The long-awaited, long-feared and long-lobbied transition to the ICD-10 diagnostic and procedure code set is all but here. On Oct. 1, health care providers across the country will begin using 155,000 different codes to more accurately describe a patient's illness or injury, the treatment for that illness or injury and what the provider will bill a payer for that care. That's nearly seven times the number of coding choices providers have had under the ICD-9 code set.

Providers and payers have been preparing for the transition to ICD-10 for the past several years albeit some more aggressively than others. The test of their readiness and how well they prepared will be revealed in the first days, weeks and months after the transition.

How will providers know whether their preparation has paid off? RelayHealth Financial, a McKesson health information technology business unit, has launched a new website called ICD-10 Central that offers providers free and near real-time access to what it believes are four of the key performance indicators of ICD-10 success.

ICD-10 Industry Benchmarks Infographic

    The data for each KPI are derived from more than 2,400 hospitals that use RelayHealth's revenue cycle management solutions to bill payers for care to patients.

    Each KPI on the ICD-10 Central dashboard can be displayed in the aggregate for all hospitals. Or, each can be broken down by four service lines (cardiology, OB/GYN, orthopedics and radiology), four regions (Midwest, Northeast, South and West) or four bed-size categories (less than 100 beds, 100-249 beds, 250-400 beds and more than 400 beds).

    “These key metrics are continuously monitored and updated, enabling visitors to easily identify trends over time, gauge their own performance and take corrective action as needed,” RelayHealth said in a press statement announcing the launch of the new website.

    In September—one month before ICD-10 takes effect—here's where the four KPI needles pointed:

    Days to Final Bill:

     

    14.3 days

     

    Days to Payment:

     

    41.1 days

     

    Denial Rate:

     

    1.4 percent

     

    Reimbursement Rate:

     

    28.8 percent

     

    How those numbers change in the short term after Oct. 1 will provide the ultimate evaluation of how well providers prepared for the transition to ICD-10.

    Tracking the four ICD-10 KPIs and comparing them with industry benchmarks is crucial for any provider that wants to avoid any long-term negative impact on its financial sustainability.

    For more information, visit the ICD-10 Central website or visit RelayHealth Financial online.

    McKesson

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    McKesson editorial staff is committed to offering innovative approaches and insights so that our customers can get the most out of the health care solutions they have and identify areas for operational improvement, revenue growth and improved patient satisfaction. If you have a suggestion for a blog topic you’d like to see covered, let us know in the comments.