What Can the Real Estate Industry Learn From Recent Healthcare Developments?

At first glance, there is not much that is similar between the real estate industry and the healthcare industry. While it would be quite simple to be dismissive of any comparison between the two seemingly disparate industries, real estate professionals should jump at any opportunity to discover something that could be beneficial, even if it comes from a source outside of real estate. One of the ongoing concerns within the healthcare industry relates to changes to the ninth revision of the International Classification of Diseases, or ICD-9, as the ICD-10 will replace the previous version quite soon.

The major issue is that the ICD-10 nearly quadruples the number of potential diagnosis codes available to doctors and other healthcare professionals, and the expansion from 17,000 diagnosis codes to well over 64,000 could result in serious issues relating to insurance claims processing. The concern over these coming changes is so serious that Dr. Richard Ottomeyer has taken it upon himself to help educate and prepare other medical professionals for the significant expansion. His work has been received so well and is so essential that he was awarded the Medicare Physician Champion Community of Practice Provider, an award that had never been previously bestowed on a Chiropractic Physician such as Dr. Ottomeyer.

There is a great deal that can be learned from Dr. Ottomeyer’s actions, and many real estate professionals would do well to adopt the attitude that led the chiropractic physician to go to such great lengths to provide vital information to his peers in the healthcare industry. The doctor recognized that the upcoming changes could affect patients by creating potentially lengthy delays in receiving necessary medical care. Rather than waiting for the changes to have an effect, Dr. Ottomeyer’s proactive approach will help ensure that all patients will get the care they need in a timely fashion.

Real estate professionals should recognize the importance of adopting such a preventive approach, and they should follow the doctor’s lead when it comes to acting in a way that focuses on achieving an outcome that is best for all. If there are changes to real estate policies that could adversely affect clients, professionals should work to prepare themselves and their clients while also assisting other professionals in the industry in doing the same. Real estate is a competitive industry, but there are still times when it is best to act with only the best interests of all clients in mind.