New tool assesses financial impact of ICD-10 switch

The Health Information Management Systems Society (HIMSS) and technology company Jvion have developed an online tool to help facilities calculate the financial impacts of converting to ICD-10.

The ICD-10 Financial Risk Calculator is a joint effort of the HIMSS ICD-10 Task Force and Jvion, an Atlanta-based healthcare technology company. The tool uses questionnaires structured by organization type to estimate the financial risk and identify priorities for the coding shift process. The information, kept anonymous, is used to calculate financial risk ratings across revenue, operational cost and cash flow, as well as to suggest steps for mitigating risk and improving accounts receivable, according to the calculator’s introduction.

The new tool has been added to the HIMSS ICD-10 PlayBook, an existing suite of online resources designed to help facilities transition to the new code sets.

Amid provider worries about the timeframe, the Department of Health and Human Services in April proposed an extension to the original deadline for ICD-10 compliance from Oct. 1 2013 to Oct. 1, 2014.

Topics: Executive Leadership , Finance , Risk Management