Here's how computer-assisted coding programs could help your ICD-10 implementation plan.
Is your practice ready for ICD-10?
Although the deadline for implementation likely will be extended to October 2014, a new study from the research firm KLAS reveals that roughly half of providers are looking to purchase computer-assisted coding (CAC) tools within the next 2 years to help them through the transition.
ICD-10 readiness is the top motivator for purchasing CAC solutions, according to the study. Doctors believe that CAC tools and the automated, precise coding they can provide may help make up for some of the lost productivity and reimbursement resulting from the ICD-10 switch.
One of the biggest concerns regarding the ICD-10 transition is that staff members will not be prepared, according to the study, and nearly two-thirds of those KLAS surveyed say they plan to outsource coding or use consulting firms to ensure compliance.
Only 21% of physicians already have purchased CAC products, according to KLAS, but the rest aren’t planning to wait long to make a move, despite the proposed ICD-10 compliance deadline extension. According to the survey, 33% of physicians plan to purchase CAC products this year, with another 15% planning a purchase in 2013. Another 5% are planning to wait until 2014 and beyond, whereas 9% say they have no plans to purchase CAC tools, mainly because they are preoccupied with other concerns, such as electronic health record system implementation.
The study also includes a comparison of CAC vendor offerings, as well as doctors’ perceptions of available products.