Posted by Mark Brousseau
While CFOs are becoming bullish on the economy, they are concerned about health care reform, according to a biannual survey of banking and financial services Chief Financial Officers (CFOs) and senior controllers conducted by Grant Thornton LLP.
Nearly half (48 percent) of the banking/financial services CFOs said that they expect the U.S. economy to improve in the next six months and nearly two-thirds (65 percent) are optimistic about their own company; however, 55 percent also report that they plan to increase the prices or fees charged by their company in the next six months.
Regarding health care reform, 49 percent of banking/financial services CFOs said that it will decrease their hiring (compared to 37 percent nationally), 52 percent said that it would decrease their company’s growth (compared to 40 percent nationally) and 58 percent said that it would increase their product pricing (compared to 49 percent nationally).
“Although we are seeing increased optimism in the banking and financial services sectors, firms are also bracing for the increased compliance costs that accompany both financial reform and health care reform legislation,” says Nichole Jordan, Grant Thornton LLP National Banking and Securities Industry Leader. “Unfortunately, this means that increased costs from interchange fees to expanded health care will be passed along to the consumer or will affect how aggressively firms can hire.”
When asked about the business climate in their own state, 61 percent of banking/financial services CFOs said that they are seeing a negative impact on their business due to the financial condition of their state and 66 percent reported that the actions of the political leaders in their state have not created a business-friendly environment. In addition, an overwhelming majority (95 percent) support public-private partnerships that seek to reorganize and improve the function of state and local governments and public services as a means to overcome budget challenges at the state and local level.
“Although much of the industry has focused on the impact of national financial reform, banks also need to understand how the political and fiscal environments in their own states can affect their business,” adds Jordan.
What do you think?
Showing posts with label health reform. Show all posts
Showing posts with label health reform. Show all posts
Tuesday, June 7, 2011
Monday, April 18, 2011
Healthcare data management
Wendi Klein, Director of Marketing & Communication, North America, A2iA
Since reform and regulation have stirred the industry, it has become an even more complex environment, though the goal is to streamline processes. In the wake of healthcare reform, healthcare IT has been forced to comply with new regulations, and healthcare IT needs have shifted. The U.S. government has set forth dates and deadlines by which providers and payors must meet certain milestones, placing emphasis on obtaining meaningful use of patient data, the availability and recovery of data to increase productivity and enhance patient care, as well as the industry’s transition from ICD-9 to ICD-10.
Given this complex and changing environment, healthcare IT providers must focus on implementing solutions that will meet users’ needs today and in the future, while maximizing existing spending to deliver an ROI. But with so many vendors trying to make a name for themselves, how can one stand out from the competition yet still deliver technology that meets government mandates?
CCHIT certified solutions, for example, are becoming more and more common since this is how the Department of Health and Human Services deems a system a "qualified EMR." However, many CCHIT solutions today still require manual document sorting and data entry because of the complex nature of healthcare documents. Hospitals and clinics alike are looking for ways around this, as it is no secret that manual document handling is a time consuming and expensive task, and even allows for breaches in privacy with the involvement of third-parties.
By partnering with technology companies that provide advanced indexing and data lifting capabilities, CCHIT certified solutions can address these pain points by removing the human interaction and allowing for higher levels of productivity, consequently differentiating themselves from the competition. By allowing complex and even handwritten documents such as provider notes, clinical documentation, lab results or prescriptions to enter the workflow, automatic routing to EHR, EMR or PM solutions can occur, and the data can be automatically located and lifted. Tangible results are seen almost immediately, and the CCHIT solution stands out from seemingly similar applications by providing a greater level of automation for all documents, regardless of their type or complexity.
Once these complex documents are incorporated into the EHR, EMR or PM solution, the next steps, like coding and billing, can occur. According to a recent study, between 5 and 15 percent of a coder’s time is spent reading health information, and 50 percent of a record clerk’s time is spent looking for information. ICD-9 is currently an accepted set of codes to be used for reporting diagnoses and procedures on healthcare transactions, although it must be replaced by ICD-10 no later than October 2013.
