Hospitals Need to Consider the Outsourcing of the Voluminous Emergency Room and Ancillary Charts, While Concentrating on the Higher Dollar Inpatient and Same Day Surgery Coding During the ICD-10 Ramp up
Providers Could Be Subject to Significant Disruptions in Their Billing and Revenue Cycle Functions if System Upgrades Are Not Implemented
Fort Lauderdale, FL, September 17, 2013 – (Accesswire) – BCC Financial Management Service Inc research department has revealed a number of surveys indicate that many providers have not made significant progress towards ICD-10 implementation. Some of the factors that have contributed to the drag include competing internal priorities and changes in compliance dates. In a recent report sited, “Centers of Medicare & Medical Services (CMS) estimate ICD-10 will initially result in a decrease in cash flow and loss of revenue. Denial rates are expected to increase by 100-200% post implementation, with increase in accounts receivable days by 20-40%. “Healthcare could possibly endure declining payments for up to two years after the October 1, 2014 implementation date, depending on quality of implementations. Claims-error rates are expected to increase from 6-10% as compared to the current average of about 3% with ICD-9.”
Sammy Aboud, Senior Vice President of Marketing said, “The new ICD-10 system implementation for hospitals has become a daunting challenge and time consuming as hospitals have 90-100 affected systems that need upgrades. Some of the functions that require upgrades are the replacement software, IT system interface changes, modified system logics, retention of historical data in ICD-9 format and many other tasks.” Sammy added, “80% of coding falls within the Emergency Room and Ancillary services but only generates 20% of the revenue. We believe that hospitals should consider outsourcing while coders focus on In Patient and Same Day surgery which represent 70-80% of the hospitals revenue while they implement the ICD-10 systems.”
Emil “Skip” Speranza commented, “As stated previously, we are positioned to assist our clients in the ICD-10 ramp up by providing billing and revenue cycle support for old current receivables while they ramp up and implement the new system.” In closing he stated, “The implementation of ICD-10 remains clouded with unknowns and obstacles’ that could be a severe game changer for the healthcare industry. However, given time the new system will provide a better quality of service and accountability for patient, insurance and healthcare provider but the big question is, at what expense.”
BCC Financial Management Services, Inc. was formed in 1991, and for over twenty two (22) years, has dedicated all of its efforts in servicing the accounts receivable needs of the healthcare provider community. BCC is continuing to aggressively employ and add to its growing staff of healthcare professionals that are totally focused and committed to be second to none in the healthcare accounts receivable management industry. By fully utilizing executive management's experience of over 114 combined years in Healthcare Receivable management, BCC has established for itself the reputation of being one of the premier healthcare collection organizations within the healthcare industry.
Emil "Skip" Speranza Jr. President
Office Tele: 1-800-393-2255
Sammy Aboud VP Marketing
Cellular: 954 294-9611
Office Tele: 1-800-393-2255
SOURCE BCC Financial Management Services, Inc.
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