In a recent blog post, I highlighted a survey that indicated that physician practices seemed to have a false sense of security about their readiness for the transition to ICD 10. Well, the reality of this monumental, impending change is now beginning to materialize.
According to a Medical Group Management Association survey conducted last month, concerns are high among physician practices working to implement all the changes required to comply with ICD10 come October 1, 2014.
The survey of more than 570 physician group practices comprising more than 21,416 physicians show high levels of ICD-10 levels of concern in several areas. The response of “very concerned” led in five of six areas:
• Changes to clinical documentation (67.6%)
• Loss of productivity of coding staff after implementation (65%)
• Loss of clinician productivity after implementation (64.8%)
• Overall cost of converting to ICD-10 (47.3%)
• Cost of upgrading or replacing practice software (35%)
With this change comes an important coordination that must occur between practices, software vendors, and clearinghouses. All of these entities have a significant stake in making sure that the transition to ICD10 is a smooth one.
As with any transition, collaboration is the key. Take the time to reach out to your partners in revenue cycle management NOW so that your ICD 10 transition is a smooth one.