In a recent poll and study on the ICD-10 transition, 75% of healthcare professionals indicated deep concern over the conversion, while another 50% expect a loss of revenue. Respondents are concerned about staff training, understanding the new ICD codes, and increasing denials.Nearly half of all financial leaders who contributed to the study by HealthLeaders Media, ICD-10 Puts Revenue at Risk, anticipate a revenue loss of some kind from ICD-10. Even more significant is that they anticipate losing margin over the next few years.
The Importance of Education
In the ICD-10 Puts Revenue at Risk study, Albert Oriol, the VP and CIO of Rady Children’s Hospital and Health Center in San Diego comments on the amount of learning that must take place prior to the conversion. See the ICD-10 Poll Results.
He says, “Many have compared ICD-10 to Y2K, [but] ICD-10 is more complex. It requires staff along the care continuum to learn and use a new order of magnitude of diagnostic and procedure codes—from the scheduler, to the physician, HIM professional and the biller. Unquestionably, ICD-10 introduces an added layer of complexity to the multitude of challenges already at hand.”
BridgeFront case studies can prove that revenue cycle staff education can improve employee productivity and increase accuracy; well-trained employees also have fewer denials, rejections, and re-bills. Staff education can clearly reduce the negative impact healthcare providers are expecting after the transition to ICD-10.
Informational Web Portal
BridgeFront recently announced its ICD-10 and HIPAA 5010 informational portal, located at www.icd10-education.com. Healthcare professionals can visit the website for complimentary resources on the conversions to ICD-10 and HIPAA 5010. Visitors can sign up for a free on-demand webinar and a monthly preparation email newsletter.