The ICD-10 coding conversion is not a surprise, as the switchover has been planned for more than a decade. Still, hospitals are faced with finding the time and resources for additional IT and staff to meet the Oct. 1, 2013 deadline. Mary Ann Freas, vice president and CFO for Southwest General Health Center in Middleburg Heights, OH, said her hospital is looking at ICD-10 as a requirement and
“What we’re really focusing in on is the cost of education—not only for our coders, but also for our largely independent medical staff. That’s probably going to be our biggest challenge,” Freas said. “But we also think that it might bring some opportunities for us as well. One of the things that we’re starting to look at is computer-assisted coding. So that should help to assist with the coding shortage and also provide some good productivity gains, not only with this, but also with the quality mining in value-based purchasing.”
Whether the challenge is tech-related, relationship-based, quality-focused, or cost-driven, top healthcare finance leaders stand at the intersection of these varied and oftentimes competing considerations to help shape viable strategies. Look for more on the discussions from this CFO Exchange in Impact Analysis reports over the next few months at www.healthleadersmedia.com.
The hospitals and health systems represented at the HealthLeaders Media
CFO Exchange were:
This article appears in the November 2011 issue of HealthLeaders magazine.