Insurers anticipate early ICD-10 billing problems
As today begins the transition to the new ICD-10 medical codes, health insurance companies are anticipating potential billing problems as a result of the transition, reports Forbes.
That’s because an estimated one in four physician practices in the U.S. is not ready for the transition to ICD-10, which will require doctors to convert to 140,000 new codes when they bill government and private insurers, according to the article. After two years of delays, the Centers for Medicare & Medicaid Services is mandating providers use the new codes beginning today.
Insurers anticipate that mistakes on insurance claims will pose major headaches for patients and companies. In fact, one survey found 20 percent or more of physician practices have not received the billing system updates needed for ICD-10, the article added.
Read the full article: FierceHealthPayer