Last year in October, 2015, the Health and Human Services (HHS) Department made a rule of switching from ICD-9 to ICD-10 for medical practices. As the new version is more technologically advanced, it is more difficult. However, the ICT-10 is effective for your health care services. Here are a number of benefits of converting to ICD-10 for clients.
Increased and Accurate Payment
As the new coding technique ICD-10 requires specific documentation, thus there are more chances of accurate and better payments as an effect. It also allows claims to be submitted accurately in first attempt so that payments are on time.
Precise and Detailed Diagnosis
Last ICD -9 method had only 17,000 codes, whereas ICD -10 contains around 160,000 codes. In fact, the most important reason behind executing ICD-10 is allowing precise use of codes so that medical and health practitioners provide more detailed information.
Reduced Errors in Medical Coding
Since the terminology is standardized and latest codes have less doubts, chances of correct medical coding are increased with no errors.
Decreased Claims Adjudication Time
Applying ICD-10 codes helps your claims not to be rejected or investigated. Since it does not lack of any important information and does not have incorrect details. As an outcome, you have more chances for timely and correct payments with fewer rejected claims to be anxious about appealing.
ICD-9 codes helped medical treatment and healthcare industry to grow immensely and ICD-10 is taking medical industries several steps ahead with its more advanced and accurate system. With no errors in medical coding and billing, and accurate information, there are reduced chances of claim denials.
Better Patient Safety
Patient wellbeing and protection is improved by making it simple to recognize those who actually need treatment for a disease. ICD-10 also helps in sharing details on side effects of a particular medication resulting in no mistakes in patient care.
Apart from above, one more benefit is your staff will receive fewer requests for checking medical history of a patient. Since the submitted information is accurate, insurance companies do not ask you to provide medical record of a patient.