Because ICD-10 contains nearly 5 times as many codes and sub-codes, the conversion from ICD-9 to ICD-10 is predicted to decrease productivity by a minimum of 25 percent for three to six months after the transition as coders adjust to new methodology, and become a more costly endeavor than Y2K in terms of both time and money.
Although the deadline to transition to ICD-10 is not until 2013, many have already started to look for solutions to counteract the predicted loss of efficiency. Computer Assisted Coding, or CAC solutions, can help, but many are still asking, “How will coders remain productive as they learn the new codes and sub-codes so that providers can submit and receive payments, and payors can process claims, at the same level of accuracy and speed that they are today?”
Because of these fears and the anticipated decrease in efficiency, there is a large opportunity for technology that can aid in the transition process. Newer, advanced solutions can bring greater levels of automation, help to increase processing times and accuracy, and even save money. By enhancing CAC solutions with capabilities that can automatically locate and lift medical terms and diagnoses from both printed and handwritten documents, such as providers notes and clinical documentation, the research process is sped up and manual labor decreased as codes are automatically assigned. All coded documents can then be indexed and routed with virtually no human interaction to the appropriate EHR, EMR or PM solution, speeding productivity, guaranteeing automation, and aiding in the research and coding process.
Healthcare data management is a complex world, and no one knows what changes are on the horizon. Current solutions can certainly aid in productivity, but combining them with the capabilities of newer, advanced technology, today’s pain points can be lessened, automation improved, and tomorrow’s fears calmed.
What do you think?
Since reform and regulation have stirred the industry, it has become an even more complex environment, though the goal is to streamline processes. In the wake of healthcare reform, healthcare IT has been forced to comply with new regulations, and healthcare IT needs have shifted. The U.S. government has set forth dates and deadlines by which providers and payors must meet certain milestones, placing emphasis on obtaining meaningful use of patient data, the availability and recovery of data to increase productivity and enhance patient care, as well as the industry’s transition from ICD-9 to ICD-10.
Given this complex and changing environment, healthcare IT providers must focus on implementing solutions that will meet users’ needs today and in the future, while maximizing existing spending to deliver an ROI. But with so many vendors trying to make a name for themselves, how can one stand out from the competition yet still deliver technology that meets government mandates?
CCHIT certified solutions, for example, are becoming more and more common since this is how the Department of Health and Human Services deems a system a "qualified EMR." However, many CCHIT solutions today still require manual document sorting and data entry because of the complex nature of healthcare documents. Hospitals and clinics alike are looking for ways around this, as it is no secret that manual document handling is a time consuming and expensive task, and even allows for breaches in privacy with the involvement of third-parties.
By partnering with technology companies that provide advanced indexing and data lifting capabilities, CCHIT certified solutions can address these pain points by removing the human interaction and allowing for higher levels of productivity, consequently differentiating themselves from the competition. By allowing complex and even handwritten documents such as provider notes, clinical documentation, lab results or prescriptions to enter the workflow, automatic routing to EHR, EMR or PM solutions can occur, and the data can be automatically located and lifted. Tangible results are seen almost immediately, and the CCHIT solution stands out from seemingly similar applications by providing a greater level of automation for all documents, regardless of their type or complexity.
Once these complex documents are incorporated into the EHR, EMR or PM solution, the next steps, like coding and billing, can occur. According to a recent study, between 5 and 15 percent of a coder’s time is spent reading health information, and 50 percent of a record clerk’s time is spent looking for information. ICD-9 is currently an accepted set of codes to be used for reporting diagnoses and procedures on healthcare transactions, although it must be replaced by ICD-10 no later than October 2013.
Because ICD-10 contains nearly 5 times as many codes and sub-codes, the conversion from ICD-9 to ICD-10 is predicted to decrease productivity by a minimum of 25 percent for three to six months after the transition as coders adjust to new methodology, and become a more costly endeavor than Y2K in terms of both time and money.
Although the deadline to transition to ICD-10 is not until 2013, many have already started to look for solutions to counteract the predicted loss of efficiency. Computer Assisted Coding, or CAC solutions, can help, but many are still asking, “How will coders remain productive as they learn the new codes and sub-codes so that providers can submit and receive payments, and payors can process claims, at the same level of accuracy and speed that they are today?”
