Certain practices still using ICD-9 are very wary of the shift to ICD-10; in fact so wary that several myths have spawned from such uneasiness. Here are some of the most common ones, debunked.
Reimbursements will go down – The period right after the switch is some sort of a “feeling out period,” which can see a slight decline in reimbursement numbers. However, such drop is only temporary as coders and payers will gradually adjust to the new system.
ICD-10’s additional codes are a pain – It’s true that the ICD-10 brings forth an additional amount of codes; but, most of such codes only apply to specific practices. Other practices will technically have no use for several additional codes; much like a person with multiple phone numbers who only really uses one.
It requires a lot more detailed documentation – In most cases, ICD-10 will only require a few more words for each documented condition. Physicians are already expected to know of these, so problems would be minimal.
ICD-10 was the brainchild of only administrators and accountants – Since the ICD-10 is technically meant for medical institutions, rest assured that it was developed with significant input from health care professionals, which means that nothing would seem like gibberish to anyone using it.
Needless to say, the ICD-10 aims to improve the vital operations of medical facilities, especially revenue cycle management. For one, expect billing, medical coding, and insurance claims processing to be more streamlined, allowing for better business decisions that optimizes revenue cycles.