ICD-10: The Impact On Your Revenue Cycle Management
Effect of ICD-10 Coding on Home Health & Hospice Billing.
While ICD-10 will have the biggest impact on how you code, there are also a lot of other areas of your business that will be affected, including your home health and hospice revenue cycle.
After October 1st, claims not submitted using ICD-10 codes will be rejected and then must be re-submitted with the new codes. ICD-10 will affect reimbursement procedures followed by payors, intermediaries and MACs that handle transactions for CMS.
Following are some things that your revenue cycle management department needs to know to prepare for ICD-10 and avoid rejected claims:
- ICD-10 affects all payor sources. You will want to contact all of your payors to determine if contracts need modification or if there will be a change in reimbursement schedules.
- It is important to perform an assessment of your agency to determine if ICD-10 will result in any disruption or slow down in the billing process. If you discover issues, address them now.
- Home health and hospices should expect and prepare for a slow down in accounts receivable, thus decreasing your cash flow. You will want to make sure you have enough cash on hand to make up for this decrease.
Training of your revenue cycle management staff will be the key factor in a successful ICD-10 transition. Knowing what to expect and where to go for answers will enable you to solve problems quickly, and reduce the impact on your billing processes. If you are concerned about your billing, HEALTHCAREfirst provides outsourced billing services. Agencies of all sizes can benefit from this service.
For more information about HEALTHCAREfirst‘s outsourced billing and coding services, contact us at 800-841-6095 or click here for more information.