The third Webinar in our ICD-10 Road Map Webinar Series titled “Protecting cash flow, this exit” is taking place Thursday March 26th at 3:00 PM ET. If you have concerns about ICD-10 negatively impacting your practice’s cash flow, this is a webinar you don’t want to miss. I sat down with our three speakers and asked each of them to give me one simple tip to help practice’s ensure their financial success through ICD-10. Here are the three tips our speakers shared with me:
TIP #1: Coding and documentation is a cash flow problem
WARNING — any problems you are seeing now with coding and documentation will be magnified and will impact cash flow once ICD-10 is implemented.
“To ensure cash flow does not suffer, practices need to prepare their physicians in a way that is not time-consuming or overwhelming. When preparing your physicians, the technical complexities must be removed and less is more. Just tell your physicians exactly what they need to know and don’t waste time searching through ICD-10-CM information that doesn’t apply to them.”
— Stephanie Cecchini, Vice President of Coding Operations, Aviacode
TIP #2: Predicting the impact of ICD-10 on reimbursement and the entire revenue cycle is essential to a healthy bottom line
CAUTION — ICD-10 is not just a coding problem. Doing an in-depth analysis of your practice’s business processes can prepare you for ICD-10.
“You can reduce uncertainty and understand the financial impact of the ICD-10 transition to your bottom line by setting up an application testing environment and testing it to the point where you try and break it. Break it now so that you are prepared and know where you need to adapt your business processes to ensure you are prepared for any issues that arise.” — Kristen Closson, Vice President, Billing Operations, NextGen Healthcare
TIP #3: You are not alone; there are resources to keep you on track
HEADS UP — no matter where you are in your transition, there are ICD-10 resources available to you.
“I highly recommend visiting the CMS ICD-10 website for the latest news and resources to help you prepare for the October 1, 2015 compliance date. Check the provider resources page on the CMS website frequently for news and information to help you prepare and sign up for their newsletter. Take a look at the resources your vendors offer to their clients. The ICD-9/ICD-10 Comparison Utility and ICD-10 Online Education Program are just a sample of what NextGen Healthcare provides to clients to help with their ICD-10 transition.” — Ana Croxton, Vice President, EDI Products and Services, NextGen Healthcare
Need more help ensuring ICD-10 does not become a cash flow problem for you?
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The time to prepare is now with NextGen Healthcare. Make sure your practice is ready for the ICD-10 transition.
NextGen Healthcare offers a robust level of client support, tools, and services for this complex transition. Because getting this right is essential for timely and accurate payments. Don’t let your cash flow take a hit! Take advantage of our NextGen ICD-10 Toolkit which includes these helpful resources offered to support your smooth transition to ICD-10.