After several postponements, ICD-10 is finally in full effect and thus far, the general consensus is that it is healthcare’s Y2K – talks of power outages and rioting in the street were nothing more than a fearful prediction. In reality, ICD-10 has been nothing more than a minor hiccup for most practices. We’ve found that most of our clients were well prepared for the change and have navigated through the transition with only minor glitches and no real disruptions in workflow.
Three weeks post ICD-10 implementation and some major hurdles have been cleared. However, we’re not out of the woods just yet. The real test will be in late-November/early-December when there could be a wave of payment denials or lower reimbursements as the volume of remittance advice builds. Only at that point will we have a clearer picture of ICD-10’s impact. So far, insurers have been saying the process has gone smoothly. Claims volume has been down, but the claims that have been sent in have been accurate. “Almost everyone who is submitting claims is getting it right,” said Sid Hebert, who heads the ICD-10 implementation team at Humana.
According to RelayHealth Financial, 13+ million institutional and physician ICD-10 claims valued at over $25 billion have “successfully” been processed since October 1, 2015. So far, so good. Will the process continue as seamlessly in the weeks ahead? Only time will tell.