Saturday, July 4, 2015
What Is Revenue Cycle Management Bound To Be Like when ICD-10 Exists?
According to the CMS, healthcare providers who are ill-prepared for ICD-10 will be unable to submit claims for any services rendered on or after October 1. Only claims coded with ICD-10 will be recognized for services rendered on or after the implementation date, and such submissions can be done via electronic means or through the alternate methods described previously. Some revenue cycle management experts have pointed out that the implementation of ICD-10 may slow down the revenue cycle process, as historically shown in other countries. It is recommended that practices take a good look at their RCM practices now, and find ways to improve their current revenue cycle to offset any negative effects ICD-10 may bring. To this end, practices are encouraged to consult revenue cycle management services and other support services who specialize in improving RCM through eligibility management, like DECO Recovery Management.