There are two monumental changes happening in the healthcare industry this year alone. One is The Patient Protection and Affordable Care Act (PPACA) the other being the highly anticipated implementation of ICD-10. These reforms will have a momentous impact on the healthcare industry for many years to come.
The Patient Protection and Affordable Care Act (PPACA) will change the landscape of the healthcare industry for the foreseeable future. The PPACA aims to increase the quality and affordability of health insurance, lower the uninsured rate by expanding public and private insurance coverage, and reduce the costs of healthcare for individuals and the government. It provides a number of mechanisms including mandates, subsidies, and insurance exchanges to increase coverage and affordability. The law also requires insurance companies to cover all applicants within new minimum standards and offer the same rates regardless of pre-existing conditions or gender. Additional reforms aim to reduce costs and improve healthcare outcomes by shifting the system towards quality over quantity through increased competition, regulation, and incentives to streamline the delivery of healthcare. PPACA represents the most significant regulatory overhaul of the countries healthcare system since the passage of Medicare and Medicaid in 1965.
Implementation of ICD-10 means saying goodbye to a coding classification system that the industry has relied upon since the mid 1970’s. The result is a new way to think, collect and reflect on coded medical data. The question is, are you ready for change? “In with the new”,
ICD-10 is a unique coding system that will provide relevant information for ambulatory and managed care encounters. This new system allows for further expansion than was allowed with ICD-9.
The ICD‐10 transition will require significant changes to existing practices. It would also require additional documentation from providers to support the patients’ diagnoses. Although it is true that CPT codes will continue to be the gold standard for outpatient procedures, providers will be required to include ICD-10 diagnostic codes with their claims in order to receive reimbursements from payers.
Most organizations are in the pre-contemplation phase for implementation. National Healthcare Billing, Inc.’s ICD‐10 implementation plan puts us in place for a successful transition. Without a clearly defined plan, organizations are leaving their future to chance. This transition will enable us to create more separation from our competition.
CLICK HERE TO LEARN MORE ABOUT NATIONAL HEALTHCARE BILLING