Practices
that aren’t prepared for ICD-10 will face
significant reimbursement disruptions
ICD-10 is healthcare's version of an "epic
storm". It's going to impact everyone
in your practice as well as all your processes,
workflows, and technologies. However, recent
surveys reveal that many practices are behind
in their preparation efforts.
The Physician
Practice ICD-10 Readiness Survey conducted
by Navicure identified some alarming concerns
regarding physician practices' readiness for
ICD-10 and the impact the transition will
have on their organizations:
Despite
the fact that 74% of respondents have
not begun implementing their ICD-10 transition
plan,
most are confident they will be prepared
by the October 1, 2014 deadline. Almost
two-thirds expect interruptions to cash
flow,
yet far fewer anticipate that productivity
losses will have a similar impact on revenue. Most
respondents are confident in their IT
solutions even though they
have not received substantive communications
regarding ICD-10 upgrades and timing.
As
pointed out in a recent Medical
Economics article, practices
that are not ready to use the new code set
by the October 1 transition date face a 100%
payment cut.
Don’t
wait to prepare! For
more details from the Navicure survey, including
recommendations and resources to help with
ICD-10 preparation, click here
to view your free copy.
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