ICD-10: Turning Regulatory Compliance Into Strategic Advantage - Are U.S. Health Plans and Providers Ready for ICD-10 Adoption?
Source: Deloitte LLP
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, 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, and Innovators.