No matter who you ask, ICD-10 implementation is costing practitioners a significant amount of time, money, and resources. The AMA estimates that a small practice could spend between $56,639 and $226,000 just implementing the new coding. Ancillary revenue generated from programs like physician dispensing services can significantly help practices pay for fees incurred during the transition period.
Practices can expect to see a rise in denials from miscoding or other process errors. These could lead to an increase in delayed payments from insurance companies. Physicians should have a financial plan in place to keep their practice in operation during transition periods.
Having a financial plan in place that focuses specifically on cash flow is a good strategy to implement. Healthcare Reform is always changing, and the importance of cash flow should always be at the forefront.Signup - Free Online Webinar