ICD-10 is officially here! We held a webinar last week, on September 30th, titled Last Minute ICD-10 Preparation. This webinar was a last minute cram session with ChartLogic and the ICD-10 and coding experts over at Medico.
Missed the webinar? That’s okay, you can still find important information you may have missed about ICD-10 in the recording.
Medico Inc. stays ahead of the game with a staff of healthcare professionals who keep up-to-the-minute on all changes and trends in medical coding rules and regulations, especially ICD-10!
Medico and ChartLogic held an extensive Question and Answer session towards the end of the webinar and answered any ICD-10 or coding related questions the participants had.
The webinar covered the following ICD-10 topics:
• ICD-10 Workflow: End-to-end
• Important Resources
• Training Resources
• Introduction to Medico
• 10 Best Practices for Medical Billing Services
• Extended Q/A
The attendees were provided with 10 best practices to optimize your practice’s revenue cycle. It is important to know how long it takes to get your claims out and how long it takes to get them back. You want to get them in and out as soon as possible and create a centralized audit process.
Top 10 best practices to optimize your practice’s revenue cycle:
• 24 hour turnaround time for claim submission
• Claims first pass ratio of 95%
• Centralized auditing process for lean efficiency
• Claims follow up based on insurance timelines (as early as 15 days)
• Maintain A/R days between 30-35
• Verify eligibility & benefits at least 3 days prior to the date of service
• Compliant Coding with Local Coverage Determination, NCCI Edits, etc.
• Build ERA/EFT setups for quicker payment reconciliation
• Generate reports: predictive analysis, error rates and processing time
• Monitor payments in accordance with the contract terms