HIMSS Offers ICD-10 Financial Tool Suite

The HIMSS ICD-10 Task Force has updated two tools and repackaged them on the organization's ICD-10 PlayBook as the ICD-10 Financial Tool Suite to help providers focus their programs and re-plan their budgets for the 2015 compliance date. The suite combines updated versions of the ICD-10 Cost Prediction Model, which will be available soon, and the ICD-10 Financial Risk Calculator into one widget on the ICD-10 PlayBook landing page.

The ICD-10 Cost Prediction Model is designed to help providers plan and budget for costs related to coding, revenue cycle impacts, project management, and IT. The model also provides a breakdown of impacts by cost categories through a heat map that summarizes projected spend across the conversion and into a steady state. The latest version will be updated to account for the shifts in training, testing, remediation, and project management related to the delay. This tool will be available in the next few weeks.

The financial risk calculator is a self-assessment tool that provides a risk profile across three financial dimensions: revenues, cash flow and operational costs. Using the calculator, organizations can isolate areas within the revenue cycle that are vulnerable to the ICD-10 transition. Providers can use this information to prioritize conversion efforts.