On October 1, 2015, ICD-9 will be replaced with ICD-10. This will fundamentally change the revenue cycle for every institution. The implementation of ICD-10 will affect productivity, operational parameters, and the financial forecast of all healthcare providers. Institutions must address the operational and systematic changes necessary to modify their processes to prevent financial and operational stress.
ICD-10 implementation involves all components of the revenue cycle. Finance, coding, billing, and departmental leadership all play a role in creating and following the steps that ensure successful preparation. This requires a concentrated, focused approach. Failure to address ICD-10 proactively will result in denied claims, lower reimbursement, and higher operational costs.
Is your organization prepared? Do you have a plan? To better understand your readiness, we have outlined the top questions your organization should be able to answer.
Click the link to download your ICD-10 Readiness Self-Assessment questions.