30 May The Benefits and Necessity of ICD- 10
There was a lot of debate for years as to whether or not ICD- 9, which was comprised of approximately 14,000 codes, had to be replaced by a new system. Ultimately, over the course of more than a decade, IDC- 10, the new coding system, was developed and in October 2015 it was implemented. Even after ICD-10 was adopted some in the medical profession thought it was not really needed and that the new system, which has close to 70,000 codes, was excessive.
But the fact is there are many good reasons for the creation of the new system. ICD- 10 was much needed and despite the fact that its implementation was costly and time-consuming many believe that it will improve healthcare in many ways. Here’s a look at three ways in which ICD- 10 will make a difference in healthcare.
Better Quality Measurement
ICD-10 codes offer great potential for dealing with new technology and methods of treatment, providing more accurate data and monitoring the quality of patient care. More specific details regarding procedures, safety issues, medical complications, and more will allow for improved data regarding outcomes, costs, and efficacy.
Improved Monitoring and Assessment
The expanded coding system allows healthcare providers to reduce written documentation efforts, as the new codes offer much more detailed descriptions of specific treatments and procedures, as well as specifying diagnosis. ICD-10’s amplified precision gives payers and providers the ability to decipher trends accurately and to perform costs analysis. This can go a long way to reducing costs in the future. Improved monitoring of services, better management of resources, increased measurement of performance, and more accurate assessment of costs and outcomes are all results of ICD- 10.
Facilitating and Refining Reimbursement
ICD- 10 offers both providers and payers the opportunity to turnaround claims much more efficiently and quickly. The specificity of the new codes in relationship to diagnosis and treatment makes notes less text-reliant. Unlike ICD- 9 codes, which were originally not developed for reimbursement purposes, ICD- 10 was created to enable the processing of claims and reimbursement.
Working with Coding and Billing
In order to fully utilize the benefits afforded by ICD- 10, it’s important that providers work closely with their medical coding and billing professionals. The new coding system requires that healthcare providers adjust how they record data and other information. Increased attention to detail is important and the ability to analyze outcomes, costs, and efficiencies will help healthcare professionals refine the way in which they deliver care.
Best Choice for You
In deciding how to approach medical coding and billing, it’s important that providers determine what their specific needs and goals are under ICD- 10. In what way can the new system serve them and in what ways can different medical coding and billing companies help them meet their needs and facilitate their goals. The entire healthcare system should benefit under ICD- 10. In the end, ICD- 10 was a necessity due to the fact that ICD- 9 had become outdated. With that necessity comes the ability to improve healthcare on every level.
MPMR offers top medical billing and coding services nationwide along with comprehensive operations support for both practices and ambulatory facilities. This includes ICD-10 support and a review of your patient flow and charge capture. Call us today to improve efficiences and increase revenue!