October 2014 is fast approaching
The transition to ICD-10 scheduled for 2014 is not just an annual coding update; it’s a system overhaul. With significantly more codes and specificity, ICD-10 will bring logistical headaches—and a serious threat to hospital financial performance.
To thrive in this new system, hospitals and health systems must launch a highly coordinated, multidisciplinary effort with significant participation from health information management (HIM)/coding, physicians, IT, finance, and others.
High risk, high reward
Coordinating across these groups is no easy task, but failing to do so puts millions of dollars at risk from:
- Wasted time and resources allocated to lower-priority activities
- Reduced coder and physician productivity
- Lost revenues from underbilling, denials, and processing errors
- Recovery Audit Contractor and Medicaid Integrity Contractor scrutiny
- Suboptimal payer contract terms and reimbursement
Organizations that create, implement, and monitor an effective plan can mitigate these risks and turn the ICD-10 mandate into an opportunity through:
- Improved physician documentation
- Optimized coding
- Improved contract terms and payer relationships
- More efficient and effective revenue cycle processes
What is ICD-10 Compass?
ICD-10 Compass helps hospitals and health systems succeed in the ICD-10 transition, maximize resources, and monitor progress through technology and consulting services that assist in:
- Creating a focused, coordinated plan
- Prioritizing transition efforts based on risks and opportunities
- Predicting and monitoring ICD-10’s impact on reimbursement and quality
- Hardwiring robust coding and documentation performance
Our Services
Customized planning
Our consulting team helps members develop a transition plan customized to their needs and strengths. Grounded in our best-practice research, the engagement includes:
- Educating physicians, hospital executives, and other key staff on ICD-10
- Assessing ICD-10 readiness, impact, and gaps
- Quantifying and prioritizing risk and opportunity
- Creating a comprehensive ICD-10 transition project plan and budget
Business intelligence technology
Members use our data and analytics solution to:
- Translate ICD-9/ICD-10 codes with standard or custom mapping scenarios
- Prioritize physician and coder training by identifying high-risk, high-specificity codes
- Predict and address reimbursement at risk
- Monitor and address changes in reimbursement and quality after the transition
- Identify and manage under- and over-coding through sophisticated peer and internal benchmarking
- Drill down to physician- and coder-level data to understand performance and address issues
Outcomes-focused dedicated advisor
We pair every ICD-10 Compass member with a dedicated advisor, who functions as both educator and analyst, helping members extract value from their ICD-10 Compass investment. Dedicated advisors:
- Identify immediate and long-term improvement opportunities
- Review member data to support performance gains and prevent backsliding
- Share peer organizations’ stories and best practices
- Ensure successful technology use
- Conduct initial and ongoing training
National cohort of like-minded hospitals and health systems
ICD-10 Compass members are part of a rapidly expanding national network of progressive hospitals and health systems eager to share insights, strategies, and lessons learned. The membership’s willingness to collaborate fuels the cohort’s ongoing progress.
Request more information about our ICD-10 solutions
