With a renewed revenue-focus, an understanding of ICD-10 financial impacts, aligned leadership, and an engaged organization, you can more easily build/revise your ICD-10 conversion plan
Atlanta, GA (PRWEB) August 30, 2012
With the Department of Health & Human Services’ (HHS) announcement that the ICD-10 mandated conversion date is officially October 1, 2014, providers are starting to re-energize and re-focus their ICD-10 activities. But in the process of dusting off old conversion plans and ICD-10 roadmaps, many are finding that what they have either no longer applies or is too high-level to be actionable.
To quickly prioritize, invigorate, and ensure that ICD-10 activities are tailored to an organization’s individual business and case mix, consider taking the following four steps:
1. Preform a self-assessment: go to established resources like HIMSS ICD-10 Playbook, AHIMA, and WEDI. They provide multiple tools on how to assess and plan for ICD-10’s impacts. The HIMSS ICD-10 PlayBook offers one of the most effective self-assessment resources available through the ICD-10 Financial Risk Calculator. In just 10-15 minutes, it delivers a report of ICD-10’s potential financial impacts and equips a provider with specific mitigating steps that can form the basis of a conversion plan. This information can also serve as an initial business case for the next step—a complete financial risk assessment.
2. Complete a financial risk assessment: a financial risk assessment provides detailed insights into the specialties/departments, MDCs, DRGs, specific codes, coders, and even physicians who pose the highest risk to revenues as a result of ICD-10. This information helps providers better prioritize conversion efforts, including training and CDI, in a way that is focused on driving revenue neutrality. A financial risk assessment shouldn’t take long—somewhere between three and six weeks on average depending on the size of the facility—and should deliver outputs that are completely tailored to your organization’s unique business and case mix.
3. Realign the organization's ICD-10 strategy and objectives: prepared with the results of the financial risk assessment, a provider can revisit established ICD-10 objectives and strategies to ensure that they support the goal of a revenue neutral conversion. To help align leadership support and focus, make sure that key business and technology leaders understand and agree to any new guiding principles.
4. Engage stakeholders: communicating ICD-10’s financial impacts—in hard number and dollar figures—is one of the most effective ways of engaging stakeholders and driving them to action. Using the financial risk assessment outputs, a provider can quickly assess which stakeholder groups are most financially and operationally impacted by ICD-10 to effectively target change management, communication, training, and CDI efforts.
With a renewed revenue-focus, an understanding of ICD-10 financial impacts, aligned leadership, and an engaged organization, providers can more easily build/revise their ICD-10 conversion plan. There are additional assessment areas including IT and system architecture that require detailed analysis and must be accounted for in a complete plan. But these four steps can quickly set a provider on the right path forward and help focus an organization on addressing reimbursement impacts before they happen.
Any provider, regardless of where they are in the ICD-10 conversion, can perform these four steps. Even organizations well on their way can benefit from a financial risk assessment, the unique insights that it provides, and its core role in enabling a revenue-neutral conversion.
For more information on Jvion’s ICD-10 RevCore solution or any of their ICD-10 conversion offerings, please visit http://www.jvion.com.
Jvion is a healthcare compliance technology and services organization with a full suite of tools to enable the ICD-10 conversion. The company serves providers and payers in all phases of the ICD-10 conversion process with a simple value proposition—by using Jvion’s tools and solutions, organizations can do more to reduce cost, mitigate risk, and optimize reimbursements with fewer resources and in a shorter time line. Please visit Jvion’s website at http://www.jvion.com for more information.