Version 5010:
Avoid Countless Denials in the New Year -- Check to See If You're Prepared for the 5010 Conversion
Published on Thu Nov 17, 2011
You're not too late to prepare for the Jan. 1 deadline, experts say.The drop-dead date for implementing Health Insurance Portability & Accountability Act of 1996 (HIPAA) version 5010 is less than two months away. If your practice isn't ready, there's no time to lose. Here's what you need to know to stay compliant and avoid financial nightmares.Question 1: What Is Version 5010 Anyway?Version 5010 lays out the technical electronic standards mandated for HIPAA transactions -- that includes claims, eligibility inquiries, remittance advice, and payment data using ICD-10.The current version -- 4010/4010A1 -- does not accommodate the ICD-10 code set. That's why CMS will require version 5010 for use by all HIPAA-covered entities (providers, health plans, clearinghouses, and their business associates, including billing agents) as of Jan. 1, 2012.Timeline: CMS began accepting 5010 forms effective Jan. 1, 2011, and the agency will require the form as of Jan. 1, 2012. Beware: The transition to [...]