Depending on who you talk to, there may or not be benefits of the new ICD-10 code implementation coming by October 1st. Healthcare Finance spoke with Paul Keckley, managing director of Navigant Center for Healthcare Research and Policy Analysis, who said that small practices may be very unprepared for the costs they may end up incurring when they have to switch over to using the ICD-10 codes.
According to a survey done by NueMD, who surveyed small to medium sized practices, 50% of those practices are nervous about the cost of necessary software upgrades. With insurance reimbursements declining and software costs rising, we could soon see the acquisition of more smaller sized practices into larger medical groups.
What could this mean in the long run? Some large practices function nicely together and run smoothly. However, often times it seems as though when doctors lose the autonomy they have grown up and practiced with, it can cause real issues for doctors. Doctors who are used to practicing with more flexibility in a smaller practice, certainly experience a “corporate culture shock”.
Summary by David Eisenberg
To read more from David click here
To read more from Healthcare Finance click here
David Eisenberg is currently a medical student at The Commonwealth Medical College in Scranton, PA, and a contributor to Medical Groups. David believes that it is critically important for physicians to not only be well rounded clinically, but also financially. In an ever changing healthcare system, David hopes to help physicians not only understand how to successfully navigate the dynamic healthcare landscape, but also how to take a leadership role in continuing to develop the medical profession that so many have diligently dedicated their life’s work to. In addition to contributing to Medical Groups, David works with thedoctorschannel.com, as well as helps to run an app for pre-med students that he co-founded, PreMD Tracker.
Follow David on twitter: @deisen3