HIPAA 5010 Changes That Will Impact Your Medical Practice
A recent survey by MGMA shows that most physicians are either unaware or unprepared for the coming electronic claim submission standard that takes effect January 1, 2012.
Findings suggest that:
- Less than one third of practice management systems are predicted to be compatible.
- 60% of respondents expect significant cost to implement HIPAA Version 5010 and staff training.
- Amazingly, 30% of physicians polled said they have not heard anything from their current vendor about potential costs or needed changes to their systems.
- 54% of respondents expect they will need to upgrade or replace their practice management system.
- 44% of respondents are not confident that they will be ready to meet the January 1, 2012 HIPAA Version 5010 compliance date.
With an estimated out of pocket cost of up to $16,000* for software and potential hardware upgrades per physician, it is clear that billing management has become increasingly technical and challenging to self perform. With these changes comes a new standard for infrastructure and maintenance which will be changing at a faster pace year after year.
Take action now before costs spiral out of control and speak with a dedicated representative at KSL who can walk you through your options for meeting these new 5010 requirements as well as prepare your practice for the future.
Call (314) 450-8749 or email C. Michael Linder: cmlinder@kslinc.net
*MGMA Survey Results
