Prepare for the ICD-10 Conversion
In October, the International Classification of Diseases 10th revision (ICD-10) will take effect. This mandate drastically increases the number of codes healthcare providers must use to identify the diagnosis or procedure performed on patients. These codes – which will total about 155,000, as opposed to the 16,000 in ICD’s 9th revision – must be accurate when submitting claims to insurance companies and Medicare, or healthcare insurers will deny patients’ claims.
ICD-10 could increase denial rates by as much as 100-200% according to the Centers for Medicare and Medicaid Services. Healthcare providers that track denied claims manually will likely see an influx of laborious reporting – a difficult inefficiency to accommodate when your staff is already consumed by additional training and learning thousands of new codes.
Solutions that provide denial management workflow and reporting, like DirectRemit MD, can help you more efficiently handle denials and reduce their occurrence – ensuring your healthcare facility is better prepared for the ICD-10 conversion. While products like Digital Lockbox don’t offer denial management workflow, they do streamline operations and create efficiencies that save healthcare staff time to adjust to the upcoming classification changes.
If your healthcare facility is anxious about ICD-10, you’re not alone; but you’re also not without options for a smoother conversion. Explore how your financial institution can help. Sign up below to see a demo of DirectRemit MD.
This edition of Market Momentum was written by Bank SNB Director of Treasury Management Debbie Prior.