As if existing IT investments weren’t a large enough strain on provider and payor budgets, the U.S. health care industry is facing a new challenge: ICD-10 (International Statistical Classification of Diseases and Related Health Problems, Version 10) implementation.
In 2011, per the mandate of Senate Bill 628, the United States will move from the ICD-9 system of disease classification to ICD-10, a much more complex system that reflects recent advances in disease detection and treatment via biomedical informatics, genetic research and international data-sharing.
U.S. ICD-10 adoption has the potential to revolutionize the nation’s health care system and produce a huge wave of IT spending. However, the process will require a massive overhaul of the nation’s medical coding system. In fact, some industry observers say that ICD-10 could overtake Y2K in terms of impact and cost.
ICD-10: Turning Regulatory Compliance into Strategic Advantage, a new paper from the Deloitte Center for Health Solutions (the “Center”), part of Deloitte LLP, describes the impact of the proposed move to ICD-10 on U.S. health plans and providers and discusses the need to prepare for this change now. Specifically, it looks at the potential impacts of ICD-10 compliance on three camps of health care organizations:
- Pragmatists
- Collaborators
- Innovators
The window of opportunity for ICD-10 compliance is closing very quickly on a number of fronts. However, with foresight and planning, health care providers and payors can transform this regulatory necessity into a competitive advantage.
To read the full report, ICD-10: Turning Regulatory Compliance into Strategic Advantage, download the PDF attachment below.
Related Content:
Overview: Center for Health Solutions
Services: Health Care Providers and Health Plans
