The panic over the upcoming switch from ICD-9 to ICD-10 is palpable enough to make one think of the old Godzilla movies, with people quaking in fear as the monster draws closer.
But unlike Japan’s fire-breathing lizard, ICD-10 doesn’t come with ill intent. The change from the outdated ICD-9 coding system is meant to improve the healthcare industry. Still, it’s understandable why physician practices are so wary of the October 1 implementation date.
Adjusting from one coding system to another is sure to cause some slowdowns at the practice level. So, while you should certainly begin preparing for ICD-10 right away, there are reasons why ICD-10 isn’t the villain it’s often made out to be.
Higher Reimbursements
The primary complaint physicians have about ICD-10 is the sheer number of codes. While ICD-9 consists of only approximately 18,000 CM and PCS codes, ICD-10 will come with a formidable 155,000. What many providers tend to overlook is that the seemingly excessive number of new codes adds to the specificity of claims when billing for services rendered.
Providing more detailed diagnosis and treatment information to payers should, in theory, result in higher reimbursements. So once your coders get the hang of ICD-10, your practice should see a bump in revenue.
You Don’t Have to Learn All the New Codes
While there are more than a hundred thousand possible codes, your coders can still remain efficient without learning every single one. Staff should focus on learning the codes your practice will use the most. It won’t hurt productivity if they have to look up other obscure codes from time to time.
And if you have adopted practice management software with code scrubbing capability that will catch mistakes prior to submittal, you won’t see an influx of denials.
Better Data
The healthcare industry is currently abuzz over big data. ICD-10 will give you the information you need to translate big data principles to the individual practice level.
ICD-9’s fatal flaw is that it simply isn’t detailed enough to document the multitude of conditions physicians treat. With its increased specificity, ICD-10 allows you to create more accurate data sets of the conditions you see most. By using these more detailed data sets, you’ll be able to better diagnose patient conditions and improve outcomes.
Although many physicians are clamoring for another ICD-10 delay, all indications point to October 2014 for the big switch. It’s time to start embracing the change because, ultimately, it will lead to improved coding. Resisting ICD-10 is only going to impede your transition efforts.
Get training and preparations underway as soon as possible, and keep in mind that ICD-10 will probably end up being a positive for your practice.
Your outlook on your practice’s revenue cycle maybe even rosier once you take a look at our 5 Must-track Metrics for Practice Profitability whitepaper.
