As many in the health care industry are acutely aware, the International Classification of Diseases 9th Revision (ICD-9) diagnosis code set is being replaced with ICD-10. This change will have a significant impact on almost every aspect of physician revenue cycle management and coding. On April 1, 2014, the Protecting Access to Medicare Act 2014 […]
Category: General
Unseen Costs of ICD-10 Implementation
What are some of the overlooked unforeseen costs of implementation? Practices may secure cash flow savings or a line of credit to help weather the storm during the transition; it is suggested that practices have a minimum of the equivalent of 30 days of operating capital on hand Measure and budget for money and time […]
ICD-10 Preparedness Considerations from the Health Care Solutions Advisor POV
PracticeMax prepared a series of frequently asked questions about ICD-10 and its impact on physician and provider practices. What are the main points of consideration for a practice postponing preparation, besides not getting paid? Transition is mandates by law Inability so submit claims What are three advantages to using a revenue cycle management partner like […]
ICD-10 Preparedness Considerations from the Revenue Cycle POV
PracticeMax prepared a series of frequently asked questions about ICD-10 and its impact on physician and provider practices. Q: What benefits and disadvantages emerge when comparing inhouse billing/coders (who have yet to be trained) to outsourced revenue cycle management services? Effective and thorough coding and ICD-10 training takes time, money and resources In some practices […]
