ICD-10: Prepare Your Revenue Cycle Now, Part 3
Here we are, the final installment in our three-part series on preparing your organization and your revenue cycle for ICD-10.
After reading Part 1 and Part 2, you get how important it is to be ready and make sure your revenue cycle is performing (and will continue to perform) well enough to handle the challenges ICD-10 will bring, so we’ll get right to it. Here are the final two of our Six Steps You Must Take Right Now to Prepare Your Revenue Cycle for ICD-10:
Have the right people in place Allocating the appropriate staff to handle your revenue cycle management during this chaotic time likely won’t be easy — not during the implementation when they’re busy (and distracted) by their ICD-10 training, and not after the implementation is complete.
During the year following your conversion, you’ll need to successfully work your balances to make sure your cash reserves are maintained, which means a continued focus on your collections efforts. But if you’re like many providers we’ve worked with, you may not have the resources (human or financial) to pull off the transition. For this reason, a lot of those providers are choosing to partner with established revenue cycle management firms with large staffing experienced in coding, cash acceleration, claim denial evaluation and management and A/R mitigation strategies.
Make sure you choose a trusted RCM firm with broad experience and a record of success. If you were late to the process of ICD-10 planning when the deadline was October 1, 2014, you should definitely move this step to the front of the pack and make it the first thing you do. Enlisting the help of outside experts now could be the difference between success and failure.
Start now Let us repeat. Start now. Don't let this latest deadline extension lull you into a false ICD-10 planning security. Even with the delay, it is time—right now—to protect your revenue cycle from what is very likely going to be the biggest challenge it will ever face. Follow these proven six steps and you can still get there. Here are a few additional things to think about: