With the recent ICD-10 update, the number of codes necessary for properly submitting insurance reimbursement claims has skyrocketed! The number of ICD-10 codes used for diagnosis has gone from 14,000 to over 70,000, and the number of ICD-10 procedure codes has gone from 4,000 to over 72,000!
This represents a significant shift in billing, and while the new ICD-10 codes will allow for more precise diagnoses, they also add an enormous amount of complexity to the system. With that complexity comes additional steps in the reimbursement process, and all together more opportunities for errors, and more reasons for insurance companies to deny your claims.
The problem is so significant that the Wall Street Journal reported that the ICD-update could cause a painful increase in the days necessary to collect accounts receivable, resulting in millions of dollars in lost cash flow.
More so, the American Medical Association reported estimates of 100 to 200 percent increase in denial rates after the ICD-10 update. Considering that the industry average for denials is already around 20%, that could mean 40-60% of the claims submitted will be routinely denied by the Insurance Companies.
Can your practice handle that kind of loss in revenue?
At Doctor’s E-Billing, we are prepared to help you in this transition. We can map your old codes to the ICD-10 codes, and even provide recovery services on your existing denials at no up-front cost. With our complete outsourced billing service, you can focus your existing staff on more productive, revenue-generating activities while decreasing the overall cost of billing, reducing your denial rates, and increasing your overall profitability.
Set an appointment for one of our billing mangers to visit your office and show you exactly how much money you could be adding to your bottom line (instead of the insurance companies’) by using our service.