Atlanta, GA (PRWEB) September 05, 2013
Atlanta-based Jvion announced today the availability of the latest Healthcare Information and Management Systems Society (HIMSS) ICD-10 podcast “ICD-10 Risk Mitigation Planning”. This episode looks at the financial and operational risks posed by ICD-10 and provides insights into the steps that organizations can take to avoid bottom line impacts. Allison Alavi, Jvion VP of Marketing and Strategic Communications, was showcased during the 10-minute recording.
“ICD-10 Risk Mitigation Planning” covers important topics including the potential effects of the transition, provider readiness against negative impacts, and possible after-shocks to the industry. Included in the dialogue is a summary of recent findings from the ICD-10 PlayBook’s Financial Risk Calculator. Key trends show that:
- ICD-10 will continue to stretch already overtaxed resources within IT and coding departments.
- There is a lack of visibility into coder productivity and vendor readiness.
- Low adherence to documentation standards by physicians will continue unless providers engage in change management and education.
- Providers need to revisit revenue cycle processes to ensure that they account for ICD-10 related challenges.
- Providers need to prepare for increased denial rates and potential revenue losses.
To listen the full podcast recording, visit the ICD-10 PlayBook and scroll down to Episode #9. And for more information on Jvion, please visit jvion.com.
Jvion is a healthcare technology company addressing the financial and operational impacts resulting from mandated reforms and compliance activities. We offer a suite of Big Data-enabled software solutions to reduce the financial impact and burden of the ICD-10 conversion, and help providers protect their revenues from increased financial waste associated with mandated changes and increased payor scrutiny. Please visit Jvion’s website at jvion.com for more information.
ICD (International Classification of Diseases) is the code set used to report medical diagnosis and procedures. It is how a provider communicates what was done to you and why to your insurance. And it is also how an insurance company determines the reimbursement amount to send back to your provider. We are currently on version 9 (ICD-9) and are moving to 10 (ICD-10).
Here in the US, we are late to the ICD-10 game. In fact, every major developed nation already uses the code set. ICD-9 is more than 30 years old, includes outdated terms, and is inconsistent with current medical practices. ICD-10 promises to accommodate newly developed diagnoses and procedures, innovations in technology and treatment, performance-based payment systems, and more accurate billing.
Everyone covered by HIPAA must use ICD-10 starting October 1, 2014. This includes health care providers and insurers who do not deal with Medicare claims. Only workers comp is excluded from the transition. Every system, coder, physician, and insurance company that deals with ICD-9 codes will have to convert. And if this conversion isn’t done correctly, providers stand to lose millions in reimbursements and extended A/R cycle times.
For more information, visit the ICD-10 frequently asked questions page: http://www.cms.gov/Medicare/Coding/ICD10/Downloads/ICD10FAQs2013.pdf .