ICD-10: Revenue Losses Loom
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The survey showed that 46% of respondents anticipate a revenue loss of some kind, and nearly half of those respondents believe their organizations will lose revenue of between 1% and 10%, while 12% project a loss of between 11% and 20%. Boynton says that while any slowdown in the process isn’t likely to bring cash in the door more quickly, she was disconcerted to see how great a revenue hit folks were anticipating.
“I don’t think the goal of ICD-10 is to take that much of a hospital’s revenue,” she says. “If we lost 20% of our revenue, it would put most of us out of business because we operate at such low margins already.”
Although many survey respondents believe their margins aren’t likely to improve quickly following ICD-10 implementation, most do expect to see some positive changes in their quality. Approximately 53% of those who took the survey felt ICD-10 would improve evidence-based medicine at their organization, and 72% felt it would help their organization’s quality initiatives.
While other government mandates, such as EHRs, have grabbed the immediate attention of many healthcare leaders, ICD-10 stands to take priority in the year ahead. As deadlines for these other projects approach, a new fervor will likely begin as providers strive to meet the ICD-10 deadline by getting systems and staff ready.
Karen Minich-Pourshadi is a Senior Editor with HealthLeaders Media.
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