by Alleon Capital on 01/10/14 at 11:22 am
As the ICD 10 deadline approaches, many healthcare providers are unsure of where to begin—or feel as if they are scrambling to get everything complete. Even businesses that have begun the grueling process are unsure if they have all of their bases covered. To ease your stress, Alleon Capital has a created a step-by-step process to help healthcare providers create a plan of action.
Whether you have already begun the ICD-10 process, or have yet to begin, the 5 steps below will get you started with the ICD-10 transition.
Step 1: Determine Where ICD-9 Factors Into Your Workflow
The first and most important step is to take a look at your workflow to ensure that you don’t forget any areas that will be affected by the transition. The most common areas affected are clinical documentation, EHRs, superbills, paper claims, electronic claims and reporting for government agencies. You must establish a strong and transparent communication foundation between your coders, your billers, your administration staff and yourself.
Step 2: Identify The Gap
The next step is to conduct a gap analysis so that you fully understand where you are, and where you will need to be by the ICD-10 deadline of October 1, 2014. Without properly identifying gaps in staff, workflow, paperwork, and technology compatibility you may experience delays in reimbursement—as well as waste valuable employee time trying to get things back on track.
Step 3: Create New Tools And Solutions
At Alleon Capital we understand that the new tools and solutions you create will vary from healthcare provider to healthcare provider. However, almost all healthcare providers will need to update the coding in their software systems, and revise claim forms and superbills. Also contact your vendors to gain an understanding about what changes they will be making for ICD-10 compliance, so you can ensure that your operations are compatible.
Step 4: Create A Timeline
Once you have identified the areas that need to be transitioned, and the tools and systems that need to be upgraded to ICD-10—it is time to create a step-by-step timeline. This timeline will allow you to break all that needs to be complete into bite-sized chunks, which can be delegated accordingly. Ensure that each task on the timeline clearly identifies who is doing what, and what the completion date for each task is. Make no mistake—this process is time consuming, long and involved. Our team at Alleon Capital estimates that the average ten physician practice will have to invest around $200,000 in labor hours to make the transition—and that there is no way around the delays that will occur. In fact, because of the expected delay in reimbursement, we agree with the CMS recommendation that each practice secure a line of credit which will allow them to operate seamlessly for a minimum of 6 months.
Step 5: Execution
Once your timeline is complete it is time to get the ball rolling. Not only will you have to complete the tasks above, but you will need to train your staff on the ICD-10 and any subsequent changes to software and internal operations. At some point, well before the deadline, ensure to test your claims with your clearinghouse or payers to ensure all is as it should be.
Alleon Capital Partners is a specialty finance company focused on providing capital solutions to medical providers that are unable to secure financing through conventional sources. Alleon works with providers nationwide, as long as they receive payments from Medicare, Medicaid, Commercial Insurances, Private Insurances, HMO/PPOs, Managed Care, No-Fault/PIP carriers, Worker’s Compensation carriers, and Letter of Protection (Personal Injury) cases. To contact Alleon, please call Ben Rutkevitz at 201-340-6346 or email him at firstname.lastname@example.org.