Song ‘mashups’ blend several musical tracks, usually from different artists and different genres, together. They usually include unlikely pairs and combinations—think The Beatles and Beyonce or Will Smith and the Bee Gees. Despite all odds, the diverse sounds work well together. With that in mind, why not dedicate a blog post to two top-of-mind but very different revenue cycle challenges: ICD-10 and patient collections?
Just like the elements in a music mashup, these two issues can stand alone and require strategic planning to ensure optimal workflow and technology support. However, they’re the same in one important way: they can both substantially impact a practice’s bottom line if they aren’t working in tandem and in harmony.
As your practice counts down the final days until the ICD-10 transition, evaluate current collections processes and identify potential improvements. ICD-10 can negatively impact cash flow and increase days in A/R, especially as staff adjusts to the new codes to include on claims submissions. Any steps you can take to improve and automate patient payment processes can make a big difference in improving cash flow, especially if you are waiting longer for insurer reimbursement.
For three key steps to improving patient collections during the ICD-10 transition, read the ICD10monitor article, Planning for ICD-10 While Addressing Critical Industry Trends: Part 1, and go listen to your favorite mashup for inspiration!