Big news from the Senate this week:
The 21% pay cut linked to the SGR was repealed… this definitely was a dodge the bullet scenario. Especially since the vote came on the last day before CMS was set to release payments for claims that have been on hold since April 1, 2015. Although some claims may still be processed at the lower reimbursement rate, they will be re-processed at the full rate by the MACs. Providers will not need to resubmit any claims. This will be a slight inconvenience but is much better than what providers could have been facing.
As anxious as many were to see how the vote would turn out for the SGR, some were focusing on another healthcare issue, the ICD-10 implementation on October 1, 2015. Maybe they were even hoping it would be postponed again. It will not be so, healthcare providers will now have to bite the “ICD-10” Bullet.
According to recent survey results from the H
ealthcare Billing & Management Association, many medical practices are still not prepared for the deadline. When asked if their medical billing software was ready for ICD-10:
24% – “NO”
7% – “NOT SURE”
When asked about the status of an update:
36% – no date was scheduled
22% – unsure about an update.
This is an especially “dangerous” area to be un-prepared. Without ICD-10 compliant billing software the medical practice cash flow will dry up soon after October 1.
Where a 21% hit would have been serious, a 100% will be catastrophic. Iridium Suite is a cloud based medical billing software that has been updated since 2013 to be ready for ICD-10. Contact sales@iridiumsuite.com to learn about what we have to offer. You can also find information on our website www.iridiumsuite.com and even schedule a free demo!
