It has been over four months since ICD-10 was officially implemented into the health insurance system. All entities inside U.S. health care, payers, providers and coders, are required to utilize this new and extensive set of codes. Although the industry as a whole has been preparing for the shift to ICD-10 for years, the transition was expected to create some obstacles.
One of the biggest concerns during this transitional phase was that medical claims would be denied due to incorrect coding. Although there have been some denials due to coding errors, it appears that overall the activation of ICD-10 has gone rather smoothly.
The biggest complaint so far is the decline in productivity as those specifically working with the new codes continue to become more familiar with ICD-10.
Porter Research performed a recent study in order to gain an understanding of how everyone from payers to providers are handling the new coding system. Although the biggest concerns prior to the activation of ICD-10 were productivity and revenue loss, majority of participants report that there has been very minimal effects.
A total of 60 percent of survey respondents report little to no impact on monthly revenue stream. Additionally, 89 percent have either seen minimal increase to denial rates or none at all.
Although small, this survey represents a wide variety of entities within the health care industry. Interested in the hard facts about ICD-10 implementation? Click here to learn more.