Find Out if You Are Prepared For Version 5010

The Fall is here, and the Version 5010 transition deadline is now less than four months away! As the January 1, 2012 deadline approaches, your transition should be well underway. There are certain steps to be taking now during the fall to make sure you are on track for a smooth transition. 

If you are a provider, you should:

• Continue external testing and making any revisions to systems based on previous internal testing
• Test those transactions that are used on a daily basis, such as claims and eligibility determinations  

If you are a payer, you should:

• Continue to coordinate the transition to the new formats and testing with providers, clearinghouses, billing services, and other business partners
• Complete external testing and your Version 5010 transition by December 31, 2011 to achieve Level II compliance  

If you are a vendor, you should:

• Continue to conduct external trading partner testing of Version 5010 with customers to achieve Level II compliance
• Conduct solution rollout and provide customer support for the Version 5010 transition through the January 1, 2012 compliance date  

Please visit the CMS website for more information about Version 5010.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.