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Revving Up to ICD-10: Key Steps to Minimize Revenue Cycle Risk
Craig S. Greenberg, CMPE, Executive ConsultantNovember 15, 2013
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Heading – Ariel 40There’s a Code for That!
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Industry readiness stats
Identify potential practice costs
Steps to develop a proactive plan
Areas of focus to optimize revenue cycle
Questions
Agenda
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What is your practice’s level of knowledge around ICD-10 implementation?
a) Very knowledgeable (staff has been trained and are preparing for ICD-10)
b) Somewhat knowledgeable (some staff has been trained and are preparing for ICD-10)
c) Not very knowledgeable (staff hasn’t been trained but are aware of ICD-10)
d) Not at all knowledgeable (staff hasn’t been trained and aren’t aware of ICD-10)
Poll Question
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• 55% of physicians have not started any implementation activities
26% of these physicians say they don’t have the time, staff or training resources to begin preparation
Industry Readiness Stats
Porter Research 2013, iHealthBeat 2013
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Porter Research 2013, iHealthBeat 2013
Industry Readiness Stats
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Porter Research 2013, iHealthBeat 2013
Potential Practice Costs
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Porter Research 2013, iHealthBeat 2013
Changes Impact Everyone
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Heading – Ariel 40Develop Proactive Business Plan
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Does your practice have a Readiness Assessment plan for your technology, hardware/software and business processes?
a) Yes, we have a plan and have started the assessment
b) Yes, we have a plan but haven’t started the assessment
c) No, we don’t have a readiness assessment plan
Poll Question
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Meet with front-line staff to dissect processes
Map out workflow diagrams
Evaluate and modify
Improve Organizational Workflow
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Heading – Ariel 40• Some key considerations:
6 How well do your systems communicate with each other?6 Is it easy to get actionable data out of your system?6 Does your staff need training to work more efficiently?6 Do you need expert guidance to optimize your system?
Optimize IT Systems
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Certified coders in high demand
Invest in staff training
Develop retention program
Recruit & Retain Certified Coders
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Heading – Ariel 40Have you given consideration around winding down ICD-9 receivables?
a) Yes, I have a plan in place
b) Yes, I’ve considered it, but I don’t have a plan
c) No, I haven’t considered it
Poll Question
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Decrease AR
Closely manage rejects and denials
Reduce coding errors
Develop Cash Reserve Plan
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Measure success
Factor in practice attributes
• Structure/Specialty• Geography• Payer mix• Managed care contracts• Technology
Benchmark Performance
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Heading – Ariel 40Financial Planning - Revenue Cycle Optimization
it’s not easy...
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The time is to act is NOW• Communicate, communicate, communicate
6 Apply project management processes and principles
• Keep senior leadership informed to remove roadblocks and gain support
• Work with industry associations for support and resources• Leverage everything you can to increase productivity – people,
processes, and technology• Standardize and centralize to increase efficiency• There are no shortcuts, just opportunities• Think outside of the box
Take-Aways
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319 days left!
Thank YouFor more information
please contact:
1.800.4BEACON │ BeaconPartners.com
BOSTON · CLEVELAND · SAN FRANCISCO · TORONTO20
For more information please contact:
Kristin [email protected]
