Concerned about lost productivity, slower claims filing, and denials after you switch to ICD-10 on Oct. 1?
A 2014 report (PDF) from the American Medical Association concluded ICD-10 implementation may cost a typical small practice $56,639 to $226,105, and a typical large practice $2 million to $8 million.
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. And, take advantage of ICD-10 training opportunities through the TMA Education Center.
Revised Dec. 15, 2014
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