Nine ways ICD-10 will better your business PDF Print E-mail
Written by Tom Sullivan, Contributing Writer, healthcareitnews.com   
Monday, 01 November 2010 15:08

The healthcare industry might not yet realize this simple fact: Although this does not garner much in the way of media attention, ICD-10 promises to improve the business of healthcare in numerous ways.

Despite the cost, expanse, and overwhelming transformation payers and providers will have to undertake to achieve ICD-10 compliance, ultimately it will be a boon for both healthcare in America and those organizations that serve up that care.

In a white paper, Joseph Nichols, MD, principal at Health Data Consulting, highlights myriad ways that healthcare organizations can leverage ICD-10 to improve their business. Here they are:
 
1. More appropriate contracting
2. More precise payment
3. Better definition of severity, risk, and case mix
4. Improved measurement of quality, efficiency, and outcomes
5. Better network management
6. Better fraud and abuse detection
7. Better risk prediction
8. Competitive advantage
9. Compliance

“Because of the critical nature and pervasive use of these codes for most business and analytic activities, the magnitude of the changes to the industry will be dramatic and out shadow the impact of HIPAA and Y2K combined,” Dr. Nichols writes in the white paper.

Tom Sullivan blogs regularly at ICD10Watch.com

Source:http://www.healthcareitnews.com/blog/nine-ways-icd-10-will-better-your-business
Last Updated on Monday, 01 November 2010 15:16
 

ICD-10 Corner

9 benefits of ICD-10

1. Measuring the quality, safety and efficacy of care
2. Designing payment systems and processing claims for reimbursement
3. Conducting research, epidemiological studies, and clinical trials
4. Setting health policy
5. Operational and strategic planning and designing healthcare delivery systems
6. Monitoring resource utilization
7. Improving clinical, financial, and administrative performance
8. Preventing and detecting healthcare fraud and abuse
9. Tracking public concerns and assessing risks of adverse public health events

More details..

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