ICD-10 (International Classification of Diseases version 10 developed by the World Health Organization or WHO) code set has the potential to bring new analytical capability to pharmaceutical and medical device companies eager to improve efficiency and to differentiate themselves in the new regulatory economy. Today’s pharmaceutical and medical device company analytic capabilities are not sufficient [...]
We believe we can save health plans and self-funded employers 15% or more, and accelerate claims payments to providers from 90 days to 7 days. If you can do that, you can get the CFO of the healthcare organization to consider investing in the future, which includes all of the regulatory compliance work for ICD-10 and related initiatives.
HIPAA 5010 and ICD-10 implementation timelines were published as widgets for payers, large providers, small providers and vendors by Health and Human Services Centers for Mediare and Medicaid (CMS). There are helpful items such as actions to take immediately, for HIPAA 5010 and more regarding ICD-10.
Sensationalism creates a sense of temporary urgency to know more. Mubarek steps down, Lady Gaga is #1, however, in health care reform more than 50% of all health care companies in the U.S. are not prepared for a new reimbursement system called ICD-10. This is a slow steady march to what could be a sensational event in the future. If a large percentage of health insurance firms and hospitals cannot submit or process claims in the new medical coding system, then it could lead to the next Federal bailout - but this time in health care not financial services.
Although no official word has been handed down regarding exactly what fines our federal government may slap against healthcare organizations that fail to comply with HIPAA 5010 or ICD-10, it appears likely that there will be fines, and they will be sizable. via Concern persists for HIPAA 5010, ICD-10 non-compliance fines | Healthcare Finance News.
The recent passage of national health care reform legislation is an important milestone in the process of moving toward providing millions of Americans with access to health insurance. However, significant steps must still be taken in order to achieve the goals established in the legislation. Specifically, greater clarification is needed to determine how reform will [...]
Today at the WEDI ICD-10 Forum in Fairfax Virginia, Robert L. Guenther, Technical Director for the U.S. Department of Health and Human Services at the Centers for Medicare and Medicaid Services concluded that "All States are at high risk" in terms of their ability to complete CMS requirements at a state level to implement ICD-10. The key issue will focus not on technical, IT oriented approaches but on leadership
Benefits of ICD-10 in health care - more detailed descriptions of the patient condition and the procedures to treat the patient.
No World Borders believes that the clock is ticking on important implementation deadlines for electronic health care and claims compliance dates, and these changes only delay that process. Many health care companies are still asking “What is HIPAA 5010” when they should be asking “how fast can we implement HIPAA 5010.” The new EDI standard enables improved data and provides the foundation for the ICD-10 medical coding standard. These two initiatives have important implementation milestones. See www.noworldborders.com for more information on our home page.
Complilation of health care reform developments at the Federal and State level.
Atlanta conference February 18th will cover both the data interchange standard HIPAA X12 5010 and the companion medical claims coding standard ICD-10. Over 20 industry experts from leading health consulting and technology solutions firms will be participating.
Scott Brown election slows Democrats, but work on the electronic data interchange standard HIPAA X12 5010 and companion medical coding standard ICD-10 will continue. Most health plans appear pleased with this news and it may free up IT budgets to accelerate electronic health care standards as these firms anticipate that their cost of doing business will not be as restricted or impacted by health reform legislation.