Because of these fears and the anticipated decrease in efficiency, there is a large opportunity for technology that can aid in the transition process. Newer, advanced solutions can bring greater levels of automation, help to increase processing times and accuracy, and even save money. By enhancing CAC solutions with capabilities that can automatically locate and lift medical terms and diagnoses from both printed and handwritten documents, such as providers notes and clinical documentation, the research process is sped up and manual labor decreased as codes are automatically assigned. All coded documents can then be indexed and routed with virtually no human interaction to the appropriate EHR, EMR or PM solution, speeding productivity, guaranteeing automation, and aiding in the research and coding process.
Healthcare data management is a complex world, and no one knows what changes are on the horizon. Current solutions can certainly aid in productivity, but combining them with the capabilities of newer, advanced technology, today’s pain points can be lessened, automation improved, and tomorrow’s fears calmed.
What do you think?
Friday, October 1, 2010
ICD-10, EHRs Take Center Stage at AHIMA
Posted by Mark Brousseau
AHIMA's 82nd Annual Conference and Exhibit, held this week at the Gaylord Palms Hotel and Convention Center in Orlando, Florida, may not have featured "Earth-shattering new products" or "game-changing players," but it did have something that made exhibitors smile: better booth traffic.
"I can't say that I saw any new products at AHIMA," says exhibitor Greg Lusch (glusch@ibml.com), ibml's (www.ibml.com) business development manager for healthcare. But attendance at the event -- which draws coders, transcriptionists and other medical records professionals -- was noticeably higher than in recent years, Lusch adds, resulting in a steady stream of potential buyers visiting the Birmingham, Alabama-based company's booth. He attributes the increased buying interest to the "loosening economy" and strong demand for ICD-10 and electronic health records (EHR) solutions.
"There was a sense among the exhibitors that attendees had a little more money to spend," he says.
If the AHIMA conference is any indication, healthcare providers will spend a lot of that money on ICD-10 initiatives. In 2013, the U.S. healthcare system will transition from ICD-9 to ICD-10 as the HIPAA mandated code set for medical symptoms and procedures. This code set is used for billing and health insurance reimbursement, as well as statistical analysis, clinical, epidemiological and quality reporting. As a result of this transition, Lusch notes that the number of diagnosis codes will swell from 13,000 to 68,000, while the number of procedure codes will soar from 3,000 to 87,000.
"ICD-10 was by far the hottest topic at AHIMA," Lusch says. "Many attendees were there to better understand how to deal with ICD-10; how to make the transition from ICD-9 to ICD-10, what tools and updates were available to help streamline the process, and, in many cases, to find third-party services to help them figure it all out. Clearly, this was a major area of focus for AHIMA attendees."
The other area of focus for many AHIMA attendees was the conversion to EHRs. Lusch notes that in addition to hospitals and large practices -- which have been showing increasing interest in EHR solutions at conferences throughout the year -- a number of service bureaus were at AHIMA sizing up the potential opportunity, looking for EHR solutions of their own, or offering conversion services. "There is no question that more service bureaus are jumping on the EHR bandwagon, offering to scan medical records on behalf of healthcare providers. They clearly believe there is a lot of scanning business out there."
Interestingly, Lusch noted that many of the large EHR solutions vendors did not exhibit at AHIMA.
Noticeably absent from most of the exhibit hall banter was any talk of health reform. That's not to say that it didn't come up during some sessions. But Lusch thinks AHIMA attendees were "too consumed" with the major tasks of ICD-10 and EHRs to focus on the uncertainties of reform.
AHIMA's 82nd Annual Conference and Exhibit, held this week at the Gaylord Palms Hotel and Convention Center in Orlando, Florida, may not have featured "Earth-shattering new products" or "game-changing players," but it did have something that made exhibitors smile: better booth traffic.
"I can't say that I saw any new products at AHIMA," says exhibitor Greg Lusch (glusch@ibml.com), ibml's (www.ibml.com) business development manager for healthcare. But attendance at the event -- which draws coders, transcriptionists and other medical records professionals -- was noticeably higher than in recent years, Lusch adds, resulting in a steady stream of potential buyers visiting the Birmingham, Alabama-based company's booth. He attributes the increased buying interest to the "loosening economy" and strong demand for ICD-10 and electronic health records (EHR) solutions.
