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

Craig S. Greenberg, CMPE, Executive ConsultantNovember 15, 2013

2

Heading – Ariel 40There’s a Code for That!

3

Heading – Ariel 40

Industry readiness stats

Identify potential practice costs

Steps to develop a proactive plan

Areas of focus to optimize revenue cycle

Questions

Agenda

4

Heading – Ariel 40

What is your practice’s level of knowledge around ICD-10 implementation?

a) Very knowledgeable (staff has been trained and are preparing for ICD-10)

b) Somewhat knowledgeable (some staff has been trained and are preparing for ICD-10)

c) Not very knowledgeable (staff hasn’t been trained but are aware of ICD-10)

d) Not at all knowledgeable (staff hasn’t been trained and aren’t aware of ICD-10)

Poll Question

5

Heading – Ariel 40

• 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

Heading – Ariel 40

Porter Research 2013, iHealthBeat 2013

Industry Readiness Stats

7

Heading – Ariel 40

Porter Research 2013, iHealthBeat 2013

Potential Practice Costs

8

Heading – Ariel 40

Porter Research 2013, iHealthBeat 2013

Changes Impact Everyone

9

Heading – Ariel 40Develop Proactive Business Plan

10

Heading – Ariel 40

Does your practice have a Readiness Assessment plan for your technology, hardware/software and business processes?

a) Yes, we have a plan and have started the assessment

b) Yes, we have a plan but haven’t started the assessment

c) No, we don’t have a readiness assessment plan

Poll Question

11

Heading – Ariel 40

Meet with front-line staff to dissect processes

Map out workflow diagrams

Evaluate and modify

Improve Organizational Workflow

12

Heading – Ariel 40• Some key considerations:

6 How well do your systems communicate with each other?6 Is it easy to get actionable data out of your system?6 Does your staff need training to work more efficiently?6 Do you need expert guidance to optimize your system?

Optimize IT Systems

13

Heading – Ariel 40

Certified coders in high demand

Invest in staff training

Develop retention program

Recruit & Retain Certified Coders

14

Heading – Ariel 40Have you given consideration around winding down ICD-9 receivables?

a) Yes, I have a plan in place

b) Yes, I’ve considered it, but I don’t have a plan

c) No, I haven’t considered it

Poll Question

15

Heading – Ariel 40

Decrease AR

Closely manage rejects and denials

Reduce coding errors

Develop Cash Reserve Plan

16

Heading – Ariel 40

Measure success

Factor in practice attributes

• Structure/Specialty• Geography• Payer mix• Managed care contracts• Technology

Benchmark Performance

17

Heading – Ariel 40Financial Planning - Revenue Cycle Optimization

it’s not easy...

18

Heading – Ariel 40

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

6 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!

Thank YouFor more information

please contact:

name@beaconpartners.com

1.800.4BEACON │ BeaconPartners.com

BOSTON · CLEVELAND · SAN FRANCISCO · TORONTO20

For more information please contact:

Kristin Regankregan@beaconpartners.com