October 1, 2014 is fast approaching, and even though there are talks doing the rounds that the U.S. Department of Health and Human Services (HHS) might postpone ICD-10 implementation by about a year, one can never be over-prepared.
That is because one year is certainly not that much time in the Healthcare Information Technology space. BillingParadise has been actively advising its existing and prospective customers on how to best adjust workflows when ICD-10 does kick in.
The ICD-10 will have 55,000 extra diagnosis codes and the in-patient procedure codes grow to a whopping 87,000 from 11,000 in ICD-9.
Multiply that by the massive effort required in the correct understanding of their usages, and you can very well understand why AMA estimates that the expenses for the conversion would range from a minimum of about $100,000 to a maximum estimate that runs into millions of dollars, even for a small-sized clinic.
Of course, it is doubtful if the above expense includes the costs incurred in the conversion of documents, super bills, and other medical necessity policies at the facility. Also, there is certainly no guarantee that ICD-10 implementation would not slow down your meaningful EMR usage project or boost up its expenses even further.
Start the conversation. Improve revenue, compliance and RCM efficiency
We have specialized teams of medical billers and coders who hold speciality specific certifications to handle your billing and coding tasks
As a company committed to making this transition smooth and agile for clinics and hospitals, BillingParadise invites them to utilize its services during this period and beyond.
Our committed ICD-10 professionals including certified billers and coders, along with state-of-the-art Translation Management tools are more than equipped to handle your medical billing and coding needs in this phase-transition period without affecting your bottom-line.
The truth is, the BillingParadise Team promises increased cash flows with its superior revenue cycle management methodologies and ethics; the latter in fact guarantees increased reimbursement volumes and rates at all times, no matter which codes are used.
Also, it goes without saying that your ICD-10 implementation costs are going to decrease by as much as 50%, due to the round-the-clock support we offer, thus decreasing your consulting expenses.
Scrutinizes insurer compliance with contractual terms and audit remittances.
Lists out top paying CPT codes so users know where to focus on to drive up revenue.
Inbuilt claims scrubbing tools to increase your first pass claim acceptance rate
Maps denial reason codes to identify denial trends and address problem areas.
Prioritizes and organizes pending AR into buckets based on age, claim value & insurer.
Provides extensive net collection reports that detail insurer and patient collections.
The words that mean the world to us...
I used to wonder why after working for almost 10 hours a day my collections were dismal. I found out that the fault lay with my billing team who couldn't come up with innovative solutions. My collection ratio has increased by almost 30% after working with team BillingParadise