Monitor

ICD-10, One Year Later: What’s the Impact on Revenue Cycle Management?

Healthcare providers went through a massive change in billing operations last year, as the shift from ICD-9 to ICD-10 went into effect on Oct. 1, 2015.

The new coding system brought with it not only an increase in diagnostic codes (from about 14,000 to over 68,000) and procedure codes (from 4,000 to 87,000), but also an increase in operational concerns for providers. Even though the ultimate goal of ICD-10 was to improve quality reporting and outcomes measurement, and also to bring efficiency to reimbursement processes, providers around the country feared the shift would cause productivity to plummet, as well as increased denials and reduced revenue.

Other developed countries such as Canada, Australia and various countries throughout Europe transitioned to ICD-10 years before the United States, and had a rough go of it. Canada’s healthcare system, for instance, reported a 50% drop in coder activity after the implementation of ICD-10 in 2001. 

But in the United States, the numbers did not suffer nearly as much. Initially, the industry reported a decrease of only 25% in charts coded per hour. And a year after implementation, coding productivity has stabilized and now providers report only a 10-15% decrease.

Optimally-trained billing staffs reduced the chance of negative impact on healthcare facilities. To that end, Regent Revenue Cycle Management (Regent RCM) provides tenured, proven revenue cycle management to ambulatory surgery centers (ASCs) with the skills to handle ICD-10 efficiently.

“Our team understands how ICD-10 can impact each segment of the revenue cycle from claim denials to days outstanding/days in A/R,” said Michael Orseno, VP of Revenue Cycle at Regent RCM. “It has been a year since ICD-10 implementation and our team has mastered the changes and updates. Your center may have a solid business office in-house who can sufficiently handle RCM; but if not, consider transitioning to outsourced RCM services with an external provider that is fully prepared.”

If you’re considering outsourcing to optimize your center’s revenue cycle, Ed Tschan and the experienced team at Regent RCM are available to your answer questions, explore a revenue cycle audit or discuss a cost benefit analysis. Ed can be reached directly at 312-882-7228.

Becker's ASC Review

Regent RCM Comments on the Ultimate ASC Revenue Cycle Management Dashboard

A recent article from Becker’s ASC Review highlights revenue cycle management (RCM) metrics to track on a daily, weekly, monthly and quarterly basis. Chosen metrics and data points should be tracked by ASC leaders to maintain an effective RCM process and a healthy revenue cycle.

Once specific RCM data points and associated intervals are identified, ASC leaders traditionally run reports to track each key performance indicator (KPI). Optimally, They are able to monitor their KPI’s on a real-time dashboard.

When an ASC leader sets a RCM standard, it can be watched over time to ensure performance is met. To gain an even deeper understanding of the health of your ASC, look for a Partner that offers a free business office audit service.

Aside from identifying potential RCM deficiencies, these audits may also compare your facility to national averages and gold standards.

Click here to read the full Becker’s article.