How Training Your Staff Can Decrease the Financial Impact of ICD-10
The financial impact of the ICD-10 transition mustn’t be overlooked. From out-of-pocket funding for the conversion to enduring cash flow disruptions as all stakeholders try to get their balance, financial challenges are looming.
So here you are as an ENT, you are working hard to transition by the cutoff date, you have a staff to think about and you are wondering how much of a financial hit you can take before things turn ugly. How do you mitigate the foreseeable financial challenges coming? While there are many steps you can take, the one thing you must do is train your staff. Industry analysts say the biggest challenge that will arise from ICD-10 will be denials, as most doctors’ offices will likely submit inaccurate data to payers due to the unfamiliarity of the new coding standard.
Working backwards, it can be presumed that this will be a function of recording and reporting codes. Your staff is the core of any reporting activity, so if they are completely conversant with ICD-10 then it can be assumed that the number of denials will decrease. Certainly this is a hypothetical scenario and there are many other factors that play into successful reporting. Following this course of thinking, the more your staff is trained, the more likely you are to see results of better outcomes.
So, how do you prepare your staff through training to reduce the financial impact the ICD-10 transition could have on your practice? Here are some pointers:
Cultivate stakeholder buy-in
Your employees are the most important stakeholders in your practice. By sitting with them and getting everyone on board with the transition, things will go smoother as you work towards beating the deadline.
Create a training schedule
Just like any other capacity building activity, training must be scheduled in order for it to be effective. Based on your office hours and schedule, create a plan that allows everyone ample time to go through the training materials, ask questions, and get coached.
Leave no one behind
As the entire practice functions as a unit, it’s imperative to have everyone from key staff to support staff needs to be on the same page for when your ENT practice makes the the ICD-10 changeover.
These are a few easy tips to get you started. Of course there are many others you could explore, so don’t feel limited by these. Get your staff on board and you are more than halfway to a successful transition and less of a financial hit.