by Tom Sullivan
Posted on Wed, Sep 29, 2010 - 09:07 am
HIMSS said this week that a pilot group is currently testing an early version of what the group calls the ICD-10 Predictive Model – that healthcare organizations could use to quantify the risks and costs of the ICD-10 transition.
Not that payers or providers have a choice in the matter; ICD-10 is a federal mandate, of course, but HIMSS model should shed light on the financial impact of both adopting and ultimately using ICD-10, the group said.
The ICD-10 Predictive Model could be used, for instance, to answer these related questions: what kinds of costs will ICD-10 require? When will those costs be incurred? What steps can be taken to mitigate these costs and risks? And what effect will ICD-10 have on future revenue?
“Many healthcare providers are justifiably concerned about the costs and risks of transitioning to ICD-10. The implementation process requires significant coordination among multiple departments and vendors, while the ongoing use of ICD-10 threatens to slow the revenue cycle,” HIMSS explained in the article.
The model, created in Microsoft Excel, houses components such as a glossary describing the operations ICD-10 will impact, key default assumptions users can start with, and the ability to product custom 'what-if' scenarios. Another section can be used to estimate expenses and produce budgets.
HIMSS added that the model focuses on four areas: coding, revenue cycle, project management, and IT.
“The ICD-10 Task Force is working with a focus group to complete a second phase of testing and will revise the model thereafter,” HIMSS added.
HIMSS explained that members will have access to the model later this year.
Editor's Note: Vote in our new reader poll! Will you use mobile phone apps to look up ICD-10 codes? We'll report the results and what they mean on ICD10Watch.