We are now more than 90 days into the ICD-10 conversion. While the experts continue to give the transition a thumbs up, we believe the full story has yet to unfold. We believe there is going to be more to the story once the grace period – set forth by the CMS and private payers – ends.
Though for the time being, our data continues to reflect that all appears to be going well. Claims are getting paid, and denials are actually lower in Q4 2015 than during Q3 2015. In fact, quarter-over-quarter, evaluating payment velocity, 5.1% more claims are being paid within 30 days since the ICD-10 transition:
Denial rates by type of service also reveal that across the board, denials are down:
However, we believe it’s too soon to pop the cork on the champagne. Beyond the grace period, there may be claims outstanding that have not yet been processed. Time will tell – check back next month as we continue to monitor the data.