Just nine days before the ICD-10 transition, a new survey reports some interesting findings regarding preparedness and the biggest challenges organizations expect to face Oct. 1.
Here are six takeaways from the Healthcare Organization ICD-10 Readiness Survey by Navicure.
• Healthcare organizations' state of ICD-10 preparedness varies widely, but is improving. A survey from the first quarter of 2015 found that 21 percent of organizations reported they were on track for ICD-10 implementation. In the current survey, conducted in August, that number has risen to 43 percent. The majority of respondents — 85 percent — are optimistic they will be prepared for the Oct. 1 deadline, but 57 percent report not being currently ready.
• ICD-10's impact on revenue and cash flow was respondents' greatest concern. At 94 percent, an overwhelming majority of respondents anticipate increases in their denial rates, but only 30 percent have denial management processes in place.
• Increased clinical documentation update and coding requirements are anticipated to be the biggest challenge following ICD-10, along with payer preparedness resulting in a disruption to payments.
• Respondents expect ICD-10 to negatively impact practices, but have no effect on patients. More than half of respondents expect the transition to negatively impact staff morale, operations and organizational finances.
• Recent CMS announcements regarding non-specific ICD-10 codes and authorizing advance payment have not impacted coding plants or revenue concerns. Nearly 75 percent of respondents report planning to use as specific codes as possible.
• While few organizations have participated in end-to-end testing, those that have report positive results. Only 25 percent of organizations have participated in some kind of end-to-end testing, but of that group, 60 percent report positive or expected results.