The Department of Health and Human Services announced its proposed rule to delay the ICD-10 compliance date to October 1, 2014. There were three major factors for the delay:
1. The industry’s transition to ASCx12 Version 5010 (new standard for the electronic transmission of specific health care transactions) did not proceed as expected and delayed until July 1, 2012 2. Many providers expressed concern that other statutory initiatives are stretching their resources 3. Lack of readiness for the ICD-10 transition
It is recognized that compliance with Version 5010 and ICD-10 by all covered entities is vital to a smooth transition. Failure to prepare for this transition will result in rejected claims and delayed payments. The move from ICD-9 to ICD-10 is designed to provide a more robust and specific diagnosis data, which will help improve patient care and tracking. ICD-10 expands over 15,000 ICD-9 codes to approximately 68,000 new ICD-10 codes. Although the final rule on the new proposed ICD-10 deadline is two years away, it is important to continue planning for the transition to ICD-10.
APS remains ICD-10 ready. Our proprietary system has been programmed to function as a dual system, allowing APS to bill ICD-10 codes to prepared carriers and continue submitting ICD-9 codes to carriers who are not ready to support the change. This was seen as a well planned strategic move with the change from ANSI 4010 to 5010, as carriers were billed in the format they were able to support, helping ensure no delay in revenue to our clients. Ongoing, our certified coding professionals are working hard to make sure that they are ready for this undertaking, through continued educational training and proactive research. APS Medical Billing will continue to release a series of ICD-10 specific newsletters to be utilized as a training mechanism for our clients. If you have any questions about ICD-10 and how it will impact your practice, please contact your client representative.
Since our seamless transition to APS one year ago, we have significantly increased our monthly collections, decreased the delay in processing claims, and less time is spent in accounts receivable.