Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
MGMA Targets Implementation Date
Staff Reporters
The Medical Group Management Association [MGMA], who previously has published commentary and material from our Executive-Post Editor-in-Chief, Dr. David Edward Marcinko, believes that the Centers for Medicare & Medicaid Services’ [CMS] proposed Oct. 1, 2011 compliance date for full implementation of the International Classification of Diseases, Tenth Revision (ICD-10) code sets is not workable.
Numerous Challenges
According to an August 19th edict, the MGMA said the government must overcome numerous challenges before the health care industry can fully implement ICD-10. The proposed rule for the next generation of the Health Insurance Portability and Accountability Act (HIPAA) electronic transactions (ANSI X12 version 5010), released with the ICD-10 proposed rule, must be put in place prior to ICD-10 and MGMA believes this will take several years for full implementation and testing.
Assessment
Because ICD-10 contains 10 times the number of codes as ICD-9, the newer code set will require vast changes for medical groups, hospitals and other health care facilities. MGMA surveys found that 95 percent of medical practices would have to purchase software upgrades for their practice management systems or buy all new software, while 64 percent concluded that they would have to purchase code-selection software, and 84 percent stated that they did not think public and private health plans would be ready to accept claims with ICD-10 codes by October 2011.
Conclusion
Your thoughts are appreciated. Will you be ready for ICD-10; please opine and comment.
Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759
Physician Financial Planning: http://www.jbpub.com/catalog/0763745790
Medical Risk Management: http://www.jbpub.com/catalog/9780763733421
Healthcare Organizations: www.HealthcareFinancials.com
Physician Advisors: www.CertifiedMedicalPlanner.com
Speaker:If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com or Bio: www.stpub.com/pubs/authors/MARCINKO.htm
Subscribe Now:Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
Copyright 2008 iMBA Inc:All rights reserved, USA, unless otherwise noted. Use is restricted to Executive-Post subscribers only. No redistribution is allowed. To avoid violation of iMBA Inc copyright restrictions and redistribution policy, please register for your own free Medical Executive-Post membership. Detailed information and registration links are available at:
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
Referrals: Thank you in advance for your electronic referrals to the Medical Executive-Post
Share this:
Filed under: Information Technology, Practice Management | Tagged: code sets, ICD-10 |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Hi,
I read your article regarding transitioning to ICD 10, which said:
“95 percent of medical practices would have to purchase software upgrades for their practice management systems or buy all new software, while 64 percent concluded that they would have to purchase code-selection software, and 84 percent stated that they did not think public and private health plans would be ready to accept claims with ICD-10 codes by October 2011.”
I just want to know if readers think all/most medical providers in the US will want to buy a completely new system; or will they just change their database in an existing system only?
Thanks for all thoughts and comments,
Rupali
LikeLike
Rupali – Think ICD-11
In-as-much as most medical practitioners probably won’t be ready for ICD-10 by October 1, 2013, why not concentrate on the ICD-11 beta version, when available in 2011, and then launching in 2014?
Michael
LikeLike
CMS to Offer Tips on ICD-10 Prep
The CMS will offer “Preparing for ICD-10 Implementation in 2011,” a free teleconference from 1-3 p.m. ET on Jan. 12th. Register online at eventsvc.com through 1 p.m. Jan. 11th. The ICD-10 system increases the number of diagnostic codes to 68,000 from 13,000 and takes effect Oct. 1st, 2013.
With a target audience that includes medical coders, physician office staff, health-records staff, vendors, educators, system maintenance advisers and all Medicare fee-for-service providers, the teleconference will offer advice on education and training strategies, determining vendor readiness and developing an ICD-10 budget. Information on differences between ICD-9 and ICD-10 and tools for converting codes also will be provided.
Source: Andis Robeznieks, Health IT Strategist [1/6/11]
LikeLike
How HIPAA 5010 has fared thus far
Despite delays, and billing glitches, progress is being made on the conversion. And, there are benefits to the HIPAA 5010 mandate that healthcare entities will reap once they comply.
http://www.govhealthit.com/news/commentary-how-hipaa-5010-has-fared?topic=30,29
Jayne
LikeLike
CMS to Version 5010 Laggards – Get Ready to Borrow Money
Physicians not yet up to speed on new federal standards for electronic claims should be prepared to borrow money to keep their practices afloat come July. That dire counsel comes from the Centers for Medicare and Medicaid Services (CMS).
Last week, as it has before, CMS advised physicians who are still trying to comply with the new standards to either take out a line of credit or expand an existing one at a bank because of payment delays that may occur when the agency begins to enforce the standards on July 1st. At stake is the ability of physicians to meet payroll and write rent checks.
The new standards are called Health Insurance Portability and Accountability Act Version 5010 standards. The successor to Version 4010 standards, they are designed to streamline electronic claims and other digital transactions between providers and third-party payers, including Medicare. Physicians, insurers, makers of billing software, and claims clearinghouses are all under the gun to convert their systems to the new standards.
Source: Robert Lowes, Medscape News [5/22/12]
LikeLike