Each month Regent RCM explores the top news and headlines affecting the health care industry.
This month in the news: The implementation of ICD-10 is less than 10 days away, Medicare transitions into a bundled payment model, and there is expected healthy job growth for those interested in a medical coding career.
Implementation of ICD-10
On October 1, Medicare will reject all claims that do not contain coding that complies with the 10th revision of the International Statistical Classification of Diseases and Related Health Problems (IDC-10). ICD-10 is an important and vital change in the health care industry. Have you completed the recommended 8 Steps your ASC must take to prepare for the ICD-10 launch in two weeks? We debunked some common myths surrounding the updated coding system, and if you haven’t already, now is the time to focus on ensuring that your ASC is completely ready for the transition. Click here for more resources to prepare for ICD-10.
Addressing Bundled Payment Cost Reduction Challenges
As part of the Affordable Care Act (ACA), Medicare will transition into a bundled payment model for hip and knee replacements. With the upcoming bundled payment testing, hospitals and revenue cycle management companies must connect the distance between the initial investment and an uncertain return on investment. Knowing the cost benefit ratios in revenue cycle management is key to avoiding bundled payment cost reduction challenges, as many people believe bundled payments are the way of the future. Read more on the challenges of bundled payment cost reductions or with probable challenges approaching, learn how outsourcing RCM can be more cost effective.
Job Growth for Medical Coders
October 1 is a huge marker in the health care industry as it is the deadline for health care companies to upgrade to a new coding system and this change should result in good news for those interested in the health care industry. The new coding system implementation will create more jobs for those interested in becoming a medical coder, which does not require a college diploma, with the right training. It is expected to grow by 22 percent by 2022, which is a higher rate compared to other occupations and industries. Click here to read more on the job growth.