The Consequences of Not Being Prepared
The consequences of not having a workforce that's fully prepared cannot be understated. First, organizations that fail to comply with the ICD-10 mandate face the possibility of federal fines.
Potentially worse is the loss of revenue stemming from lower payments associated with coding errors. Every bill that is incorrectly coded opens the door to a financial loss.
See Also: ICD-10: Minimizing the Financial Hit
HR's power to affect revenue is often overlooked. This is an opportunity for HR leaders to re-assert that power. Pointing out skill and resource gaps and filling them before revenue loss is felt is the kind of leadership story that strengthens teams, builds careers, and in extreme cases could make or break an organization.
Act Now, Don't Delay
The ICD-10 deadline has already been postponed for a year, and it's probably not out of the question that it could be delayed again. But don't bet on it. The negative consequences of under-preparedness are too great, and could lead to many sleepless nights for healthcare executives (nightmare disorder, F515)
Instead, get out in front of your organization's ICD-10 needs now. Any extra time CMS grants providers and payers will be a bonus. Failure to do so could result in a code Z565.