Providers’ first step should be to analyze their financial performance with the current ICD-9 terminology and determine what can be improved before ICD-10 takes effect. Surgery centers and practices must know where cash flow will be impacted so as to properly manage resources that may be delayed during the switch.
While no amount of planning will completely eliminate lost revenue in the first few months after the Oct. 1, 2014, deadline, providers will be in better shape through defining and implementing a set strategy. Planning and budgeting should also ensure stronger financials once employees are comfortable with ICD-10.
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