Kareo, a provider of cloud-based solutions for independent medical practices, 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,” says David Mitzenmacher, Vice President of Customer Success, 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 independent practices directly to gauge their 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.”