Communicate with your health plans and vendors.
Remember to communicate clearly with your payers and vendors (electronic health records, billing services, clearinghouses) about their changeover to ICD-10 coding. Stay aware of the transitional state of your vendors and payers and work with them to quickly identify and address gaps before they have any lasting effect.
Create a financial snapshot of your practice.
Hopefully you were analyzing the financial health of your practice as you prepared for the ICD-10 transition. However, even if you’re behind, you should still be making the effort to evaluate your payer mix, determine your typical accounts receivable cycle and examine denied claims, which is helpful for both coding and documentation purposes. Be sure to determine what you need to do to survive financially if you encounter a major problem with reimbursements, especially during this transitional phase.
Identify diagnostic patterns through code gathering.
If you set aside some time to analyze your practice’s coding patterns, you will be able to identify the codes you use frequently, and which ones make up the largest portion of your revenue. You’ll also be able to single out which codes are most often denied and why. Keep in mind that this analysis should be done for each payer you work with, going as far back as a year to cover your tracks. (We’ll go into greater detail in our upcoming blog post on “How to Identify Diagnostic Patterns.”)
Monitor and improve your documentation.
Now that you are officially tracking patient encounters with ICD-10 in place, you can see this as an opportunity to stay thorough and detailed in your documentation. Be on alert with your ICD-10 claims to ensure that your coding and documentation systems are working properly, which is vital to the function of your practice.
There’s no denying that the ICD-10 transition has complicated the already complex issue of medical billing. Don’t let your practice suffer while you struggle to get acclimated. We have billing solutions to suit practices of all sizes and specialties. Contact us today.