We’re well into the new year, and roughly five months into the post-ICD-10 grace period. While data is still rolling in, what is the data revealing with respect to claims so far?
Overall, things are going very well. Providers appear to be getting paid faster, with fewer denials, and are realizing lower processing time.
Total claims processing time appears to be cut in half from pre-ICD-10 days, with total processing time of 26 days as of the end of Q4 2016, down from 45 days in Q4 2014 (pre-ICD-10) and 44 days during Q4 2015, which was in the midst of ICD-10.
Providers also appear to be getting paid faster than before ICD-10 went into effect, with nearly 74 percent of claims being paid within 30 days (up from 65.5 percent pre-ICD-10, and 62 percent immediately following ICD-10 implementation).
Denied claims are down just slightly, from 15.4 percent pre-ICD-10 to 13.8 percent post-grace period.
And while our stats are likely to continue to change over the coming months as claims continue to roll in, one could probably conclude that the healthcare industry took ICD-10 preparation to heart and were well prepared to accommodate the thousands of new codes resulting from ICD-10.
We will continue to keep you apprised as new data rolls in.