What are the Benefits of ICD 10 Impact Analysis?

ICD 10 Impact analysis offers a wide range of benefits to health care providers in different categories like Clinical Coding, Relationship Opportunities etc.

ICD 10 Impact analysis offers a wide range of benefits to health care providers in different categories like Clinical Coding, Relationship Opportunities, Information technology, Quality Measurement, Monitoring, Performance and Reimbursement to name a few.  Let us understand how this works.

Clinical Coding

Though ICD 10 assessment has far reaching implications on a variety of business applications, its impact in clinical coding is also quite significant. This is because ICD 10 offers a simpler method of coding. By providing proper training to coders you can in fact plan for any productivity loss, thereby ensuring smooth transition. In fact ICD 10 Impact Analysis improves case and disease management. It also improves population identification along with severity stratification. The application of ICD 10 codes enhances the efficiency of treatments across hospital care and resource management process.  Further, ICD 10 improves the documentation process and also the accuracy of clinical coding. This actually helps in monitoring and assessing patient safety along with other quality indicators. At the same time it also ensures compliance with regards to billing guidelines and third party coding.

Monitoring & Performance

Shifting from ICD 9 to ICD 10 enables health care providers to enhance their performance levels, reduce costs and create new efficiency parameters. ICD 10 impact analysis offers health care providers with a huge potential to save on costs since the cost and trend analysis are far more accurate than the earlier versions. This will enable health care providers to analyze their costs, monitor resource utilization, monitor services, monitor results and at the same time measure the performance. This will help the providers to make an evaluation of their own performance and see where they stand against other providers in the market place.

Further, ICD 10 assessment will enable providers to allocate their resources judiciously and promote their hospital to medical practitioners and also to patients. At the same time it will also help providers to ring down the need for supporting documents for settling claims.

Relationship Opportunities

ICD 10 assessment enables healthcare providers to enhance their relationships with vendors, other health care providers, patients and doctors. It will also enable healthcare providers to tie up with the payers to improve coding. This will ensure making corrections to the existing reimbursement processes so that there is improvement in the revenue stream. This will result in all round satisfaction. Further, ICD 10 assessment enables health care providers to gain experience as well as the necessary expertise in leveraging for quality performance and outcome reporting.