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Revenue Cycle Management for ICD-10

Revenue Cycle Management for ICD-10. Rich Flaherty VP of Sales MDeverywhere. Agenda. Why ICD-10 Practice implications Partner for success Asking the right questions Key takeaways. WhY ICD-10?. Senate Passes One-Year SGR Patch, ICD-10 Delay Bill. ICD-10 Delay: Politics Versus Policy.

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Revenue Cycle Management for ICD-10

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  1. Revenue Cycle Management for ICD-10 Rich Flaherty VP of Sales MDeverywhere

  2. Agenda • Why ICD-10 • Practice implications • Partner for success • Asking the right questions • Key takeaways

  3. WhY ICD-10?

  4. Senate Passes One-Year SGR Patch, ICD-10 Delay Bill ICD-10 Delay: Politics Versus Policy ICD-10 Delay Creates Headaches Pros and Cons of ICD-10 Delay

  5. Much Has Changed Since 1979

  6. ICD-10 Is Necessary • Greater specificity, improved tracking • Longer codes, larger code set • Improved monitoring of global health trends

  7. Implications for your practice

  8. Implications • All aspects of patient encounter will change • Disruption in operations and payment streams • Loss of productivity • Software breaks • Staff turnover

  9. Sobering Facts 5x $50-200K Estimated spend on transitions costs. HFMA prediction on increase in denials. 80% 6 Months Practices will need to upgrade software. Recommended amount of cash flow in-house.

  10. Surviving the transition

  11. Minimizing Impact • Don’t underestimate the degree of change • Invest in training • Assess documentation procedures • Engage staff early

  12. Consider an RCM Partner • Choose and RCM partner invested in ICD-10 • Leverage resources and capabilities • Leverage operational scale, technical expertise

  13. Finding the right partner

  14. When Will Your System be Compliant? 27% 1/3 ICD-10 Ready Now 2/3 Not Ready Would not have been ready by Oct. 1, 2014 deadline.

  15. Are There Additional Costs?

  16. Customer Support & Training

  17. GEMs & Crosswalk • Supplement with extended search capabilities • Natural language parsing • Code set selection based on payor readiness 25% ICD-9 codes have an exact match to ICD-10

  18. Dual Coding • Support simultaneous use of codes for training • Benchmark productivity for live implementation • Testing with outside organizations

  19. External Testing Strategy Claims tested successfully with100% accuracyand without rejections. National Testing Week March 3-7, 2014

  20. Key Takeaways • ICD-10 is inevitable and necessary • Keep the pedal to the metal • Don’t stop your ICD-10 preparations • Partner for success • Ask the right questions

  21. About MDeverywhere • Leader in Revenue Cycle Management • MicroMD Strategic Partner • Serving 7,000 physicians, 40+ specialties • MDe clients increase collections 10-15% • Decrease denials by 95% • NCQA CVO certified

  22. Thank You www.mdeverywhere.com questions@mdeverywhere.com 631.232.4260, option 4

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