The transition from ICD-9 to ICD-10 was supposed to improve the operational process by giving medical practices a system that would allow them to be as detailed as possible in their coding. The more detailed they are in providing information pertaining to the Five W’s, in addition to analytics such as cost, usage, and final outcome, the less complicated it should be to process payments and get reimbursed. Unfortunately, most medical practices have only been left to feel highly inconvenienced by the newly implemented system.
The transition from ICD-9 to ICD-10 was supposed to improve the operational process by giving medical practices a system that would allow them to be as detailed as possible in their coding. The more detailed they are in providing information pertaining to the Five W’s, in addition to analytics such as cost, usage, and final outcome, the less complicated it should be to process payments and get reimbursed.
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Provider Web Capital is excited to announce its continued monthly origination growth, with year to date originations up 184% from the same period in 2015. Transactions of note are highlighted below:
ICD-10 expanded the list of possible codes for medical professionals to over 70,000 items. Provider Web Capital’s Top Ten list is below. Some of these are too strange to be true:
Whether you are ready or not, ICD-10 is here and it is set. Successful ICD-10 management relies on a few things. There is no grace period and as of October 1, 2015, it is a ready-or-not situation for healthcare offices and businesses. This is why it is essential to ensure you are prepared. ICD-10 is set to expand the total number of claim codes from about 17,000 to more than 140,000. The purpose of this change is to create a more detailed, accurate recording of what services are actually given.
After years of discussion and much deliberation small healthcare businesses are finally grappling with ICD-10 concerns as it finally arrived October 1st, 2015. From this date, it is mandatory for all healthcare establishments to use this new arrangement of codes.
On October 1st, the healthcare industry will go through the first large scale coding change in over 30 years with the implementation of ICD-10. This change is broad and will impact medical providers across all disciplines and business sizes. This could lead to a slowdown in payments as providers, billers, and insurance companies adjust to the new coding requirements. Medical providers need to insure they have enough cash available to cover operating expenses for their business in the event that ICD-10 leads to cash flow disruptions.