Getting Your Healthcare Organization Ready For ICD-10 – Interview For National Healthcare CFO Summit October 21-23, 2012, Texas
Most hospitals are not ready for the switch from ICD-9 to ICD-10, according to Bernadette Spong, Chief Financial Officer, Rex Healthcare. Although healthcare organizations are currently waiting for a confirmation of the go-live date of January 10, 2014, Spong says that regardless of the date, hospitals should be preparing for the switch to ICD-10.
A speaker at the marcus evans National Healthcare CFO Summit Fall 2012, in Dallas, Texas, October 21-23, Spong talks about the 10th revision of The International Statistical Classification of Diseases and Related Health Problems, and how Healthcare CFOs and hospitals should plan for the changes coming their way.
What is the latest on ICD-10? Are hospitals ready for it?
We are waiting for the Centers for Medicare & Medicaid Services (CMS) to solidify the going live date in about a month. Are hospitals ready? No, but they need to be working diligently to get there. They must take advantage of the one-year grace period and not delay their preparations, as the sooner they adopt it, the better trained and educated staff will be for the final go-live date.
Moving from ICD-9 to ICD-10 is no small feat. If you look at the number of changes in the codes, it is a monumental task. Some hospitals do not have the manpower to handle them, others are not appreciating how large a change it is. CFOs must fully engage with the process, work with physicians and the coding and medical records teams, and even make sure that the Board understands the impact ICD-10 will have on the financial performance of the organization.
How can CFOs minimize the impact on the bottom line?
There was a study done on the impact of the ICD-10 switch in Canada. Similarly, I expect a negative impact on the bottom line of organizations in the US. Physicians will have to ensure they are using the right terminology, which means they will be able to see fewer patients. As insurance companies learn how to handle the information, hospitals will have a backlog on their receivables. When will this improve and how? I do not think any CFO has the answer to this right now.
Do you have any tips for planning and organizing efforts for ICD-10?
We started our journey two years ago, with a road map of what we needed to do. We have charts to see where there is a deficiency in our coding and our organizational development department is helping us craft our educational tools. I meet with our medical records and IT leaders on a regular basis, and also keep our C-suite and Board informed on where we are. It is also important to make sure your vendors are ready to move ahead with you.
How can hospitals maximize reimbursement?
Having a streamlined, well-oiled revenue cycle is critical. It takes a lot of ingenuity and rolling up of the sleeves to make sure the revenue cycle process is air-tight.
A strong clinical documentation program is at the front and center of all of this. Clinical documentation is paramount both today and going into ICD-10.
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About the National Healthcare CFO Summit Fall 2012
This unique forum will take place at The Westin Stonebriar, Dallas, Texas, October 21-23, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on increasing efficiency in an era of accountable care, growth strategies for today’s market, healthcare reforms and reinvigorating revenue cycle performance.
For more information please send an email to [email protected] or visit the event website at http://www.nhcfosummit.com/BernadetteSpongInterview
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