ICD-10: What You Need to Know Now
We understand: you just want to keep up with your clients and therapy workload, but every time you turn around, there’s another compliance milestone to be met or coding change to implement, each requiring commitment of invaluable time & energy from you and your staff. That’s where we can help, by offering tips, reminders, and resources to stay on top of the stream of mandatory changes. Now that we’ve past the deadline for CPT codes changes, given you a solid head-start on meeting HIPAA Omnibus compliance and are eagerly awaiting the May release of DSM-5, it’s time to start taking a look at ICD-10.
The most important thing you need to know now is that it’s a really big deal!! It’s tempting to let other day-to-day fires take your attention away from long-term preparation, but ICD-10’s scope is massive: providers and insurers will have to switch out the current 14,000 codes for 68,000. Some sobering statistics:
- Industry experts are recommending physician practices have at least 6 months cash reserves to get through the ICD-10 transition, and others are saying that if a practice is on the financial bubble, the ICD-10 transition will put them out of business.
- 40% of providers are not currently documenting to support specific ICD-10 codes, which means claims denials will increase.
- Other countries that have implemented ICD-10 (the US is the last industrialized nation to do so) experienced a downtime and loss of productivity of 20% for the first 6 months on ICD-10.
- Productivity losses in the US are expected to range from 10% to 50%.
- The transition to ICD-10 is required for everyone covered by HIPAA (which definitely includes mental & behavioral health).
Although the deadline is October 1, 2014, it’s important that you begin creating a transition plan for your practice now. We’ll be covering ICD-10 and providing ongoing guidance as we approach the deadline, but for now, some starter resources:
Preparing for Conversion: What You Need To Be Doing Today (note: this document lists old deadline of October 1, 2013)