The healthcare economy, several federal mandates and limited resources are some of the factors surrounding ICD-10 implementation, and healthcare providers should look at five main areas of risk to help narrow down their ICD-10 challenges, according to a HIMSS G7 advisory report.
The five risk areas include the following:
1. Financial impacts and sustainability. A delay in ICD-10 implementation will hurt a hospital's or other healthcare provider's bottom line immediately, as reimbursement claims will inevitably be muddled.
2. Work force. The frontline staff and coders need proper ICD-10 instruction, or productivity will take a severe hit.
3. Vendor readiness. Providers should consider contacting vendors and perhaps renegotiating existing vendor contracts to avoid unnecessary expenditures.
4. Provider payments. Business operations on all fronts, including provider payments, could be interrupted if an ICD-10 implementation plan is not already in place.
5. Fraud, waste and abuse. The government's Recovery Audit program could heighten its review process to make sure all claims are necessary and properly coded.
The five risk areas include the following:
1. Financial impacts and sustainability. A delay in ICD-10 implementation will hurt a hospital's or other healthcare provider's bottom line immediately, as reimbursement claims will inevitably be muddled.
2. Work force. The frontline staff and coders need proper ICD-10 instruction, or productivity will take a severe hit.
3. Vendor readiness. Providers should consider contacting vendors and perhaps renegotiating existing vendor contracts to avoid unnecessary expenditures.
4. Provider payments. Business operations on all fronts, including provider payments, could be interrupted if an ICD-10 implementation plan is not already in place.
5. Fraud, waste and abuse. The government's Recovery Audit program could heighten its review process to make sure all claims are necessary and properly coded.
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