The Healthcare Information and Management Systems Society (HIMSS) has made an online tool available that healthcare providers can use to assess the financial risks involved in the transition to ICD-10. The HIMSS ICD-10 PlayBook Financial Risk Calculator was developed by the HIMSS ICD-10 Task Force and healthcare compliance technology provider Jvion.
The free online tool requires participants to fill out a survey covering financial topics including cash flow, revenue, and operations costs; this information remains completely anonymous. As the transition to ICD-10 code sets will result in providers and insurance carriers having to switch from about 14,000 codes currently in use in medical billing software and EMR software to about 69,000 codes, the switch can have a financial impact. The risk calculator will provide individual financial risk ratings as well as relative ratings so providers can compare their risk ratings with those of their peer groups. Specific steps to address and reduce financial risk exposure and optimize reimbrusements will also be given, as well as a guide to converting the code sets.
Medisoft and Lytec medical billing software are among the applications that will need to work with the new ICD-10 code sets. Microwize Technology can help.
Medisoft products provide the features necessary to help physicians and billing services with their insurance claims and billing, all at an amazingly affordable price.
Lytec is designed to help you more effectively manage your accounts receivable, as well as track authorizations and inventory.
Allscripts MyWay offers an intelligent, comprehensive “right-sized” electronic medical records (EMR) and practice management solution.
Practice Partner Patient Records provides a host of innovative tools to improve both office and clinical efficiency, while helping to improve quality of care.