Finally, there's a growing recognition that telehealth can aid in monitoring patients after discharge, potentially cutting down on ED visits and readmissions. That will be important as bundled payments move from theory to reality. In this year's CFO survey, finance leaders said bundled payments will have a negative impact on their organization (48%); another 7% said they'll have a strongly negative impact.
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"Prepare now to ensure a smooth transition—don't wait!" exclaims CMS's ICD-10 site. But in the 2011 survey it's clear that the healthcare industry, famous for its "I'll believe it when I see it" approach to preparing for pending regulations, is indeed waiting. In the 2011 survey, only 9% of IT leaders said their organizations are ready for ICD-10. Most (64%) said they'll be ready within one to two years.
CMS's timeline calls for internal ICD-10 testing in January. But the ICD-10 switch is currently set to flip October 1, 2013—a date that must seem very far off to those who are otherwise occupied with more pressing IT projects, such as becoming meaningful users of electronic health systems.
It's no wonder healthcare leaders are not excited to get started: Many healthcare leaders think they'll lose money on ICD-10. And they're unsure if they'll ever recoup the money they spend on implementation.
But there's danger in procrastinating when it comes to ICD-10—it has the potential to blow margins to smithereens if not completed on time.