The ICD-10 Countdown is On!
Originally published on June 3, 2015
Updated on August 16th, 2022
The time is now for physician practices and health care providers to prepare for the new ICD-10 code set and minimize the likelihood of a cash flow disruption after October 1, 2015. The ICD-10 mandate will be a very challenging transition for health care providers. There does not appear to be an additional delay coming so the industry will need to move forward and health care providers will need to take steps to protect their cash flow after the transition date.
The first step is to assess the systems and staff that will be impacted.
The second step is to develop the new systems and the clinical documentation that will be utilized.
The third step is to train personnel on the new systems.
Health care providers will need to perform an impact analysis and work closely with external trading partners such as software vendors, coders, billers, clearinghouses and third party payors. It will be important for all health care providers to develop contingency plans that will allow them to continue operations when problems arise due to the transition. Certain banks have already prepared by offering credit lines to assist health care providers with the transition period.
If you have not contacted your bank about obtaining a line of credit or increasing your line of credit, we highly recommend that you do so as soon as possible. Please contact us if you need any assistance with this process.
All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a James Moore professional. James Moore will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
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