Organizations that start thinking about ICD-10 now will realize real, financial benefits through the entire remediation process
Alpharetta, GA (PRWEB) October 20, 2010
Exxova, a rapidly growing IT organization focused on healthcare solutions, announced the release of “Are You Ready for HIPAA v5010 and ICD-10?”. The point of view examines challenges facing the healthcare industry as organizations work to comply with the mandated conversion to the ICD-10 code set—a standard classification of diseases and injuries developed by the World Health Organization.
By October 1, 2013, all healthcare organizations will be forced to use the ICD-10 code set. The conversion itself has been compared to Y2K in complexity and impact. However, many in the industry have done little to prepare for what may be one of the largest changes to healthcare in recent history.
Shantanu Nigam—President, Healthcare Vertical Solutions at Exxova—reports that the impact goes well beyond just converting the codes. "In addition to converting the codes, ICD-10 will require a thorough understanding of impacts to data, applications, standard operating procedures, reports, and reimbursements; extensive testing; additional IT support and resources; and ongoing communication with trading partners and vendors to understand external dependencies. Even after October 1, 2013, most organizations will need to support parallel ICD-9 systems for reporting, addressing old and adjusted claims, and trending."
“Are You Ready for HIPAA v5010 and ICD-10?” dives into these challenges and showcases a solution that capitalizes on what most see as a compliance exercise. Using Exxova’s ExXact10 offering, the approach starts with a detailed assessment supported by the ExXact10 Assessment Toolkit. In a recent interview, Shantanu said that:
"(a)ssessment is one of the most critical things an organization can do to understand the risk that ICD-10 poses to systems, people, and core business processes. Most organizations are planning to skip the analysis stage and go right to implementation. But, this approach leaves organizations at risk and unprepared for the magnitude of ICD-10’s impact. Just look at the recent Canadian implementation. Organizations there had to deal with a productivity drop of 32 to 50 percent during the first six months after conversion. Those who prepared for this drop were better able to protect core business functions and minimize the impact to their bottom line.
Spending the time early in the process will help organizations accurately predict costs, the impact of codes, expected workflow changes, and identify key benchmarks and measurements that the technology must support. With the ExXact10 Assessment, we deliver a complete conversion roadmap and effort estimation based on empirical data to help organizations anticipate not just technology but people and process changes at an enterprise level."
According to Shantanu, organizations that start thinking about ICD-10 now will realize real, financial benefits through the entire remediation process. In addition to minimizing costs and impacts to day-to-day operations, starting early will help drive a portion of the anticipated $2.2B in benefits toward early planners. For more information on Exxova’s ExXact10 solution or to download a free PDF of “Are You Ready for HIPAA v5010 and ICD-10?” please visit http://www.exxova.com/WhatWeDoHealthCare.html.
Exxova serves the healthcare industry through technology solutions designed to address the impacts of mandates, reforms, and changing business needs. Combining deep healthcare experience with technical expertise, Exxova drives high quality, cost effective outcomes through a multi-shore delivery model. Based in Alpharetta, GA and with offices in New York, London and Hyderabad, Exxova is privately held and continues to grow rapidly as it has since the company’s founding. For more information about Exxova, please visit http://www.exxova.com.
For additional information, please contact:
President, Healthcare Vertical Solutions
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