This month, coding and billing news has continued to focus on the impending ICD-10 upgrade as well as the need for transparency and the growth of the revenue cycle management market.
As the U.S. healthcare industry has a major focus right now on preparing for the upgrade from ICD-9 to IDC-10, set to go into effect this October, the World Healthcare Organization (WHO) is preparing for ICD-11 with an expected release date in 2017 that will be designed to increase the transition to health IT systems. Other countries have already made the switch and implemented ICD-10, while the U.S. is just beginning this process. ASC facilities must be fully prepared for the changes the new ICD-10 coding system presents and have a strong understanding of IDC-10 in order to avoid complications that will negatively affect the bottom line.
Insurance company United Healthcare has updated its smartphone app, Health4Me, that allows patients to pay medical bills from their smartphone, track activity and comparison shop. As part of the upgrades, the app will also help people make more educated decisions about healthcare by providing prices that have previously been hard for patients to determine on their own. Transparency such as this can help patients better plan for medical procedures, which can reduce the number of AR days and lower collection trends for ASCs.
A report from the Global Revenue Cycle Management System said that the RCM market was valued at more than $4 billion in 2014, and it’s estimated to climb to more than $5 billion by 2019 at a compound annual growth rate of 6.9 percent from 2014 to 2019. This growth is mainly attributed to a growing adoption of new and updated RCM solutions as well as a realization of the value in outsourcing by health organizations. The report also noted that there’s a large demand for the most up-to-date RCM solutions in healthcare, and the demand needs to be met by the initiation of new projects.