...the only way to truly understand ICD-10’s exact financial risk is to turn the focus inward
Atlanta, GA (PRWEB) December 19, 2012
“ICD-10 will have significant financial and operational impacts.” That was part of the statement made by Ritesh Sharma, Jvion COO and co-presenter for the recent HFMA-sponsored presentation Protecting Your Revenue’s from ICD-10. This simple sentence is turning out to be more controversial than it may appear at first blush. “If you ask five different vendors to quantify 1CD-10’s financial impact, you will get five different answers,” explained Ritesh.
The differences, it seems, stem from the diverse ways that organizations look at ICD-10. Ritesh went on to say, “There are some companies who are deeply invested in the CMS General Equivalence Mappings (GEMs). So they are hesitant to deliver any message that doesn’t support the idea of a ‘revenue neutral’ conversion. Others have quantified ICD-10’s risk based simply on mappings. That is, they see financial risk as an outcome of the number of codes used that don’t directly translate one for one from ICD-9 to ICD-10. The estimates from this approach can vary widely—from .02% to 14% impact depending on the statistics behind the number.”
During the education session, Jvion examined the different approaches to quantifying ICD-10 financial risk along with the pros and cons of each method. They also provided attendees direction on how to take a revenue-focused approach to ICD-10; what to expect from an ICD-10 financial risk assessment; how to best apply the outputs of an assessment; and ways to leverage financial risk analytics across the entire ICD-10 conversion.
“We really wanted to drive home the point that the only way to truly understand ICD-10’s exact financial risk is to turn the focus inward. Every organization is different with a unique case mix. Providers should look for a software-enabled approach that delivers granular analytics down to the encounter level to produce detailed and tailored financial impact outputs. This is the only way to get the kind of real numbers that reflect an organization’s financial risk and deliver effective actions for neutralizing negative reimbursement sifts.”
To listen to the full audio from the webinar, visit http://tinyurl.com/bk2xqbn. And for more information on Jvion’s ICD-10 financial risk assessment solution and how it can help providers prepare for and avoid negative reimbursement impacts, please visit http://www.jvion.com/revcore.html.
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.