Amy Amick, President, MedAssets Revenue Cycle Management: As healthcare organizations enter the home stretch leading up to the ICD-10 deadline on Oct. 1, it’s time for a little contingency planning. With an additional 68,000 codes to contend with, a nearly five-fold increase compared to ICD-9, there are still many unanswered questions — not to mention fears. Hopefully, like Y2K, most are unfounded. However, given the current volatility of the industry, better to be safe than sorry. Here are just a few “what ifs” to consider as the deadline draws near:
• What if your technology can’t produce ICD-10 claims, or does so incorrectly?
• What if rejections occur unexpectedly?
• What if payers don’t calculate payments appropriately?
• What if denials skyrocket?
• What if delays severely impact cash flow?
Brainstorming “what ifs” not only helps you envision the future, it also lays the groundwork for a backup plan should the unexpected occur.
More articles on finance issues:
The 4 admin pitfalls that drain hospital revenue
ICD-10 & RCML: 5 tips to prepare
RCM tip of the day: Establish a unified clearinghouse platform
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
