Governance, Risk & Compliance

Governance, Risk & Compliance

Share
August 22, 2012

Financial Risk Calculator Helps Determine ICD-10 Financial Risk Profile



Currently in the United State, ICD-9 (International Classification of Diseases, Ninth Revision, Clinical Modification ) is the code that is being used to report diagnoses and inpatient procedures. However, the Department of Health and Human Services has mandated that this be replaced by ICD-10 by October 1, 2013.

Jvion has recently co-authored an article with the HIMSS ICD-10 Playbook that examines the financial risk assessments of ICD-10. It was engaged to develop the ICD-10 Financial Risk Calculator, a self-assessment tool to help providers determine their ICD-10 financial risk profile.

The article goes on to add that the Jvion team was selected because of its deep expertise in understanding and addressing ICD-10 financial impacts, and proven technical capabilities, as illustrated by Jvion's icdcomplete software suite.

The company’s icdcomplete, a cloud-based, comprehensive software suite allows it to prioritize ICD-10 conversion efforts in a way that mitigates risk, automates conversion activities to reduce resource and time line constraints, drives visibility into all ICD-10 activities and helps realize more value with less cost and impact to finances.

With the deadline for ICD-10 looming ahead, providers are beginning to take a hard look at revenue impacts hidden within the ICD-10 conversion and what the short-term and long-term impacts will be.

“A historical claims analysis is really the next step in understanding ICD-10’s financial impact in that it helps providers focus remediation on avoidable negative impacts,” Shantanu Nigam, Task Force member at ICD-10.

The ICD-10 Financial Risk Calculator from Jvion, which assesses and addresses ICD-10 financial risk, consists of a 10 -15 minute survey.

At the end of the self-assessment, respondents will receive risk rating across three financial dimensions: revenue, cash flow, and operational costs, relative risk profile scores that compare individual risk profiles with those of the peer group and information that helps to become more revenue-focused while approaching ICD-10.

Although many organizations have already completed their ICD-10 assessments, Nigam urges these organizations to revisit the work performed during the assessment phase, and take a closer look at the precise operational and financial risks posed by ICD-10.

'Done Well,' ICD-10 will be time-consuming and costly but beneficial in the long run, but 'Done Wrong,' ICD-10 could cost an organization much more than it gains in financial incentives.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO West 2012, taking place Oct. 2-5, in Austin, TX.  Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.




Edited by Brooke Neuman
Share


blog comments powered by Disqus