The survey results send a clear message that providers understand that they are behind in the conversion process, especially when it comes to capturing ICD-10’s revenue cycle impacts
Atlanta, GA (PRWEB) March 21, 2013
To better understand perceptions around ICD-10’s revenue cycle impacts and the industry’s readiness to address these risks, Jvion conducted a pulse survey during the HIMSS13 conference—the largest, annual healthcare information and technology event in the nation. Over the three-day exhibit, attendees were asked how strongly they agreed with the following statements:
- ICD-10 will have major revenue cycle impacts
- ICD-10 will compound current revenue cycle challenges
- My organization has a strong understanding of ICD-10's financial impacts
- The conversion tools available in the market leverage financial risk information across the conversion effort
“Our findings from this simple survey reinforce concerns within the industry over ICD-10’s financial impacts and the readiness of providers and conversion solutions to neutralize negative reimbursement shifts,” explained Ritesh Sharma, Jvion’s Chief Operating Officer.
Close to 90% of the respondents agreed or strongly agreed that ICD-10 will have major revenue cycle impacts. Approximately the same proportions felt that ICD-10 will compound current revenue cycle challenges. “These responses are in line with what we see the in the market,” said Ritesh. “There has been a real evolution in thought around ICD-10; it is one that has moved from seeing it as just an IT problem, to a broad understanding that recognizes the clinical and financial/business risks inherent in the transition. Providers see ICD-10 within the entire scope of industry reforms and changes. They know that this code conversion is foundational to so many other current initiatives like Meaningful Use.”
Those polled were less sure about their own facility’s readiness to address ICD-10’s financial risk. Just over 74% of the respondents reported that their organization was still in a fog around ICD-10’s specific revenue impacts. And when asked about how well current conversion tools leverage financial risk information across the conversion to drive revenue neutrality, 70% of the respondents reported that they didn’t know.
Ritesh went on to say that, “the survey results send a clear message that providers understand that they are behind in the conversion process, especially when it comes to capturing ICD-10’s revenue cycle impacts. They are aware that ICD-10 will have an effect on revenues, but they aren’t sure of what that means at the individual organization level or how they will mitigate negative reimbursement shifts. From a solution standpoint, providers are unsure of how or if financial risk information is used across conversion tools to drive revenue neutrality. These solutions may include crosswalk builders, dual coding support systems, or testing solutions. This finding is most likely the result of a few market trends including the limited availability of fully integrated and revenue-focused end-to-end conversion solutions. There are quite a few revenue risk assessment tools, but very few tangible, full conversion suites that integrate financial risk information.”
For more information about Jvion, the results of their pulse survey, or any of their ICD-10 revenue cycle and financial risk solutions, please visit http://www.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 http://www.jvion.com for more information.