Turning the ICD-10 Transition Into an Operational Advantage
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How can providers use the transition to ICD-10 to better position themselves for future success? Rather than seeing the industry’s transition to ICD-10 as a burden, providers may be missing an opportunity to “accentuate the positive” and use the transition to improve their organization’s performance under the new coding system. As the deadline of Oct. 1, 2014 approaches, the challenge for today’s healthcare leaders is to turn the transition from ICD-9 to ICD-10 into a strategic initiative that can result in long-term performance improvements. If handled strategically, provider organizations — including medical group practices — can not only meet that deadline, but can also successfully leverage ICD-10 to move their organizations toward implementation of clinically driven revenue cycle processes and, ultimately, achieve long-term financial success. The bottom line: It’s time for leaders to realize that the move to the new coding system presents a significant opportunity to optimize their organization’s performance — both clinically and financially. Doing so means seeing the upside when selecting and/or implementing information systems that can support ICD-10, understanding the inherent advantages associated with the new coding system, and developing and implementing a strategic plan that enables your organization to optimize performance under the new coding system. By taking this approach, healthcare provider organizations will be ready for ICD-10 and, perhaps more important, be positioned to succeed under the new system in the months and years ahead.