Healthcare providers wait for rude-awakening after ICD-10 | Healthcare Finance News
It's far too early to declare with certainty the impact of the ICD-10 transition on healthcare revenue cycles and productivity.
Initial data shows the apocalyptic warnings about ICD-10 immediately leading to claims rejection chaos were misplaced. The Centers for Medicare and Medicaid Services late last month said invalid ICD-10 codes comprised only 0.09% of error-based denials from October 1 (when ICD-10 went into effect) through October 27.
While CMS said it was "pleased to report that claims are processing normally," it's worth keeping in mind that the government agency has taken several temporary steps to smooth the transition to ICD-10 which may be masking problems that could manifest themselves down the road, including a claims denial amnesty for 12 months and advance payments to physicians in the event of processing problems related to ICD-10.
Private payers also have been going easy regarding coding requirements in the early days of ICD-10, Avery Hurt writes in Physicians Practice. And that, she believes, may be giving providers a "false sense of security" about their ICD-10 processes.