Medical Billing and Coding ICD 10 Requirements
The Medical Billing and Coding ICD 10 Code Set was originally slated to replace the out dated ICD 9 Code Set in October of 2013. The Department of Health and Human Services announced a 1 year delay which puts implementation at October 1, 2014. This was in large part due to the AMA’s (American Medical Association) advocacy for more time and for the Department of Health and Human Services to reduce the amount of regulatory burdens to be placed on the physicians because of the new requirements.
What is the Medical Billing and Coding ICD-10?
“ICD-10” is the abbreviated way to refer to the International Classification of Diseases, Tenth Revision, Clinical Modification (ICD-10-CM) and International Classification of Diseases, Tenth Revision, Procedure Coding System (ICD-10-PCS). ICD-10-CM will be used to report diagnoses in all clinical settings and ICD-10-PCS will be used to report hospital inpatient procedures only.
Why is the ICD-9 being replaced?
ICD-9 has outlived its usefulness in the medical profession. Over 30 years old, the ICD-9 is also not up to date with the latest medical technologies, terminologies and methodologies for diagnosis, treatment or even billing. The ICD-10 has incorporated all of the advances in medicine terminology and the format has been expanded to add more detail and information about each diagnosis.
When do medical facilities have to convert to ICD-10?
All services and discharges on or after October 1, 2014 must be coded using the ICD-10 code set. The necessary system and workflow changes need to be in place by the compliance date in order for you to send and receive the ICD-10 codes.
What does this mean for the Medical Billing and Coding ICD 10 Specialist?
According the Bureau of Labor Statistics (BLS) – Occupational Outlook Handbook, job growth in this industry is expected to be 21%, which is 33% more growth than the total for all occupations. Of course, this data was published before the ICD-10 requirement so one can only speculate that the ICD-10 requirement will have a positive impact on the demand and growth of this professional career.
How much can I make as a Medical Billing and Coding Specialist?
According the Bureau of Labor Statistics (BLS) – Occupational Outlook Handbook, the median annual wage of medical records and health information technicians was $32,350 in May 2010. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $21,240, and the top 10 percent earned more than $53,430.
At the Centura College, our Medical Billing and Coding Programs, we teach both the ICD-9 and the new ICD-10. Because the ICD-9 may be used by some until the deadline of October 1st, 2014, we still teach our students everything they need to know in order to be successful on that platform. Conversely, some facilities will make the switch much sooner than required. So we prepare our students for success on both or either Medical Billing and Coding platforms.