The headlines would lead one to believe all is well post-ICD-10. “ICD-10: Smooth Transition for Claims…” and “ICD-10 is here – and it’s going great” are among just a few tidbits.
And while things have been admittedly pretty quiet during the first 30 days’ post-conversion – with just a few glitches reported here and there – we feel a reality check is in order.
It’s far too soon to tell how ICD-10 is going.
Results are still developing, according to RemitDATA’s data analysis.
In fact, year-over-year data reveals that when you compare October 2014 claims processing figures to October 2015, only 24 percent of the anticipated claims volume has been processed for the month of October.
To give some perspective: when you look at payment velocity for October 2014, 69 percent of claims were processed within the first 30 days of submission; 16.9 percent hit the 31 – 60 days’ mark; 4.4 percent were processed 61 – 90 days; and 9.7 percent were over 91 days. The data doesn’t lie, and it’s telling us to be patient, and to avoid making assumptions as to how ICD-10 is really going.
Most industry experts would agree that reports hinting at smooth sailing post-ICD-10 are extremely premature, as the vast majority of industry experts expect a gradual rise in issues related to claims processing. However, today many are making assumptions, without the data to back up their predictions.
RemitDATA will be monitoring the claims processing cycle, and will provide monthly updates revealing what the data is telling us with respect to ICD-10 and its impact on claims processing. Visit our “ICD-10 Reality Check” blog in December, when we provide another report on the status of processed claims at the 60-day mark.