Kareo: Independent practices outperform industry in ICD-10 transition
Kareo, a provider of cloud-based solutions for independent medical practices, today announced that 99 percent of claims submitted in the first month of the ICD-10 coding transition were successful. Additionally, 87 percent of Kareo customers have already been paid for at least one submitted claim.
“In October, we saw close to 6.6 million electronic claims representing more than $735 million submitted through Kareo using the ICD-10 coding scheme,” said David Mitzenmacher, Vice President of Customer Success at Kareo. “Based on our data, independent practices using Kareo handled the transition with ease, a testament to their preparation efforts. Compared to results released by the Centers for Medicare and Medicaid Services (CMS) for October, practices using Kareo appear to have outperformed the larger healthcare industry in terms of the ICD-10 transition.”
Kareo also surveyed its customer base directly to gauge its experience with the transition. Based on customer responses, 57 percent of respondents considered the ICD-10 transition “easy” or “very easy.” Just three percent of respondents considered the transition “difficult,” or “very difficult.” The remaining 40 percent considered the event “moderate.”
To summarize, Kareo and its customers have seen:
- 6.6 million ICD-10 claims submitted in the first month
- 99 percent of customers submitted at least one ICD-10 claim
- 87 percent of customers received payment for at least one ICD-10 claim
- 1.4 million claims submitted in October were already paid
- 11 days was the average time to payment for ICD-10 claims
In the years leading up to the October 1 deadline, Kareo has supported its clients through training and software upgrades to ensure independent practices were able to go through this transition without losing or significantly delaying revenue. To learn more about how Kareo is continuing to help independent practices succeed through the transition visit http://www.kareo.com/icd-10.