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3 Tips for Designing an ICD-10 Financial Risk Assessment Proposal

Here are three questions to ask when deciding if an ICD-10 financial risk assessment request for proposal is effective, according to Government Health IT.

1. Do I understand what it is that I am buying? Start by performing market research to determine players, propositions and differentiations. Since detailed analysis doesn’t exist for ICD-10, find your risk assessment vendors and target companies that will receive your RFP.

2. Does my organization have clear goals for our financial risk assessment? Clear goals will help you compare solutions that will truly fit your business' need. Goals may be different for different types of healthcare providers. For instance, an outpatient facility's objectives should revolve around indirect risk ICD-10 poses and revenue impacts.

3. Do I understand the outputs of an ICD-10 financial risk assessment and how they will meet my objectives? You may want to issue a request for information to see if a vendor has the ability to meet your objectives. These requests can gather information about a vendor's capabilities for you to assess if their solutions are a good fit. Ask for an overview of capabilities, deliverables, a timeline and resource requirements.

More Articles on Coding, Billing and Collections:
2 Tips From CMS for a Smooth ICD-10 Transition
4 Ways Healthcare Reforms Will Impact Revenue Cycle Management
Athenahealth to Buy Healthcare Data Services

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