"There was a sense among the exhibitors that attendees had a little more money to spend," he says.
If the AHIMA conference is any indication, healthcare providers will spend a lot of that money on ICD-10 initiatives. In 2013, the U.S. healthcare system will transition from ICD-9 to ICD-10 as the HIPAA mandated code set for medical symptoms and procedures. This code set is used for billing and health insurance reimbursement, as well as statistical analysis, clinical, epidemiological and quality reporting. As a result of this transition, Lusch notes that the number of diagnosis codes will swell from 13,000 to 68,000, while the number of procedure codes will soar from 3,000 to 87,000.
"ICD-10 was by far the hottest topic at AHIMA," Lusch says. "Many attendees were there to better understand how to deal with ICD-10; how to make the transition from ICD-9 to ICD-10, what tools and updates were available to help streamline the process, and, in many cases, to find third-party services to help them figure it all out. Clearly, this was a major area of focus for AHIMA attendees."
The other area of focus for many AHIMA attendees was the conversion to EHRs. Lusch notes that in addition to hospitals and large practices -- which have been showing increasing interest in EHR solutions at conferences throughout the year -- a number of service bureaus were at AHIMA sizing up the potential opportunity, looking for EHR solutions of their own, or offering conversion services. "There is no question that more service bureaus are jumping on the EHR bandwagon, offering to scan medical records on behalf of healthcare providers. They clearly believe there is a lot of scanning business out there."
Interestingly, Lusch noted that many of the large EHR solutions vendors did not exhibit at AHIMA.
Noticeably absent from most of the exhibit hall banter was any talk of health reform. That's not to say that it didn't come up during some sessions. But Lusch thinks AHIMA attendees were "too consumed" with the major tasks of ICD-10 and EHRs to focus on the uncertainties of reform.
Wednesday, September 22, 2010
From Healthcare to Baseball
Posted by Mark Brousseau
Chuck Garcia of BOK Financial, Kendall Brown and Gordon Sellers of Systemware, Serena Smith of FIS, Mark Brousseau of IAPP-TAWPI, and Alan Beaney of Systemware take in a Boston Red Sox game after attending the Healthcare Payments Automation Summit.
Chuck Garcia of BOK Financial, Kendall Brown and Gordon Sellers of Systemware, Serena Smith of FIS, Mark Brousseau of IAPP-TAWPI, and Alan Beaney of Systemware take in a Boston Red Sox game after attending the Healthcare Payments Automation Summit.
Health Reform’s Impact on AP Costs
Posted by Mark Brousseau
The new federal health reform law will drive accounts payable (AP) costs higher over the next two years according to industry stakeholders who responded to a survey at this week’s IAPP-TAWPI Healthcare Payments Automation Summit (HPAS) in Boston. The survey was conducted during the conference by IAPP-TAWPI, APQC and PRGX. Survey respondents included healthcare payers and providers; third-party services providers (such as medical billing firms); banks; and IT vendors.
More than half (51.9 percent) of the HPAS attendees who responded to the survey predicted that health reform will result in higher AP costs over the next two years, while 48.1 percent of survey respondents said that AP costs will remain unchanged. None of the conference attendees that responded to the survey believe that short-term AP costs will decrease as a result of health reform.
HPAS attendees who responded to the survey were more divided on the long-term impact of health reform on AP costs. More than one-third (36.2 percent) of survey respondents believe that health reform will drive AP costs higher long-term (defined in the survey as over two years from now), while an equal percentage of respondents believe AP costs will remain unchanged. On the bright side, 27.7 percent of respondents predicted that health reform will result in lower AP costs long-term.
Among the other findings of the HPAS survey:
… Data integration, processing performance, and integration of physician data were the top healthcare AP challenges identified by respondents, followed by cost pressures, manual data entry (which drives costs up), and the ability to track and report evidence-based improvements in cost.
