If any individual in the C-suite will feel the effects of ICD-10 most prominently, it will be the hospital CFO. As reported in Becker’s Hospital Review, October 2015, in a article by Kelly Whittle, MS, Principal, ICD-1 0 Advisory and Whittle Advisors, LLC, the top 4 issues faced by hospital CFO will include.
- Significant productivity loss throughout the revenue cycle – It’s not a matter of whether productivity aftershocks will occur in lCD-I 0 – it’s a matter of where and for how long.
- Short-term denial increases expected – If CMS predictions hold true, short-term spikes in denial rates of 100 to 200 percent are entirely plausible.
- Cash flow and revenue hits Denials and delayed payments will directly affect revenue and cash liquidity, both of which are necessary for business growth and expansion of service lines.
- Denial management hiring challenges – As denials increase, it will be difficult to find qualified denial management experts who are well-versed in the specificity of ICD-1 0.
You can read the full article here – https://www.beckershospitalreview.com/finance/icd-10-aftershocks-4-challenges-every-cfo-can-expect-in-the-wake-of-go-live.html