After the congressional vote, the industry will get a clear picture of where things stand as ICD-10 will come into force, on October 1. Following are some key highlights from the latest ICD-10 news.
1. No further delay:
Most people think that there will be no further delay on implementation of ICD-10. Over 60% of respondents in a recently conducted survey, say that the October deadline is unlikely to change. Even many senators agree with this.
2. Preparedness:
A recent survey indicated that about 21% of practice are on track with preparations for ID-10 while another 23% say that they lack the resources to begin preparing.
3. Testing:
81% of the submitted ICD-10 claims were accepted during the first ICD-10 end-to-end testing from 26th January through 3rdFebruary, 2015. The testing included nearly 15,000 claims. Providers, clearinghouses, and billing agencies were all a part of the testing. Overall, it seems that CMD is ready to accept ICD-10 claims. However, in a recent study, it was found that 84% of respondents did not conduct end-to-end testing as yet.
4. The impact on revenue:
Revenue impact is obviously the biggest concern. Over, 60% are concerned about ICD-10’s impact on revenue and cash flow.
5. Low cost to implement:
The cost of implementing ICD-10 is turning out to be much lower than previously estimated. The per provider expenditure, according to a survey, will be around $3,400.
The overall picture seem positive. The testing is moving forward, the cost of implementation is lower than the estimate and the deadline in likely to remain unchanged.
If you have been waiting be sure that ICD-10 will move ahead, it most likely is. It is time to go head and implement new software or services. The sooner this is done, the more time you will have to implement, train and test for ICD-10.