Emerging revenue models pose more of a threat to medical practice viability than the new coding standard, some argue. Others say financial assistance would make a difference, as it has with EHR meaningful use.
It may be tempting to shift the massive project to the back of your mind but, instead, these tactics for identifying and mitigating threats to your revenue can be done well ahead of the compliance deadline and pay off once it comes.
As a means to help small and medium-sized practices get back on track with ICD-10, CMS has developed 'Road to 10' -- a free, five-step online resource that includes clinical scenarios and common codes for an array of specialties including primary care and orthopedics.
Would mirroring the meaningful use program's reimbursement for healthcare entities that adopt ICD-10-compliant technologies ease the burden enough to make the AMA and others willing to convert to the new codes?
If you are not ready by Oct. 1, 2014, will you be prepared to not get reimbursed on claims for several weeks, if not months? It all boils down to having money -- either through savings or credit -- on hand.
Tax planning for 2013August 19, 2013
Tom McGuinness, CPA, CVA - Founding Partner, Reimer, McGuinness & Associates, P.C., Marc H. Lion, CPA, CFP - Founding Member, Lion & Co., CPAs LLP
If you haven't already run a 2013 tax projection based upon 2012 income, it's time to do so now.
Wolters Kluwer Health, a leading global provider of information for healthcare professionals and students, announced today that SummaCare has selected its Health Language applications to aid with the complex transition to ICD-10. As part of its readiness strategies for the approaching deadlines, the health insurance company will leverage LEAP I-10 and Provider Friendly Terminologies to ensure successful compliance.
Amphion Medical Solutions, a leading provider of advanced transcription and coding solutions and services, makes the transition to ICD-10 more manageable with its innovative, fast-paced webinar series featuring tips and best practices from AHIMA-approved trainers.
Through its partnership with HealthStream, Precyse University, the most innovative, complete and widely adopted on-site, online and mobile ICD-10 education solution, has launched a powerful and unique ICD-10 education program for the physician office/ambulatory market.
Elsevier’s MC Strategies, a leader in providing eLearning solutions to more than 1,300 healthcare organizations, today announced the continued development of its ICD-10 Roadmap with the introduction of new curricula, including a comprehensive clinical documentation curriculum.
Veridex, LLC announced that the Centers for Medicare and Medicaid Services (CMS) will determine payment rates for two new Current Procedural Technology (CPT) codes for circulating tumor cell (CTC) testing. CPT codes are assigned by the American Medical Association (AMA) to medical, surgical, and diagnostic services to communicate uniform information about medical services and procedures among physicians, patients, payers and others for administrative, financial, and analytical purposes.
Alpha II, a leader in healthcare coding, compliance and reimbursement, announced today that iMed Software of Lafayette, La. has selected Alpha II’s CodeWizard software to ensure accurate coding and compliance. Alpha II’s technology has been integrated with iMedEMR to generate evaluation and management (E&M) codes to deliver a more decisive calculation based on history, exam and medical decision making information obtained from medical records.
Health Language, Inc. (HLI), the global leader in healthcare terminology management, today announced that MDeverywhere, a provider of physician revenue cycle management services, has selected its Language Engine (LE) and provider friendly terminology (PFT). MDeverywhere will integrate the HLI software with its Web-based charge capture software to make it easier for clinicians to record diagnoses and problems, while supporting standardized terminologies such as SNOMED CT and ICD-10.
In order to receive reimbursement for patient claims, U.S. healthcare providers must begin using a revised global system for classifying medical diagnoses and inpatient procedures by Oct. 1, 2014. While more than two years sounds like plenty of time to implement a new system, the number of possible diagnostic codes will increase dramatically from 14,000 to 68,000, while the number of inpatient codes will increase from 4,000 to 87,000. Crowe Horwath LLP, one of the largest public accounting and consulting firms in the U.S., suggests steps that providers can implement ahead of the conversion deadline for a smoother transition.
A new ICD-10 financial impact analysis tool and comprehensive ICD-10 financial impact consulting services are the latest additions to the full suite of ICD-10 transition planning solutions offered by 3M Health Information Systems. The new software and services are designed to help healthcare organizations analyze the reimbursement impact of ICD-10 in order to identify and target critical revenue and operational impact areas for improvement.
DataMetrix, a medical auditing and data mining company founded by one of the original authors of today’s Certified Medical Audit Specialist exam, recently introduced an ICD-10 training seminar created exclusively for health plan clinical review staff. The first of several scheduled sessions, the DataMetrix course received high marks from participants according to Chief Executive Officer Mary Jane LaBelle.
A substantial part of physicians' office overhead is related to providing codes for insurance claims. And a major part of the revenue of the American Medical Association (AMA) is derived from its exclusive copyright on the Current Procedural Terminology (CPT) codes required on Medicare claims.
Health Language, Inc. (HLI), the global leader in healthcare terminology management, today announced its partnership with Siemens Healthcare, Malvern, Pa., to offer enterprise-wide ICD-10 remediation services. Through this collaboration, Siemens customers will be able to meet ICD-10 compliance more efficiently by using HLI’s LEAP I-10 tool.
AAPC (www.aapc.com), a leader in enabling the business side of medicine, announced the CPPM™ (Certified Physician Practice Manager) credential. This advanced certification is designed for practice managers wanting to validate their expertise, and for those with strong coding/billing experience who are ready to advance their careers in practice management.
MedAptus®, the market leader for charge capture technologies, today announced that it has selected Intelligent Medical Objects' IMO® Problem (IT)™ search engine for integration in its Professional Charge Capture solution. This advanced search capability will provide clinical end-users of MedAptus with a rapid diagnosis search experience along with a higher degree of search accuracy when completing charge documentation using the ICD-10 code set.