ICD-10: Revenue Losses Loom
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With mounting mandates and competing priorities, many leaders have yet to focus on the ICD-10 directive, and just 3% of respondents in the new HealthLeaders Media Intelligence Report, ICD-10 Puts Revenue at Risk, feel they are ready to make the transition. With 46% of respondents anticipating revenue losses, just what is impeding implementation?
Less than two years before the mandatory transition to ICD-10 coding in October 2013, just over half (51%) of organizations have completed any of their initial ICD-10 readiness assessment, according to the survey.
“It’s not surprising [so few people have started], just the sheer magnitude of the number of projects and the amount on people’s plates already has slowed people down,” says Albert Oriol, lead advisor for the survey and vice president and chief information officer at Rady Children’s Hospital and Health Center in San Diego.
More pressing matters, in fact, were cited by 41% of respondents as to why they had not even completed an ICD-10 readiness assessment, while 39% said that efforts were scheduled but had not yet begun.
“I understand it, but I am worried for those who haven’t even started the process yet,” says Oriol. “Anyone who isn’t at least partway through [discovery/assessment] is behind.”
Kimberly Boynton, chief financial officer at Crouse Hospital in Syracuse, NY, agrees that, with the number of competing priorities healthcare leaders are managing, this initiative may be getting temporarily tabled.
“I suspect people are seeing this as a long-term item on the agenda and concentrating heavily on what’s happening in terms of changes to reimbursements, ACOs, and … getting electronic health records in place,” she says.
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