Wondering whether your home health agency should use an ICD-10 coding and OASIS provider?
Is outsourcing the right choice for your home health agency? Can you afford to use an outside provider for ICD-10 coding and OASIS review -- or is that only for large organizations? What is the standard return on investment for agencies relying on ICD-10 outsourcing?
Those are some of the questions which will be addressed in a complimentary webinar hosted by Home Health Solutions, a Simione Coding Company, on Thursday, Oct. 29.
The one-hour webinar will be led by Robert Simione, Director of Financial Consulting for Simione Healthcare Consultants, and J'non Griffin, President of Home Health Solutions, a Simione Coding Company.
Financial consultants across the business spectrum generally agree on one maxim for profitability, no matter the type of business:
If it isn't a core function (meaning you're not charging clients for it), your business is likely to see greater profitability by outsourcing the function, shedding overhead and administrative costs and narrowing your focus to the functions which directly generate income.
Accounting, payroll services and human resources are commonly outsourced by home health and hospice agencies, but there may be more questions and general wariness about using an outside provider for ICD-10 coding and OASIS review, according to Griffin.
"Because coding is driven by clinical expertise, and because ICD-10 coding accuracy in turn drives reimbursement, there's naturally going to be a bit more scrutiny on the process by home health agencies considering outsourcing these functions," Griffin said. "They want to really understand how relying on an outside provider will affect their revenue capture, how quality will be impacted, and many other considerations."
The webinar will address some of the most common concerns home health and hospice providers have, and examine the significant role played by coding and OASIS review in an organization's overall financial health, she said.
"ICD-10 coding is becoming more complex each year, and under Medicare's new Patient-Driven Groupings Model (PDGM), the relationship between accurate coding and an agency's financial viability is more significant than ever before," Griffin said.
"The new payment model relies on specific patient characteristics such as level of functional impairment, the potential of co-morbidities to interact and to cause complications or delayed healing and recovery, and many more factors. Understanding ICD-10 coding guidance is essential to effectively capture all those variables and ensure the right level of reimbursement," she said. Register here to attend the webinar. Did you see this new product? Need help talking to physicians about shorter timeframes and more specific diagnoses? We have a package to help you with that. Visit The Solutions Store and browse our helpful products.