… Most survey respondents (57.7 percent) believe that health reform will have no impact on AP processing performance over the next two years, while a plurality of respondents (39.6 percent) predicted that health reform will result in lower AP processing performance long-term.
… Nearly two-thirds (64 percent) of survey respondents believe that health reform will have no impact on AP late payments and error rates. Long-term, survey respondents were more divided, with a plurality (38.3 percent) predicting that health reform will have no impact on AP late payments and error rates, 31.9 percent predicting that health reform will result in more AP late payments and errors, and 29.8 percent predicting that health reform will help decrease AP late payments and errors.
… HPAS attendees are not optimistic about health reform’s impact on IT systems costs. Nearly two-thirds (62.3 percent) of respondents believe that health reform will drive IT systems costs higher over the next two years, while 37.7 percent of respondents predicted that systems costs would remain unchanged. None of the respondents believe that health reform will result in lower systems costs over the next two years. Long-term, half of the survey respondents believe that health reform will result in higher overall IT systems costs, while 18.8 percent believe IT systems costs will decrease. About one- third (31.3 percent) of respondents predicted that systems costs will remain unchanged.
“Big changes are coming in healthcare, and AP organizations must ask themselves if they are ready,” APQC Analyst Neville Sokol told HPAS attendees. “At times like these, organizations are turning to data and best practices to help them solve problems, improve processes, or design something better. These tools can help make sense of a complex world, and provide a roadmap for moving forward.”
The new federal health reform law will drive accounts payable (AP) costs higher over the next two years according to industry stakeholders who responded to a survey at this week’s IAPP-TAWPI Healthcare Payments Automation Summit (HPAS) in Boston. The survey was conducted during the conference by IAPP-TAWPI, APQC and PRGX. Survey respondents included healthcare payers and providers; third-party services providers (such as medical billing firms); banks; and IT vendors.
More than half (51.9 percent) of the HPAS attendees who responded to the survey predicted that health reform will result in higher AP costs over the next two years, while 48.1 percent of survey respondents said that AP costs will remain unchanged. None of the conference attendees that responded to the survey believe that short-term AP costs will decrease as a result of health reform.
HPAS attendees who responded to the survey were more divided on the long-term impact of health reform on AP costs. More than one-third (36.2 percent) of survey respondents believe that health reform will drive AP costs higher long-term (defined in the survey as over two years from now), while an equal percentage of respondents believe AP costs will remain unchanged. On the bright side, 27.7 percent of respondents predicted that health reform will result in lower AP costs long-term.
Among the other findings of the HPAS survey:
… Data integration, processing performance, and integration of physician data were the top healthcare AP challenges identified by respondents, followed by cost pressures, manual data entry (which drives costs up), and the ability to track and report evidence-based improvements in cost.
… Most survey respondents (57.7 percent) believe that health reform will have no impact on AP processing performance over the next two years, while a plurality of respondents (39.6 percent) predicted that health reform will result in lower AP processing performance long-term.
… Nearly two-thirds (64 percent) of survey respondents believe that health reform will have no impact on AP late payments and error rates. Long-term, survey respondents were more divided, with a plurality (38.3 percent) predicting that health reform will have no impact on AP late payments and error rates, 31.9 percent predicting that health reform will result in more AP late payments and errors, and 29.8 percent predicting that health reform will help decrease AP late payments and errors.
… HPAS attendees are not optimistic about health reform’s impact on IT systems costs. Nearly two-thirds (62.3 percent) of respondents believe that health reform will drive IT systems costs higher over the next two years, while 37.7 percent of respondents predicted that systems costs would remain unchanged. None of the respondents believe that health reform will result in lower systems costs over the next two years. Long-term, half of the survey respondents believe that health reform will result in higher overall IT systems costs, while 18.8 percent believe IT systems costs will decrease. About one- third (31.3 percent) of respondents predicted that systems costs will remain unchanged.
“Big changes are coming in healthcare, and AP organizations must ask themselves if they are ready,” APQC Analyst Neville Sokol told HPAS attendees. “At times like these, organizations are turning to data and best practices to help them solve problems, improve processes, or design something better. These tools can help make sense of a complex world, and provide a roadmap for moving forward.”
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