Health Information Management (HIM) to Surpass EHR Purchasing Amid Healthcare Reforms

According to a recently-released Frost and Sullivan report, health information management (HIM) and revenue cycle analytics are projected to surpass the electronic health records (EHR) purchasing market within the next few years, as hospitals adapt to meet the changes spurred by healthcare reform and the possible implementation of ICD-10.

"Hospitals understand they must establish new business models in order to survive under a dramatically transformed provider landscape," said Frost & Sullivan Connected Health Principal Analyst Nancy Fabozzi.

Read the entire article on Health IT Analytics.

Nearterm provides expert revenue cycle, financial management and health information management consulting for medical and healthcare organizations and hospitals. Contact us today to  learn how Nearterm can help your business.

Revenue Cycle Industry to See Changes in 2015

The New Year will be a year of changes for professionals in hospital revenue cycle, notes a new article from Healthcare Finance News. The biggest changes impacting the industry include the move from fee-for-service to population-based payment systems, as well as the possible implementation of ICD-10.

According to the article, it will become critical for those at the department level of hospitals to understand foundational revenue cycle management, a task which will be left up to revenue cycle management directors. Additionally, the article notes that uncertainty regarding whether or not congress will implement ICD-10 in October 2015 will have a large impact on hospitals, primarily because of the revision's effect on coding procedures.

“[IDC-10] will be a bigger change on the hospital side because they now have to code based on procedure codes instead of revenue codes,” Laurie DeSantis, vice-president of operations for HCL, explained to the website. “The unknowns are especially large because the payers haven’t released their payment policies yet. It is hard to say that even when the coding is correct how the payers will react.”

Over the years, Nearterm has developed a strategy that provides coding expertise anywhere in the United States to deal with existing requirements, as well as the requirements imposed by the implementation of ICD-10.

Read the entire article on Healthcare Finance News.

Revenue Cycle Management Outsourcing Projected to Expand

Investment in revenue cycle management (RCM) outsourcing is set to expand at a compound annual growth rate of 7.2 percent through to 2019, according to a recent report from MicroMarket Monitor, a market research firm.

The report, which examines North America’s revenue cycle management market, was prepared through “extensive primary and secondary research.” The report’s findings are supported by previous reports which indicate that the RCM market is growing.

“RCM has become one of the most popular functions for healthcare providers to outsource, due to its critical importance and significant challenges associated with managing internal functionalities of hospitals and clinics, in an efficient and cost-effective manner,” the report notes. “The transformation of the U.S. healthcare facility is anticipated to ensure widespread adoption of these outsourced services.”

Consistent with this trend and as one of these outsourced RCM providers, Nearterm has experienced increased demand for our services, particularly for our nationwide Interim Management, Technicians (Coders, Billers and Collectors) and Healthcare Executive Search.

The entire report can be bought on the MicroMarket website. 

CMS UPDATE FOR HIM PROFESSIONALS


Here is some great information and access to some useful resources via CMS:

Latest News

MLN Connects™ National Provider Call: Transitioning to ICD-10
Wednesday, November 5; 1:30-3pm ET
To Register: Visit MLN Connects™ Upcoming Calls. Space may be limited, register early.
HHS has issued a rule finalizing October 1, 2015 as the new compliance date for health care providers, health plans, and health care clearinghouses to transition to ICD-10. During this MLN Connects™ National Provider Call, CMS subject matter experts will discuss ICD-10 implementation issues, opportunities for testing, and resources. A question and answer session will follow the presentations.Register or visit the November 5 call web page for more information.
Agenda:

• Final rule and national implementation
• Medicare Fee-For-Service testing
• Medicare Severity Diagnosis Related Grouper (MS-DRG) Conversion Project
• Partial code freeze and annual code updates
• Plans for National Coverage Determinations (NCDs) and Local Coverage Determinations (LCDs)
• Home health conversions
• Claims that span the implementation date

Target Audience: Medical coders, physicians, physician office staff, nurses and other non-physician practitioners, provider billing staff, health records staff, vendors, educators, system maintainers, laboratories, and all Medicare providers
Continuing education credit may be awarded for participation in certain MLN Connects Calls. Visit the Continuing Education Credit Information web page to learn more.

