As mentioned previously, ICD-10 may move to 2015. Monday March 31, 2014, legislation passed both the house and senate that pushes ICD-10 to October 1, 2015. Reprieve for the industry.
Also connected with this legislation is the doc fix bill that postpones, again, reimbursement cuts to physicians. Typically this happens every year and senior care reimbursement gets pulled into the legislation. In this instance, there is a financial impact to skilled nursing providers. A value based purchasing program (VBP) will be established where value based incentive payments will be made to skilled nursing facilities. There will be a ranking system devised where the highest ranking facilities will receive the most, the lowest ranking will receive the lowest, and those in the lowest 40% will actually be paid less than they would have been entitled to. It also appears that there will be an across the board reduction by a certain percent. So, at first blush it seems that facilities will have to earn the reduction back by being a top performer.
I am sure there will be a great deal more about this as time move on with better interpretations. I will continue to post and keep you updated.
Here is the text of the legislation: