Governance, Risk & Compliance

Governance, Risk & Compliance

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.

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Edited by Brooke Neuman

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