Deadline for ICD-10 Allows Health Care Industry Ample Time to Prepare For Change
The U.S. Department of Health and Human Services (HHS) has issued a rule finalizing Oct. 1, 2015 as the new compliance date for health care providers, health plans, and health care clearinghouses to transition to ICD-10. This new deadline gives providers, insurance companies, and others in the health care industry time to ramp up their operations to ensure their systems and business processes are ready to go on Oct. 1, 2015.
For more information read the rule or view the press release.
New Medscape Education Resources
CMS has released three new Medscape Education modules to help providers prepare for ICD-10. The new resources are available on the Provider Resources page. Continuing medical education (CME) and nursing continuing education (CE) credits are available to health care professionals who complete the learning modules, but anyone can take them and receive a certificate of completion.  If you are a first-time visitor to Medscape, you will need to create a free account to access these resources.
• Video: ICD-10: Getting From Here to There -- Navigating the Road Ahead
• Video: ICD-10 and Clinical Documentation
• Expert Column: Preparing for ICD-10: Now Is the Time
Road to 10:  CMS Online Resource for Small Practices
CMS has released “Road to 10,” an online resource built with the help of providers in small practices. This tool is designed to help small medical practices jumpstart their ICD-10 transition.
“Road to 10” includes specialty references and gives providers the capability to build ICD-10 action plans tailored for their practice needs.
Successful Results from CMS ICD-10 Acknowledgement Testing Week
In March 2014, the Centers for Medicare & Medicaid Services (CMS) conducted a successful ICD-10 testing week. Testers submitted more than 127,000 claims with ICD-10 codes to the Medicare Fee-for-service (FFS) claims systems and received electronic acknowledgements confirming that their claims were accepted. Read more about the results of the testing in this CMS eHealth blog.
CMS eHealth University
CMS eHealth University, a resource to help providers understand, implement, and successfully participate in ICD-10 and other CMS eHealth programs, features a full curriculum of materials and information, all in one location. The education modules are organized by level, from beginner to advanced, and simplify complex information in a variety of formats, including fact sheets, guides, videos, checklists, webinar recordings, and more.
Visit eHealth University website to find resources to help you prepare for the compliance date.
CMS/WEDI Implementation Success Initiative
The Workgroup for Electronic Data Interchange (WEDI) is partnering with CMS and other public and private organizations to develop the ICD-10 Implementation Success Initiative. The first phase of the Initiative, a searchable database of ICD-10 issues, is open to the public to submit questions.  WEDI, CMS, and industry partners will update the database with information and resources to help health care organizations who submit issues understand how the new codes and standards will affect reporting of diagnoses and inpatient procedures.
The goal of this initiative is to ensure a successful ICD-10 transition for all stakeholders, including health care providers, payers, clearinghouses, and vendors.
Stay up to date on ICD-10!
Sign up for CMS ICD-10 Email Updates and follow us on Twitter.

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• Page last Modified: 10/08/2014 10:18 AM

J.J. WATT QUOTE

I typically ignore the myriad of quotes and quips that saturate social media these days but this one caught my eye:


"SUCCESS ISN'T OWNED, IT'S LEASED. AND THE RENT IS DUE EVERY DAY"


Wouldn't it be great if everyone embraced this wisdom? It applies to our personal lives as well as our professional lives. So if you are a Revenue Cycle Leader, HIM Director, Hospital CFO or some other key role player, be sure to pay your rent :)


Hope you enjoyed reading this as much as I enjoyed sharing it. We at Nearterm practice it every day!


Jim Matthews
Principal; Nearterm Corporation
(281) 646-1330

AHIMA 2014 Convention - iPad Winner

Nearterm would like to congratulate our iPad winner Diane Brooks, Compliance Auditor/Educator at Central California Faculty Medical Group.

Diane was shocked and super excited. She said she did not own an iPad and had been looking at getting one. She also said she had never won anything at the shows before so this made an impact with her.

Congratulations Diane!

Nearterm at the AHIMA 2014

Thank you to everyone who came to the Nearterm booth at the AHIMA 2014 in San Diego. You made our show a great success.