It seems we have heard about ICD-10 for years now and it is true, we have.
What's the big deal about this coding and billing change? 13,000 codes to 68,000 codes ... that's a lot of coding, but ICD-10 is more than the additional codes.
It is a transformational process for healthcare providers, payers and vendors. Physicians have the most to lose in this new requirement. Impact is on every process in your practice. It will impact your time with patients, your planning and training, your reimbursements, your cash flow, basically, your entire practice. Even things we don't necessarily consider in the coding process. Effective October 1, 2014, if you don't code properly using ICD-10, it is more than a delay in reimbursements – you simply won't be paid!
The Indianapolis Medical Society will focus on small steps and information you need to know over the next several months in your Bulletin, events and on imsonline.org
Citing new cost estimates that could reach nearly triple those of previous projections, the AMA on Wednesday issued a letter calling on U.S. Department of Health and Human Services Secretary Kathleen Sebelius to reconsider the mandated adoption of the new code set, currently scheduled for Oct. 1.
“Physicians are being asked to assume this burdensome requirement at the same time they are being required to adopt new technology, re-engineer workflow and reform the way they deliver care; all of which are interfering with their ability to care for patients and make investments to improve quality,” the letter states.
The letter underscores that ICD-10 implementation will be “financially disastrous for physicians,” pointing to an AMA study released February 12, 2014. The costs for a small physician practice could be more than $225,000, while a typical large physician practice could expect to spend as much as $8 million on implementation.
These numbers are too important to ignore.
IMS HIGH FIVE LIVE Webinar Schedule:
Logon at: www.cpticdpros.com/ims.
#101 Tuesday, March 11, 2014 6:00 p.m. or #201 Thursday, March 20, 2014 6:00 p.m.
Member & family: $35/each session, each person
Non-Members $50/each session, each person
Register for one or both webinars at 639-3406. VISA, MasterCard, AMEX and check accepted. Sign-on information will be provided at RSVP.
In Session option is available at Launch Fishers, 7 Launch Way, Fishers, IN 46038.
Must register by Monday, March 10, 2014 (noon) for #101 and Wednesday, March 19 (noon) for #201
The IMS Mobile Technology Webinars are demonstrative workshops featuring:
All attendees will receive a training packet that displays the apps and equipment used.
Eric Anderson recently presented a short seminar to the IMS Board of Directors and was enthusiastically endorsed for these presentations. Eric Anderson is the Executive Director of Communication Strategies for Scientifically Speaking. Eric has conducted workshops and seminars for professionals at Eli Lilly and Company, Merck and Company, Apple, Inc., Indiana University, Purdue University, Raymond James Financial, Oppenheimer Funds, Wells Fargo, Merrill Lynch and UBS Financial Services.
Recently, Eric worked for Apple, Inc. as the Business Manager for Central Indiana. He has also served as an adjunct professor for IUPUI, College of Engineering and Technology.
As president of IMS, I welcome you to membership into an organization representing you as physicians, your patients, and quality medical services since 1848. I encourage your participation in our IMS activities including meetings, Project Health, and written contributions to the Bulletin.
IMS can only be as energized as the members who comprise it, so reach out to your IMS colleagues and get to know them, as well as, our focus of collegiality and quality medical care.
Mark M. Hamilton, MD, IMS President
If you want more information about our newest IMS members, visit them on our physician finder here. A simple search is all that is required.
A long-awaited and hard-fought bill to permanently repeal Medicare’s fatally flawed SGR formula finally is before Congress, following a milestone announcement February 6. It’s critical to maintain the momentum in Congress: Your voice could tip the balance to pass repeal this year.
The SGR Repeal and Medicare Provider Payment Modernization Act of 2014, introduced to both chambers of Congress this week, offers a fiscally prudent opportunity for lawmakers to repeal the SGR formula and put Medicare on the path toward a stable, 21st-century program that can meet the growing health care needs of the nation’s seniors.
Tell your members of Congress today (http://fixmedicarenow.org/physician-action/) that now is the time to enact repeal.
Over the past 12 years, Congress has spent $153.7 billion on payment patches rather than repealing the formula that calls for the payment cuts in the first place. That figure far exceeds the cost of permanent repeal, which the Congressional Budget Office has placed at $117 billion.
Congress is working against a March 31 deadline, at which point the SGR formula calls for a 24 percent cut to physician payments.
By contacting your lawmakers today, you send a strong signal that the nation’s physicians, seniors and finances can wait no longer for permanent SGR repeal. Tell them it is time to end the cycle of short-term payment patches that simply extend the problem and increase costs to American taxpayers.
Email your members of Congress (http://fixmedicarenow.org/physician-action/) through the AMA’s Fix Medicare Now website or the AMA’s grassroots hotline at (800) 833-6354.
Your Indianapolis Medical Society dues are always 100% tax-deductible.
The Indianapolis Medical Society was established in 1848. We are a professional membership organization for all licensed Doctors of Medicine and Doctors of Osteopathy in the Indianapolis area. Our offices are located at 631 E. New York St., Indianapolis, IN 46202-3706; our office hours are 8:00 to 4:30, Monday through Friday.
If you are a physician and want additional information on becoming a member of our organization, please call (317) 639-3406 or E-Mail us: email@example.com. Please visit our membership page ... we want you to join us! For an application and other membership needs, use our easy online forms or download the information utilizing this link.
If you are a member of the general public and want to know if your physician is a member of Indianapolis Medical Society, or if you would like education information on your personal physician, please call (317) 639-3406 or E-Mail us: firstname.lastname@example.org or use our handy Physician Finder.
We also provide referrals to physicians using our staff and website physician finder. If you are new to our area or simply seeking a change of physicians, we are ready to help! Ask your physician if they are a member and if not, why not.
Additionally, our Commission on Professional Affairs reviews concerns from patients who might have questions about whether or not their treatment was ethical or appropriate.