NEW YORK, Oct. 31, 2013 (GLOBE NEWSWIRE) -- CodeSmart Holdings, Inc. (OTCQB:ITEN), with its subsidiary, The CODESMARTTM Group, Inc. (collectively, "CodeSmartTM"), a premier ICD-10 education and solutions group that offers CODESMARTTM UNIVERSITY, its on-line education solution and customizable training solutions, announces today the national rollout of its new, streamlined, turn-key, ICD-10 transition package for physician practices. CodeSmartTM has already begun to reach out to its physician networks to introduce the new product, which is designed to be both affordable and complete.
A statement was made by the American Medical Association estimated that depending upon the size of the practice, the average cost for implementing an ICD-10 transition could range from $65,000 to $150,000. "CodeSmartTM's turn-key transition program was designed to streamline the transition using best practices at a fraction of the national average," said Ira Shapiro, CEO of CodeSmartTM.
The product, which is comprised of four phases, is designed to evaluate a physician practice on its ICD-10 readiness, as well as to bring the practice up to compliance, including the offer of outsourced ICD-10 coding with CodeSmartTM's certified coders. The product is designed to ensure uninterrupted revenue cycle and provide the easiest approach to ensuring a smooth transition to ICD-10, which will become required for reimbursement on October 1, 2014. In addition, the package offers business management solutions offered through CodeSmartTM's partner, Avisena, which helps decrease denials, maximize reimbursements, reduce account receivable balances, and increase overall visibility and control over physician practice revenue.
"Physician practices cite a number of reasons for not concentrating on ICD-10 readiness, ranging from a lack of time and resources to the anticipation that the ICD-10 deadline will be moved again," continued Mr. Shapiro. "However, it has been made clear that the deadline will not be postponed, so CodeSmartTM has developed a seamless transition product that begins with a review of current practices, followed by an easy to follow training program and concluded by a final evaluation to allow physician practices to meet the ICD-10 standards without sacrificing current workflow or revenue cycle."
CodeSmartTM's new physician product is equally equipped to accommodate large multi-office practices and small, rural healthcare facilities.
About ICD-10
ICD-10, or the tenth revision of the International Classification of Diseases is a World Health Organization-approved designation of the aspects of disease treatment that include categories of diseases and treatment modalities for them, broken down in to more than 141,000 designations. The previous ICD had only 17,000 codes, diagnoses and procedures. The United States is among the last countries in the world to adopt these standards, but the Department of Health and Human Services has mandated that all medical practices, hospitals and other medical record keeping organization be trained and ICD-10 compliant by October 1, 2014. This is essential as the Center for Medicare and Medicaid services will also be adopting the ICD-10 standard and will require proper medical coding in order to provide reimbursement.
About CodeSmart™
CodeSmart Holdings, Inc. (OTCQB:ITEN) with its subsidiary, The CODESMART™ Group, Inc., is a premier national subject matter expert for ICD-10 education and compliance in the United States. Its product, CODESMART™ UNIVERSITY, is an on-line program of study for existing coders, new coders, clinicians, and healthcare roles of all types. Created by a combination of a leading panel of ICD-10 subject matter experts and a major four-year accredited university, which contributed the nation's top course designers and a platform that already provides interactive education to more than 60,000 students per year in degree programs. The ICD-10 training also includes live professors who work with and guide students through the programs of study in ICD-10.
CODESMART™ UNIVERSITY is endorsed by over 60 colleges and universities nationwide for its quality of education. The CODESMART™ Group, Inc. also provides solutions for ICD-10 transition, outsource coding, coding audits, critical documentation improvement and the revenue cycle continuum.
To learn more about The CODESMART™ Group's proprietary programs, visit www.codesmartgroup.com.