Why You Want to Be on Board With Version 5010 by Jan. 1, 2012

ICD-10 will replace ICD-9 in 2014, and to use the new coding system in electronic transactions, you must convert to HIPAA Version 5010 software standards — or you won’t get paid. But that is not the only reason to upgrade to Version 5010.

You might think of Version 5010 not as the next step down a long, straight road under HIPAA but as the first step in a new direction into medicine’s future. Embracing the standard by fully integrating it into your work systems and workflow — rather than merely complying with it — will put your practice on the right track. Here’s why:

  • Version 5010 corrects many of the flaws of the current 4010 version. Since Version 4010’s launch in 2003, software developers have tweaked and patched it to its limits. Version 5010 incorporates hundreds of changes the medical industry has asked for.
  • You can begin to realize the administrative simplification and subsequent savings that HIPAA promised. For example, authorizations will be streamlined, saving time and hassle on the phone for you and your staff.
  • Version 5010 is a vital component for true standardization and interoperability, smoothing the way for widespread use of electronic health records.
  • It will facilitate reporting of clinical data for quality performance measures, which are poised to become a driving factor for payment of claims and performance bonuses.

By now you should be talking to your vendors and taking other steps to prepare for the conversion to Version 5010 — deadline was Jan. 1, 2012 — and to ICD-10.

Also, go to the TMA coding page to find more information.

Published April 8, 2011 

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