Taking the ICD-10 Transition in an Upp-ward Direction.

As you know, nearly every healthcare organization in the country will be affected by the transition to ICD-10. Did you also know that organizations like banks, brokerages, clearinghouses and even automotive insurers will also be affected by the change?

Tuesday, October 18, 2011

HIMSS Webinar Discusses Cost of Non-Compliance

If you weren’t able to participate in HIMSS’ webinar, you missed a very valuable discussion. In addition to providing excellent coverage of a range of ICD-10 migration issues, the presenters also delivered some shocking statistics regarding the cost of non-compliance, particularly the cost of claims that are improperly coded and thus drop into the dreaded Unspecified Code category.  In the early years of the ICD-10 world, the cost of non-compliance will be at the highest point and the negative effect on cash flow from failed claims could be in the billions.  The study results presented by HIMSS ranked the expected causes of failed claims, and heading the list were coding errors on the part of the physician community, who are projected to account for 47 percent of all failures. Following behind physicians are payer systems that are not ready, compromising 15 percent, medical coder errors at 12 percent, shifts in DRGs making up 11 percent, delays in billing making up 7 percent and the remaining 5 percent from technology that is not ready. While all these problems can be resolved with time and expertise, the clock continues to run down for healthcare organizations.

No comments:

Post a Comment