I recently came across a Physicians Practice article about the commonalities of ICD-10 and Value-Based Purchasing (VBP) and thought it made some interesting points about how the relationship between improving quality care and providing better data will ultimately help improve a practice’s revenue cycle.
The article discusses the positive rewards for practices and hospitals that implement ICD-10 alongside other healthcare initiatives, and it outlines the steps taken at the University of Washington (UW) Medicine in Seattle to implement new initiatives. The hospital created implementation teams, and realized there were six main areas that were impacted by implementations the most:
- Clinical operations
- Physician engagement
- Revenue cycle/finance
- Data reporting
They found that each area was affected by updates, so it was easier and more productive to address multiple updates at the same time to minimize the overall impact on clinicians. This allowed them to focus more on improving patient care, and healthy patients mean reduced readmissions and an improved patient experience.
When it comes down to it, practices that focus on providing the best quality of care, documenting patient diagnoses thoroughly and planning for industry legislation changes will see increased revenue and other rewards as a result of their hard work.
How is your practice implementing the changes –together or separately? Let us know.