A recent survey conducted by Medical Economics made a staggering revelation. It was revealed that healthcare practices in the US are ill-prepared for ICD transition and this is making a large portion of the players in the industry to worry about their practice’s future finances and workflow. As per the study, a meager 38% of the respondents expressed confidence that their practice will be ready by October 1st deadline, while an astounding 65% urged the authorities to extend the deadline once again as they were ill-equipped.
If you are one of the late starters who belong to the latter category, let me make one thing clear that the extension of the deadline is most likely not going to happen. But this does not mean that you have to face the wrath of the authority for failing to adhering to the deadline. You can still hire an outsourced service provider, and be up and running with regards to ICD-10 implementation in no time. The outsourcing partner would have been diligently working on ICD-10 transition for many years and hence would have acquired the knowledge and expertise that is necessary to help you cross the finish line within the allotted time.
The Benefits of Outsourcing
Outsourcing ICD-10 transitions will give you accuracy of highest order, say experts. And this accuracy will in turn reduce costly errors, which are renowned for causing several momentous reimbursement issues. Hiring an outsourced service provider will also give you a chance to increase your agency’s cash flow and overall revenue. And by having less time spent on adhering to complex ICD-10 implementation, you can invest your valuable time and energy on other critical healthcare tasks and possibly even improve patient care rates.
In addition to reducing risk, minimizing costs, removing overhead complexities and handling increased workload brought on by the transition, outsourcing can also help you with your denial management, a chore that is extremely crucial during this critical period. It can also offer targeted training programs that can help you with regards to preparing the next crop of medical coders – those who will be valuable in dealing with future healthcare transition.
Delayed start does not mean you can’t emerge as a winner in the ICD-10 implementation race. It just means you have to think out of the box and employ innovative tactics. Hence measure your options carefully and opt for a reliable outsourced service provider that can help you tie all the open nodes affecting ICD-10 implementation.