Concerned about lost productivity, slower claims filing, and denials after you switch to ICD-10 on Oct. 1?
An updated report (PDF) from the American Medical Association concludes ICD-10 implementation may cost up to three times more than previously estimated. For
a typical small practice, the costs increased from the $83,290 estimated in 2008 to a range
of $56,639 to $226,105 in 2014. Costs for a typical large practice jumped from
$2.7 million in 2008 to a range of $2 million to $8 million this year.
Experts predict that more than half of these costs will stem from office productivity loss and payment disruption. Thus improving and getting your practice operations back up to speed under ICD-10 will be of paramount importance. You'll be more successful if you gather some metrics against which to measure your progress.
Determine what measurable activities ICD-10 will affect, and set internal benchmarks - your goal being to match your current performance as soon as you can (or to better it, if there is room for improvement).
Here are some metrics you might collect:
- Amount of collections,
- Number of claims filed per day,
- Time from date of service to date claim is filed,
- Days in accounts receivable,
- Number of claim denials,
- Number of claim rejections, and
- Physician productivity.
Track these metrics at regular intervals (like monthly) to pinpoint areas where you need improvement and to streamline your focus.
Here's how TMA can help you boost productivity under ICD-10:
- Train your staff with ICD-10 Documentation and Auditing: Success Is in the Details, TMA's seminar providing hands-on, detailed instruction on how to use the ICD-10 manual and guidelines and avoid denied claims. The seminar runs through April 16 in cities around Texas.
- Physicians can receive specialty-specific ICD-10 documentation training in three-hour courses offered by AAPC with a $100 TMA member discount. Choose from 21 specialties; use coupon code 10DOCTMA at checkout to secure your discount.
- Practices should bookmark the TMA ICD-10 webpage for tools, resources, news, and tips.
Published March 11, 2014
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