The health care industry is well behind suggested milestones for the Oct. 1, 2014, deadline for ICD-10 compliance, according to results from Workgroup for Electronic Data Interchange’s annual ICD-10 industry readiness survey.
Survey: Industry significantly behind on recommended ICD-10 preparation timelines
A recent survey of health care professionals—administered by Aloft Group—showed that almost three-quarters of the 260 respondents have completed 25% or less of the transition to ICD-10. Of that group, almost half have yet to even begin the transition.
Survey: Many providers not on track with ICD-10 preparation
Jordan Stone, Financial Leadership Council
Computer-assisted coding (CAC) has generated great interest from finance leaders aiming to offset anticipated productivity losses and minimize revenue uncertainty associated with the ICD-10 transition.
The software, which aids coders in translating physician documentation into a set of billable codes, has the potential to improve a handful of revenue cycle metrics in the process. But many health system leaders we have spoken with are wary of making significant investments in financial and IT resources without better understanding how CAC can help—and what difficulties it may bring.
To gauge early results, we engaged eight of the most advanced CAC adopters we could find and asked them about their experiences with the software. Based on what they told us, here are the three ways computer-assisted coding can improve financial performance.
Three ways that computer-assisted coding can improve financial performance