The Healthcare Information and Management Systems Society (HIMSS) has made an online tool available that healthcare providers can use to assess the financial risks involved in the transition to ICD-10. The HIMSS ICD-10 PlayBook Financial Risk Calculator was developed by the HIMSS ICD-10 Task Force and healthcare compliance technology provider Jvion.
The free online tool requires participants to fill out a survey covering financial topics including cash flow, revenue, and operations costs; this information remains completely anonymous. As the transition to ICD-10 code sets will result in providers and insurance carriers having to switch from about 14,000 codes currently in use in medical billing software and EMR software to about 69,000 codes, the switch can have a financial impact. The risk calculator will provide individual financial risk ratings as well as relative ratings so providers can compare their risk ratings with those of their peer groups. Specific steps to address and reduce financial risk exposure and optimize reimbrusements will also be given, as well as a guide to converting the code sets.
Medisoft and Lytec medical billing software are among the applications that will need to work with the new ICD-10 code sets. Microwize Technology can help.