
- Can organizations move to ICD-10 voluntarily?
- Will the industry head straight to ICD-11?
With all the uncertainty with this delay, our recommendations is to continue with the original plan. The delay will only allow more time for testing and preparations and many CMS officials are hopeful that this delay is not a ‘killer’. In effort to stay compliant with the changes that will happen next year, here is what you can do to continue for this preparation:
Improve clinical documentation processes. While more detailed and accurate clinical documentation is a key requirement under ICD-10, it is useful for other initiatives as well, including a number of quality-based programs and value-based payment models.
- Optimize revenue cycle processes. If you haven’t fully automated tasks like eligibility or denial management, now is the perfect time to start. Regardless of the compliance date, practices can expect more denials and payment delays. Having automated processes in place can keep productivity high, speed appeals and accelerate cash flow.
- Establish and track key financial metrics. By understanding your practice’s overall financial performance and how it compares to industry benchmarks, you can pinpoint potential problems and mitigate any risks long before they have an opportunity to negatively impact your bottom line.
Think about how this will impact you, your plans and your practice operation and fiances in the next year.
At Billed Right, we are ICD10 certified and will continue to provide you the resources needed to educate your staff and stay up to date on latest news.