Finance & Enjoyment Blog

Denver Accountants: 2014 Brings New Billing Changes

2014 is going to be a big year for the healthcare industry; the new Affordable Care Act is probably the one change that is getting the most attention. However, one of the changes that could impact your practice from a tax perspective is the changes to billing and coding protocols. And while these changes are here to stay, your tax accountant Denver wants you to be aware of these so you can maximize your reimbursements in the coming year.

Here are the three of the most important billing modifications physicians will have to make in 2014 and a few ways to help maintain a healthy revenue stream for your practice:

ICD-10 – medical coders currently work with roughly 13,000 diagnosis codes. That amount will increase to approximately 70,000 diagnosis codes once the switch to ICD-10 is made. Add these to the new procedural codes and the total comes to almost 155,000 codes Healthcare providers should expect potential billing and coding impediments and possible profit reductions during this massive healthcare billing overhaul. You’ll have to start training for the switch as soon as possible to help reduce the impact.

Healthcare Exchanges – Payment rates are still an uncertainty, but some states are already aligning with Medicaid prices. This will result in lower reimbursement rates for doctors. Technologies like EHR that streamline your workflow and move patients through your practice faster, a quality that will be vital as you look to take in more patients to cancel out decreases in revenue.

Revised CMS 1500 Form - The Centers for Medicare and Medicaid have released a revised claims form that will be distributed for use on January 6 and become mandatory by April 1. The new form has been created to accommodate ICD-10 come October. Check with your payers for their projected effective dates.

How to use this Information KKB, your Denver CPAs, wants your practice to be prepared for the billing changes so that you can maximize reimbursements in 2014. Call us at 303-815-1100 for any questions on these changes and how they may impact you from a tax perspective. At KKB, our passion is providing healthcare professionals financial guidance for all areas of their life so that they can enjoy their lives more.

Let us know how we can make a difference in your life today.

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