Welcome!

News Feed Item

With ICD-10 Looming, Private Practices Must Prepare Now to Avoid Potentially Debilitating Cash Flow Problems, Cautions Healthcare Consulting Firm Creative Practice Solutions

NEW YORK, Jan. 14, 2014 /PRNewswire/ -- The implementation of ICD-10 on October 1 presents a challenge for private practices, especially those who have still not made preparations for the changeover. Technical difficulties could result in undue financial stress and glitches similar to those that hamstrung the rollout of HealthCare.gov. Health care consulting firm Creative Practice Solutions has monitored the long development of ICD-10 and has offered some actionable suggestions for those private practices uncertain of how to proceed.

Diagnostic codes are the virtual currency ensuring that health care providers are properly reimbursed by their respective payers and that disease incidence and trends can be closely studied. The World Health Organization creates and updates these codes in the interest of international comparability. ICD-9 has been the standard since the mid-70s; a major update has arguably been long overdue.

The rollout of ICD-10 will mean an expansion of diagnostic codes from about 13,000 to a staggering 68,000 unique codes. In many cases, one or a few ICD-9 codes will soon be represented by entire pages of ICD-10 codes. More information on this new set of diagnostic codes and what it means for everyone in the health care industry is available from the Centers for Medicare and Medicaid Services: http://www.cms.gov/Medicare/Coding/ICD10/Downloads/ICD10_Introduction_060413[1].pdf.

The potential pitfalls facing private practices in the last quarter of 2014 are numerous. System overhauls, both locally and at the submission clearinghouses and billing services, almost never go flawlessly. A single computer glitch can cause an epic logjam in an already cumbersome network. Likewise, the added complexity will require all parties to be attentive to detail. If one component in the health care payer system lags behind the others, then compatibility issues could bring everything screeching to a halt.

To make matters even more complicated, each commercial insurance carrier will have their own coding policies for ICD-10. Failure to stay abreast of these policies will result in rejections and delays, meaning doctors not getting paid.

Private practices can learn from the past to be better prepared for the future. In 2012, the standard electronic submission format for medical billing was modified in anticipation of ICD-10; weeks into this transition, serious problems became apparent. Glitches and shifting requirements left many private practices in a revenue crunch before the issues could be sorted out. It was a slow, laborious process to identify and correct all of the submission errors and restore cash flow to normal volume. Private practices could see a repeat of this headache if adequate preparations are not in place before October 1, 2014.

Creative Practice Solutions offers the following suggestions for getting up to speed with the implementation of ICD-10: first and foremost, being proactive in response to the looming October 1 deadline requires building up a healthy financial reserve, such that hiccups in the rollout do not affect an office's ability to manage its overhead. Likewise, the forward-thinking private practice will communicate with payers and submission clearinghouses to ensure all are on the same page. In the first days and weeks of the ICD-10 rollout, private practices may benefit from sending out smaller batches to the clearinghouses. This can prevent the wasting of time and effort should a link in the chain become broken.

When the wrinkles are ironed out, ICD-10 will result in more satisfactory health care services and a more nuanced understanding of disease and epidemiology. Creative Practice Solutions encourages private practices to see this as an opportunity for better care delivery rather than a needless bureaucratic burden.

About Creative Practice Solutions

Creative Practice Solutions is a business consulting company geared towards Medical Professionals. With over 26 years' experience in Healthcare administration, they have improved the functioning, efficiency and collections of both private practice and outpatient hospital departments throughout New York City. Their sister company, VGA Billing Services, Inc., collected over $14 Million for their clients in 2012.

Contact:
www.creativepracticesolutions.com
https://www.facebook.com/creativepracticesolutions
Creative Practice Solutions
153 West 27th Street, Suite 1101
New York, NY 10001

Read more news from Creative Practice Solutions.

SOURCE Creative Practice Solutions

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Deploying applications in hybrid cloud environments is hard work. Your team spends most of the time maintaining your infrastructure, configuring dev/test and production environments, and deploying applications across environments – which can be both time consuming and error prone. But what if you could automate provisioning and deployment to deliver error free environments faster? What could you do with your free time?
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.