Whether the latest ICD-10 delay makes you irritated or takes a huge weight off your shoulders, all practices are wondering the same thing – where do we go from here?
Chances are there will be more questions in the coming days and weeks, especially since the implications of the new legislation are still unclear in regards to the new deadline. This article from Modern Healthcare explores several of these questions, such as:
- What will the new deadline will be?
- Can organizations move to ICD-10 voluntarily?
- Will the industry head straight to ICD-11?
Even with all of the questions and uncertainty surrounding ICD-10, there are still steps practices can take to help maximize efficiency and get one step closer to compliance. Here are our top three:
- Improve clinical documentation processes. While more detailed and accurate clinical documentation is a key requirement under ICD-10, it is useful for other initiatives as well, including a number of quality-based programs and value-based payment models.
- Optimize revenue cycle processes. If you haven’t fully automated tasks like eligibility or denial management, now is the perfect time to start. Regardless of the compliance date, practices can expect more denials and payment delays. Having automated processes in place can keep productivity high, speed appeals and accelerate cash flow.
- Establish and track key financial metrics. By understanding your practice’s overall financial performance and how it compares to industry benchmarks, you can pinpoint potential problems and mitigate any risks long before they have an opportunity to negatively impact your bottom line.
What are your thoughts on all the updates? What are your ICD-10 plans going forward? How has the delay impacted your operations?