Streamline Health Solutions, Inc.
(NASDAQ: STRM), a leading provider of knowledge management solutions for healthcare providers today announced the release of its
enhancement for the
applications within the Collabra suite of solutions. Streamline Health’s concurrent dual coding solution saves time by allowing coders to assign both ICD-9 and ICD-10 codes to a patient record simultaneously, helping providers prepare for the transition to ICD-10 on Oct. 1, 2014.
According to the American Health Information Management Association (AHIMA), the transition to ICD-10 could cost hospitals from $15 to $20 million each, a large portion of which can be attributed to cash flow disruption related to the changeover. Streamline Health’s concurrent dual coding solution can mitigate revenue loss associated with the transition by allowing provider organizations to become familiar with the new code set ahead of the deadline, and allow them to analyze future reimbursement scenarios.
Concurrent dual coding adds a number of benefits to providers preparing for the switch to the new ICD-10 code set. This solution allows coders to work in both ICD-9 and ICD-10 at the same time, facilitating training on the new codes ahead of the transition and potentially eliminating the need to outsource coding services to a third party. Healthcare organizations are encouraged to implement a dual coding solution as soon as possible to assist in the following areas:
- Coder Training: Dual coding gives coders the opportunity to practice using ICD-10 and increase familiarity ahead of the Oct. 1, 2014, deadline.
- Coder Productivity: The concurrent dual coding method will allow providers to measure the potential impact that the transition to ICD-10 will have on coder productivity.
- Revenue Reimbursement Analysis: Data obtained during this process will provide organizations with the ability to identify potential changes in revenue with specific patient populations and inform them of the need to review or renegotiate payment contracts.
- Physician Documentation Assessment: Dual coding data can also bring to light potential clinical documentation issues related to ICD-10 and help facilities design more targeted physician training programs.
- End-To-End Testing: Data produced through concurrent dual coding efforts can help determine an organization’s readiness to process claims using the ICD-10 code set.
“The transition to ICD-10 is just around the corner, and providers are acutely aware that there are many unknowns – especially as they transition from fee for service to a more risk sharing model. By offering concurrent dual coding as part of our computer assisted coding and chart abstraction solutions, we are helping our clients to enhance training efforts and minimize losses to productivity and revenue,” says Robert E. Watson, President and Chief Executive Officer of Streamline Health. “We understand the importance of a well-defined preparation strategy, and we believe that dual coding should be an important component of that strategy.”