ICD-10 Set for October 2015
With the new coding system being put in place for this coming October, doctors and healthcare companies are concerned with how their businesses will be effected by the new system. There are both positives and negatives to the ICD-10. This is the first release of new medical coding since the 1970s. The new release will have 68,000 codes as opposed to the much smaller 13,000 codes of the ICD-9.
According to Health Data Management, The Centers for Medicare and Medicaid Services say their systems have been completely converted to ICD-10 and are ready to process claims using the new code starting October 1st. CMS has conducted testing in January, April and July of this year. All testing has been successful without any issues. Although the system itself seems to be running smoothly, how will the transition affect the small practices that need to convert? It’s a big change for everyone in the medical field, but might prove to be a rough road for some doctors.
Pros of ICD-10
On the one hand, this new system will be used to track specific diagnoses around the United States and will make it easier to research trends. Things such as diseases will be specified down to every detail, aiding in how it can be prevented in the long run. Now instead of a bone fracture showing up as just a fracture, will now be specified as to which bone and in which part of the body. It will also be important to the insurance companies that will be reimbursing the doctors and medical companies.
Cons of ICD-10
On the other hand, it is going to put a great deal of stress onto private doctors who will need to update their software and go through intense training programs to be updated on the new coding. This will prove to be a costly expense that not every small practice will be able to afford. According to Nerdwallet, a typical small practice will have to pay between $57,000 and $226,000 during the transitional period.
Support Coding Costs and Grow Your Medical Facility at the Same Time
This shift is going to be both helpful and hard for private medical companies. One way to make it run even smoother is to have the funds you need to stay on your feet and keep your small medical facility growing is partnering with PRN Funding. We can get you an unsecured bank loan, leaving you free from having to hold your assets as collateral. Unsecured bank loans are perfect for established businesses, or businesses with little or poor credit. You can then pay for the training, new software systems, or any other expense you need to make this new coding change run as smoothly as possible. Don’t let these coding expenses slow your business down, contact us to keep growing your practice.
