This is just a short delay to the industry’s inevitable transition away from the 30 year old ICD-9 to ICD-10. ICD-10 is coming and R.T. Welter & Associates, Inc. is pulling out all the stops to help our clients prepare for it and be successful.
ICD-10 is a richer data set allowing for more data to be used and transmitted. It will absolutely help the industry document care, document what treatments and modality’s work and how well they work. It will allow providers to better describe their services and why they are necessary.
ICD-10 will also help tremendously as we continue to transition away from a fee-for-service system of reimbursement to a quality and outcomes based reimbursement system like physician centric bundled or episodic payments.
We are excited about ICD-10 and the opportunity it will bring to our clients and the industry. We encourage providers, practices, and hospitals to continue training efforts already underway. Determine deficiencies now, as the clinical documentation improvement process and getting your staff proficient with the ICD-10 code set can take time! Take advantage of being ahead of the game! If you haven’t started, we encourage you to do so as this is a huge transition and being completely prepared is the only way to prevent negative impacts on productivity and revenue!