Anyone preparing for an ICD-10 implementation has to be 100% comfortable with his/her understanding of the direct financial impacts that ICD-10 will have to the budget before moving forward with implementation.
Alpharetta, GA (PRWEB) April 5, 2011
Exxova—a technology and business process consultancy—released “How Do You Eat an Elephant? Perspectives on ICD-10 Budgeting.” The short white paper is designed as a comprehensive guide for providers in the planning and budgeting phase of their ICD-10 conversion. According to Shantanu Nigam—President Healthcare Vertical Solutions—the point of view captures “the critical considerations that all CFOs and CIOs must keep in mind and have answers for to ensure a successful ICD-10 implementation.”
The point of view is focused on making the most of the ICD-10 mandate. Shantanu said that “(Exxova’s) perspective is that organizations should look at ICD-10 as a way to achieve more accurate reporting and claims processing.” According to “How Do You Eat an Elephant? Perspectives on ICD-10 Budgeting,” providers should ensure that they are: taking an enterprise-wide view, understanding internal and external factors, getting the workforce ready and engaged, and preparing for conversion and long-term impacts. Shantanu commented that:
…anyone preparing for an ICD-10 implementation has to be 100% comfortable with his/her understanding of the direct financial impacts that ICD-10 will have to the budget before moving forward with implementation. They must also account for the indirect impacts of this massive change including transmission capacities, contract negotiations, and increased credit lines with banks. Not having this information will most likely result in organizational turmoil in 2013. Without a solid budget and preparation, providers can expect ad-hoc requirement definition, budget overruns, staff shortages, and scope changes during conversion, which will eventually drive organizations to cut corners and risk noncompliance.
For more information on “How Do You Eat an Elephant? Perspectives on ICD-10 Budgeting,” please download a copy from http://www.exxova.com
Exxova brings together technology and industry expertise to develop solutions that help healthcare organizations find opportunity in mandated change. The consultancy is focused on turning compliance activities into business opportunities while minimizing operational and financial impacts. For more information on Exxova’s solutions, please visit http://www.exxova.com or contact us at +1 770-343-8484
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