The reason for the move from ICD-9 to ICD-10 is simple: better data leads to enhanced quality and greater effectiveness of patient care and safety. Of course the transition won’t be easy and will require some serious work, but that work will be temporary and heavily outweighed by the many benefits ICD-10 will provide your practice.
Here are a few ways preparing for ICD-10 will benefit your practice:
One of the main reasons for the move to ICD-10 is the improved documentation. As better data is documented, collected and evaluated, physicians become more informed and can make better clinical decisions. For example, this wealth of data will provide new insights into patients and clinical care, allowing physicians to not only track illnesses and severity over time, but also improve the design of protocols and clinical pathways for various health conditions.
When data improves, operations improve. ICD-10 aims to enhance the definition of patient conditions, increasing communications between providers and thus improving the matching of professional resources and care teams. When physicians are operating with more specific knowledge of patient conditions, they are able to invest more targeted capital to meet their practice’s unique needs.
Transitioning to ICD-10 will benefit practices’ bottom lines. Reimbursement for care provided is more supported with better documentation of patient complexity and level of care. This depth of recording provides objective data for peer comparison and utilization benchmarking as well. Another financial benefit is that this enhanced degree of specificity in clinical documentation may greatly reduce audit risk exposure.
For more information on how ICD-10 can benefit your practice, feel free to contact us today.