Now that ICD-10 is finally here, it’s time to examine the financial impact of the transition on your medical practice. The Centers for Medicare & Medicaid Services (CMS) predicts that claim error rates will rise under ICD-10, up to 6 to 10 percent compared to 3 percent under ICD-9. According to CMS, denial rates will increase 100 to 200 percent and days in A/R will be 20 to 40 percent higher. Is your practice experiencing these increases?
Higher patient volumes translate into greater revenue for your medical practice. However, there’s a potential cost in terms of patient satisfaction. One study found that patients in high-volume medical practices, where physicians saw five patients per hour, were less likely to be up to date on preventive services, including screenings, immunizations and health-habit counseling, compared to patients in lower-volume practices with two to three patient visits per hour.
Many physician practices felt relief when Congress delayed the ICD-10 implementation in its most recent short-term patch to the Sustainable Growth Rate Formula. However, according to Physicians Practice, some practitioners didn't feel the same.
A recent survey commissioned by PartnerMD, a national membership-based medical provider, found most Americans are skeptical about the future of traditional primary-care medicine. A total of 69 percent of respondents were unsure how this model would survive circumstances that limit their access to care, including changes brought about by the Affordable Care Act (ACA) and other system conditions.
Physician practices should make a point of staying on top of trends and changes in the healthcare industry. Offering the latest services can often increase patient volume, and using new tools for administration can improve a practice as a whole. By collaborating with a revenue cycle management company, many practices find their finances healthy enough to invest in cutting-edge services and tools. Here are a few trends to keep an eye on as the year goes on: