As deadline
for ICD-10 approaches many providers are trying to boost the productivity of
their practices. Providers are now working on those parts in which they have
been lagging, in order to meet the required goals. As more focus is
concentrated on inpatient facilities many providers are now realizing the
impact and value of professional fee revenue analysis, in reducing the risks.
The financial reserves saved up by the practices are essential in surviving the
blackout period after the ICD-10 deadline.
After the
deadline there will be a decrease in the incoming revenues mainly due to
delayed payments, increased workload, uncertainty about the documentation
regarding the codes and lack of feedback from external sources.
Practices
needs to understand the risks involved with ICD-10 reimbursements and need to
follow these tips in order to examine their professional fee claims.
- Practices need to actively address the denials
- Must focus more on top risk areas associated with the practice
- Identify the ICD-10 financial risks on paid and billed amounts arising from undetermined codes
- Engage the physicians actively
- Decrease the audits carried out by third party
- Avoid increased inspection carried out by payers
- Estimate the productivity needs of the departments
It is never
too late to protect your revenues from ICD-10. Most providers are trying to
find out how much cash they need in order to survive the period after ICD-10.
Practices can determine this number if they have a detailed understanding of
the risks involved with their revenues.
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