February 26, 2015
Group collaboration is growing and evolving as an effective business model. But whether you are pursuing a collaborative practice or not, all physician leaders are having to address the impending ICD-10 deadline. Here is a checklist to make sure your radiology practice can properly address and adjust to the changes ICD-10 will bring:
Is there frequent and transparent communication between you and your billing department or company? With all the changes and adjustments ICD-10 brings, practices need open and honest communication to accurately address the status and needs of their billing process.
Are you equipped with expert coding knowledge? If your current billing manager is underperforming and seemingly lacks the knowledge and skills necessary to collect all possible revenue, ICD-10 is only going to complicate matters. Ask your billing department or company to provide tangible proof they are prepared for ICD-10 and are well-versed in the new coding system. Your coding staff’s productivity may be cut in half; are you prepared for the backlog this will create?
Do you have a well-defined ICD-10 implementation strategy? Not only does your billing department or company need to understand the codes and processes affected by ICD-10, but it needs to have a comprehensive strategy to make the change to this new model. This will decrease surprises during the transition and keep the billing process running smoothly and efficiently. Check out our next month’s blog when we cover the ICD-10 Strategic Milestones.
Are you equipped with adequate technology? A lack of up-to-date, advanced technology can delay or prohibit your practice from billing. It also can cause unnecessary efficiency issues.
Are you satisfied with your current collection rate? If the answer is no, it is time to examine your RCM process and explore options for improvement. ICD-10 will only make matters worse if your billing performance is already less than optimal.
If you outsource your billing, have you ensured the company is not changing its price once ICD-10 kicks in? Some RCM companies may increase their pricing once they determine the added cost related to ICD-10 implementation. Make sure your billing company does not have plans to do this, and plan adequately if they do.
If you have an in-house billing department, are you ready to invest additional staff, training and technology to manage the transition? ICD-10’s arrival will require companies to invest extra time and resources to prepare for and manage the changes it brings.
Have you reviewed making a change regarding your billing process? If you are even slightly dissatisfied with your billing performance, your practice will feel the least amount of impact by switching to a better solution pre-ICD-10. Waiting until these changes arrive will add unnecessary chaos to an already complex process. Also, should you choose to outsource, it is important to remember many revenue cycle management companies may not permit installations in the months leading up to October 15th due to ICD-10 complications.