5010 Conversion Deadline for EDI Health Care Claim Transaction

Implementing efficiency with excellence in keeping with the demands of the healthcare industry in order to deliver healthcare with reduced costs has become a major criteria. Designed in mid-August 2001, the new federal Electronic Data Interchange or EDI standards have declared that all clearinghouses, health plans, hospitals, doctors should use mandated HIPAA standards for all healthcare data transmissions. With the approaching deadline for the 4010 to 5010 EDI Health Care Claim Transaction set, there are many vendors, providers and payers who are still responsible for non-payment of claims at the beginning of Q2 2012. Every healthcare organization which transfers, stores and processes patient health information covered by HIPAA and those modules who submit Medicare claims should adhere to ICD-10 or the International Classification of Diseases. ICD or the International Classification of Diseases is the international standard diagnostic classification for health management purposes, general epidemiological and clinical usage. The ICD-10 was endorsed in May 1990 by the Forty-third World Health Assembly and was deployed in 1994 by the WHO Member States. 

The new extension of the deadline from December 31st to March 31st encourages all vendors, providers and payers to submit claims with payments as this ensures cash flow and excellent business operations. Electronic Data Interchange or EDI claims include authorizations, premium payments, referrals, eligibility, claim enquiry, remittance, claim submission and enrollment are covered by the 4010 to 5010 conversion. Being a long-term conversion that would be established completely in 2013, the Version 5010 will replace Version 4020 as it covers the necessary entities in the processing of electronic transactions. Extending its capabilities for the growth and inclusion of any complex issues of ICD-10-CM/PCS codes, Version 5010 has more benefits than Version 4010.

With the main aim being to improve and leverage the collection of types of data and transmission in the process of transaction, Version 5010 would improve payment processes and claims submission that are connected to the ICD-10-CM/PCS conversion. Bettering the existing standards for processing of refunds, recovery of payments, claim corrections and reversals, Version 5010 as a crucial factor urges timely adoption and offers organizations quality management, ensures smooth workflow, improved efficiency and accuracy besides meeting HIPAA standards and the deadline for EDI healthcare claim transaction.

For more information, visit http://www.usmedicaltranscriptionservice.com/ or call 1-800-723-4308