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At 84,000$ Will ICD 10 Sound The Death Knell For Private Practices?

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Will Your Practice Get Caught, In The ICD 10 Quicksand ?

ICD 10 is lurking round the corner. 55,000 more codes and an entirely new coding structure is no stroll in the park.  Medical practitioners might just be thrown of track. It is being feared, that it could be a deathly blow to practices, which operate on small budgets. Small medical practices will be forced to align with hospitals to survive in this tough economic climate.

ICD-10-Medical-Coding-Infographic

Another Nail In The Coffin For Small Practices…

ICD 10 is being likened to Y2K. Though it petered out eventually and died a natural death, the panic and havoc it caused still remains fresh in people’s memories. But with ICD 10 coding we may not be as lucky. It is highly unlikely that ICD 10 will be postponed once again. Or like what most medical practitioners, pray for nowadays, simply disappear.

ICD 10 Comes With An 84,000 $ Price Tag  !

Don’t gasp! That is the figure put down by the MGMA. For the small practice that is barely making ends meet, this is an astronomical amount. Consolidation is the only glimmer of hope. But it can prove to be a double edged sword. As physicians will lose their freedom to decide their working hours and make key clinical decisions, independently.

It seems to be a throwback to the 80’s when there was a mad scramble to partner, align and consolidate.

And The Price Is Not The Only Headache…

If the fear of hogging headlines is the major fear of big hospitals. To keep the lights on in the building is the biggest challenge of small and medium practices. A few of the challenges that ICD 10 throws in the face of medical practitioners are:

  • Loss of productivity.
  • A hit in the coders efficiency and working hours during the transition.
  • Expensive system upgrades.
  • Additional staff to handle the workload especially when both ICD 9 and ICD 10 are used to submit claims.
  • Higher chances of fraud and abuse charges due to the lack of training, knowledge and resources.

Here Is What Small Practices Can Do To Keep Their Head Above The Water !

  • Partner with a medical billing agency to handle the transition.
  • Make use of online resources to the fullest extent.
  • Start early and phase out the implementation to avoid drastic changes and expenses.