Virtually all of us procrastinate at one time or another. And, while there is little harm in waiting one more day to organize a cluttered desk or tackle a stack of paperwork, postponing preparations for ICD-10 can have serious financial consequences. In fact, practices that are not ready to use the new code set by the October 1 transition date face a 100% payment cut. Even for practices that do take steps to prepare, they may still see reductions or delays in reimbursement under ICD-10 if they do not take the time now to learn how to properly document care.
The good news is it’s not too late to prepare. Practices just getting started with ICD-10 planning have a wealth of resources at their fingertips. This recent article from Medical Economics offers a quick overview of everything practices need to get ready for the transition, from advice on how to best prepare staff to pointers for working with vendors and budgeting for the conversion. Once you’ve had a chance to read, check out some additional resources from the ICD-10 Hub website to jumpstart your readiness efforts, including the ICD-10 Budgeting Sample Spreadsheet, this ICD-10 Preparation Steps to Transition Success and ICD-10 Analyzer™, a tool for gauging the impact of ICD-10 on claims reimbursement.