Virtusa Offers Critical Tool to Assess ICD-10 Transition Costs

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Virtusa Offers Critical Tool to Assess ICD-10 Transition Costs

Virtusa Corporation has announced that it has designed a customized migration assessment tool to help healthcare organizations determine the potential financial impact of transitioning from ICD-9 to ICD-10.

The conversion, which is mandated to take effect by October 2013, will multiply the number of available diagnosis and procedure codes from the current 24,000 to more than 155,000. The end-result promises to positively transform the healthcare industry by ultimately reducing costs and improving the quality of patient care. Many healthcare organizations, however, are justifiably concerned about how the changeover will impact revenue cycles. Virtusa's complimentary, cloud-based financial modelling solution offers a resource that provides peace of mind and insight by allowing organizations to test various pricing scenarios and gauge the economic impact on different areas of operation, including:

  • Billing and Payment Schemes
  • Provider Billing Practices
  • Use of Mapping Tools
  • Medical Policy Coding
  • Coding Errors
  • Fraud and Abuse Editing

"Virtusa's Financial Modeller is absolutely the type of tool payers and providers need to achieve a competitive advantage as they move to ICD-10," said James Swanson, Director, Healthcare Practice, Virtusa. "Even though organizations have the new code set, many have yet to look at the possible disruptions to cash flow, such as delayed collections and lower reimbursement. The Financial Modeller is a specialized tool that will allow healthcare organizations to identify gaps to the revenue and reimbursement cycle and determine what remediation is required to counteract the shortfalls and achieve a net zero impact."

The ICD-10 migration also opens up numerous other business transformation opportunities for healthcare payer and provider organizations. The enhanced data capture and tracking capabilities allowed in ICD-10 can help healthcare organizations initiate enterprise-wide makeover projects to optimize their business operations systems and processes for increased efficiency and profitability.

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