The International Statistical Classification of Diseases and Related Health Problems, often referred to as ICD, is approaching the mandate of its 10th iteration of codes. This means that in order to not only remain in compliance, but also to deliver top patient care, medical practices across the country need to ensure that their staffs are prepared through training and and other resources.
ICD-10 includes more than 14,000 medical conditions, and in some cases, it can include over 16,000 conditions when expanded to provide care and coding for sub-classifications. As a result, not only is it mandated that your practice’s coding staff learn ICD-10, but it also makes good business sense. By refusing to get on board with ICD-10, your practice could be overcharging or undercharging patients, thereby leaving your practice at risk for lost revenue and lawsuits.
How Can You Be Ready?
Aside from instructing your staff or requiring staff to take courses in ICD-10, you can also turn to medical billing software solutions in order to get them and your practice ready. Some software solutions forhealthcare billing, such as those offered through PracticeSuite, provide updated training through the web that allows coding staff to learn about changes since ICD-9 and prepares them for the future using ICD-10. Again, you’ll want to ensure that your coding staff are not only prepared, but also educated, as the mandate for ICD-10 preparedness could end up costing your practice through improper billing, inefficiency in the office, and fines and fees related to improper billing procedures under various healthcare laws.
Expanding Coding, Expanding Care, Expanding Revenue
At the heart of the transition toICD-10is the possibility for additional cash flow for medical practices. As ICD-10 has been in the works for some time now, including setbacks by years, it stands to assist medical practitioners not only in diagnosing conditions, but also in getting paid a fair wage for doing just that. The medical community is expanding its understanding of conditions, diseases, and disorders each day, and without the ability to accurately define and bill for newly discovered medical concerns through advanced and evolving coding, practices could lose revenue. Using ICD-10, your practice is more likely to flourish as it is able to provide more transparent, honest, and accurate coding and billing services to clients, leading to increased brand loyalty.
Contact PracticeSuite to Obtain ICD-10 Tools
PracticeSuite, a leader in cloud-based healthcare facility billing software, offers a number of tools to medical practices in need of ICD-10 training. Using its wide variety of professional resources, PracticeSuite delivers ICD-10 training to all of its clients so that they can be on the cutting edge when the mandate becomes a reality in October of 2015. By getting ahead now you won’t have to worry about meeting deadlines at the last minute, and your patients will also receive the best in billing services, both in terms of accuracy and fairness.Contact PracticeSuitetoday to learn about the medical billing software and coding solutions available.