Whether you are ready or not, ICD-10 is here and it is set. Successful ICD-10 management relies on a few things. There is no grace period and as of October 1, 2015, it is a ready-or-not situation for healthcare offices and businesses. This is why it is essential to ensure you are prepared. ICD-10 is set to expand the total number of claim codes from about 17,000 to more than 140,000. The purpose of this change is to create a more detailed, accurate recording of what services are actually given.
The first step to ensure you are ready for this change to ICD-10, is system upgrades. It is essential that the billing or the EMR (electronic medical records) system is completely compliant. However, this is may not be the focus point for all issues that arise. This implementation is not just an IT issue, it’s more of a business problem. While the system can ingest the data, the data has to be of quality and accurate.
In any case, providers should look to put in place lines of credit or other credit facilities to have easy access to funding if delays are experienced. It is critical to have a solution before the problem occurs.
Provider Web Capital is the ideal financing partner for small businesses in the healthcare field. We offer funding from $10,000 up to $250,000 or more. Our credit approval process is focused on your business cash flows and experience. We have the most flexible repayment terms in the industry; most clients opt for a financing product where payments are made to Provider Web as revenue is received from your third party payers.