The transition to ICD-10 affects the revenue cycle management of every medical institution in many ways. The effects can be looked at through a range of perspectives. First is from the technological perspective. The whole 1CD-10 issue is a change on technology and on the medical coding outsourcing industry as well. Other than that, the process of handling issues will also be affected. Staff from the simple coders will require learning a different approach to codes and new mode of documentation. This will filtrate right to people like the financial controllers of medical facilities who will be expected to monitor the new revenues against productivity.
The Effects discussed
When dealing with revenue cycle management, you may be aware of some issues that come in to play. Transition is quite a task based on the fact that the process has to be monitored and most of all be seen to deliver better. There are some impacts however that are seen to come in place during the transition process. The impacts bring about changes which include:
- Productivity and competence practice– Earning productivity as well as efficiency with new inventions may be a hard nut to crack. It usually takes quite some time to be able to get the expected results. In most cases the ICD-10 may seem to be less effective though with time will deliver. To achieve the best results, it always requires high scrutiny and working with precision.
- Contracts and dealings processes– This is business related. Before introduction Of ICD- 10 It is obvious that the medical facility was in operation. The difference here is that with innovative ideas then the course of issues changes. You need to look for new contracts and associates to do business with. The whole process of initializing a business deal and even going as far as looking for clients takes time. Given the fact that you already lack experience, since it is a new area, makes it already difficult to convince clients.
- Practice execution processes– Given that this is a new initiative, it is then upon you as part of management to come up with a clearly defined formula describing how the processes within should b conducted. The process should be well assigned and carried out in phases during the testing period. This process is usually a new one and no one understands it except from contracted engineers.
- Financial plan– The budget for initiating an ICD-10 cycle is numerous. It should always be conclusive. It should include enough capital to keep the process running and also maintain it. You may consider putting factors like emergencies which should not be ignored. This is your first consideration before initiating the plan. Without enough funds, the ICD -10 may end up being a flop.
- Payment alteration– While making payments, your accountants will be needed to be careful with the changes in payment conversions. They should be at par with the current markets else your business may end up incurring huge loses to the wrong channels.
- System correction– your whole system has to undergo major edits. This may be depending on hierarchy, process and even funds. You may require including insurance information which is a great player in the medical field. You should ensure that the programs currently running are concurrent to the new process of ICD-10.
As long as you take into precaution all the above effects then you are sure to have the best quality ICD-10 implementation plan. Your revenue cycle management will not suffer losses. Lost revenues are a risk to business and if not handled well can affect the growth of an institution wholly.