Experts from the Centers for Medicare & Medicaid Services (CMS) estimate ICD-10 will initially result in a decrease in cash flow and loss of revenue. Denial rates are expected to increase by 100 to 200 percent post-implementation—and healthcare organizations will likely feel the burn of declining payments for up to two years after the implementation1.
Our new white paper, “A Three-Pronged Approach to Ensuring a Smooth ICD-10 Transition”, examines how hospitals can prepare for the change by adopting three key technology solutions—dual coding, analytics and clinical documentation improvement.
From a tactical perspective, dual coding will help mitigate risk by giving a hospital advanced warning of problem areas, such as staffing levels and documentation. It also provides staff time to train, practice and assess additional needs, which will improve productivity and engagement and reduce stress. Healthcare organizations that begin simultaneous dual coding now can avoid drops in revenue, and other post-implementation pain points, and be well-positioned for the future.
Our white paper also shows that to make coding information actionable requires an analytics solution. Simultaneous dual coding used in conjunction with a data analytics solution enables healthcare organizations to drill down and refine their financial results, payer negotiations and patient outcomes. For example, analytics allows provider organizations to track and measure whether or not the achievements that trigger payments actually occurred and then to use that data to establish better prospective contracts.
Implementing the right technology solution to assist with clinical documentation improvement is the third piece of the puzzle to ensure a smooth transition. Clinical documentation improvement (CDI) is both time-consuming and essential because appropriately recording the care provided has a direct impact on a hospital’s revenue. An electronic CDI solution can improve accuracy, ensure codes support the correct DRGs and streamline workflows by automating simultaneous documentation review processes.
The transition to ICD-10 will be felt across clinical and financial processes years after the October 2014 implementation date. Hospitals that carefully prepare for the change through planning, training and early adoption of three key technology solutions—dual coding, analytics and CDI—will not only experience a smoother transition but also see a greater return on their investment for years to come.
To learn more, download our white paper.