What does "ready" mean in regards to ICD-10 and you, the physician?

If you are a physician, it means knowing the correct new codes to use that reference your diagnosis. ICD-10 is extremely more specific about each diag, whereas in ICD-9 the codes are more generalized.

What are the ramifications of not being ready for ICD-10?

The short answer is: Claim Denied. The best case scenario:  it will take more time and effort on your part to provide the additional documentation that the insurance companies are going to require in order to adequately support your claim.

And, since your in house or outsourced medical billing company cannot legally change the codes on your diagnosis, you are looking at a delay of payment that will be measured in months, rather than weeks, by the time it all gets sorted out.  Needless to say, this will have a noticeable impact on your revenue cycle.

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