Not too long ago, healthcare experts compared ICD-10 to an impending hurricane. And we Southerners know all about hurricanes. We have emergency kits with batteries and flashlights. Our coastal homes get hurricane shutters and reinforced pilings. Yes, we Southerners know hurricanes like Minnesotans know blizzards.
The last three months of 2015 delivered some great news: the healthcare industry was indeed prepared for ICD-10. It wasn’t a catastrophe of hurricane-sized proportions. Most healthcare providers were successful.
Navicure’s fifth ICD-10 survey, deployed in December, showed healthcare organizations only saw minimal impact on staff productivity during the first few months of the transition. Some other important survey results:
- 99 percent of respondents indicated they were ready for the October 1 transition date
- The majority of respondents (60 percent) didn’t see any impact on monthly revenue, and 34 percent saw less than a 20 percent decrease
- Organization leaders are now shifting to other critical priorities: two-thirds of respondents plan to work on improving overall healthcare revenue cycle management (RCM) processes in 2016, 15 percent are focusing on preparing for value-based reimbursement, and nine percent are updating and automating patient payments
After a successful ICD-10 transition, healthcare organization leaders and staff should be proud they accomplished so much─and excited they can finally move on and tackle the next challenge! With value-based reimbursement and patient payments waiting to take ICD-10’s place at the top of the priority list, no one will be bored in 2016!
Learn what your peers said in Navicure’s final ICD-10 survey: click here to review the complete report.