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Revving Up to ICD-10: Key Steps to Minimize Revenue Cycle Risk

Revving Up to ICD-10: Key Steps to Minimize Revenue Cycle Risk. Craig S. Greenberg, CMPE, Executive Consultant November 15, 2013. There’s a Code for That!. Industry readiness stats Identify potential practice costs Steps to develop a proactive plan Areas of focus to optimize revenue cycle

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Revving Up to ICD-10: Key Steps to Minimize Revenue Cycle Risk

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  1. Revving Up to ICD-10: Key Steps to Minimize Revenue Cycle Risk Craig S. Greenberg, CMPE, Executive Consultant November 15, 2013

  2. There’s a Code for That!

  3. Industry readiness stats Identify potential practice costs Steps to develop a proactive plan Areas of focus to optimize revenue cycle Questions Agenda

  4. What is your practice’s level of knowledge around ICD-10 implementation? Very knowledgeable (staff has been trained and are preparing for ICD-10) Somewhat knowledgeable (some staff has been trained and are preparing for ICD-10) Not very knowledgeable (staff hasn’t been trained but are aware of ICD-10) Not at all knowledgeable (staff hasn’t been trained and aren’t aware of ICD-10) Poll Question

  5. 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

  6. Industry Readiness Stats Porter Research 2013, iHealthBeat 2013

  7. Potential Practice Costs Porter Research 2013, iHealthBeat 2013

  8. Changes Impact Everyone Porter Research 2013, iHealthBeat 2013

  9. Develop Proactive Business Plan

  10. Does your practice have a Readiness Assessment plan for your technology, hardware/software and business processes? Yes, we have a plan and have started the assessment Yes, we have a plan but haven’t started the assessment No, we don’t have a readiness assessment plan Poll Question

  11. Meet with front-line staff to dissect processes Map out workflow diagrams Evaluate and modify Improve Organizational Workflow

  12. Some key considerations: • How well do your systems communicate with each other? • Is it easy to get actionable data out of your system? • Does your staff need training to work more efficiently? • Do you need expert guidance to optimize your system? Optimize IT Systems

  13. Certified coders in high demand Invest in staff training Develop retention program Recruit & Retain Certified Coders

  14. Have you given consideration around winding down ICD-9 receivables? Yes, I have a plan in place Yes, I’ve considered it, but I don’t have a plan No, I haven’t considered it Poll Question

  15. Decrease AR Closely manage rejects and denials Reduce coding errors Develop Cash Reserve Plan

  16. Measure success Factor in practice attributes • Structure/Specialty • Geography • Payer mix • Managed care contracts • Technology Benchmark Performance

  17. Financial Planning - Revenue Cycle Optimization it’s not easy...

  18. The time is to act is NOW Communicate, communicate, communicate • 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

  19. 319 days left!

  20. For more information please contact: Kristin Regan kregan@beaconpartners.com

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