The main aim of ICD-10 is to provide a platform for clear communication, specified diagnostic codes, and billing strategies which helps to enhance patient care and allows procedures to get streamlined. ICD-10 offers a way for physicians and hospitals to share information in a meaningful way. The new code captures a higher level of detail as compared to ICD-9. Most healthcare professionals and doctors are confident about ICD-10, it only requires the medical coders and doctors to get familiar with the ICD-10 for smooth running.
The benefits of ICD-10
- Enhanced patient care – With ICD-10 patient care can improve through the level of precision and detail which leads to better ability to measure the quality and safety of healthcare. Better standards and efficient processes can be created by healthcare managers and policymakers with the detailed data analytics. The specific coding will make patient diagnosis easy and efficient and will also cut down any errors.
- Better research – The deep data analytics will support detailed data management which will allow healthcare providers and medical researchers to find better treatment options and remedies for the patients.
- Improved claims processing – ICD-10 is a friendly code due to advanced medical procedures and higher detailing. The new code will help to reduce the issue of denied claims and the time required for processing claims. This will ensure that hospitals and clinicians are paid accurately for complicated procedures.
The cons of ICD-10
- Training required – To cope with ICD-10 requirements the doctor and billing specialist will require extensive training to not lose out on billing. ICD-9 had 18,000 codes whereas ICD-10 has 150,000 codes, with this vast expansion the clinician has to notate very specifically.
- Slowdown due to transition – During the transition period healthcare providers faced a slowdown mainly due to extra training required to get hands down with the new code. The second reason is the need to refer back to books that slow down practice productivity. The increase in administrative time in learning new documentation practices to be trained in the new coding policies will have the opportunity cost of time and money.
Due to the transition to ICD-10 computer systems at outpatient facilities and hospitals have been updated adding to upgrade costs and charges. However many clinicians see the new code as a way to enhance patient care and improve patient outcome levels. The benefits of ICD-10 will definitely outweigh in the future as medical practices will see an increase in practice revenue and better treatment processes for the patient. Electronic Medical Records (EMR) software will enhance the transition process by providing resources for proper coding. It is important that your EHR software is ICD-10 ready, here are a few options of EMR software which have tools and resources that support ICD-10.