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HIMSS: Revenue Cycle, Financial Modeling Draw Hospital Interest

Posted by Matthew Smith on May 7, 2014 2:19:00 PM

Revenue Cycle, KPI, Health Directions

Revenue cycle and financial modeling applications are positioned for accelerated growth among hospitals, according to data from the HIMSS Analytics Essentials of the U.S. Hospital IT Market, Spring 2014 Edition. The Spring 2014 report evaluates the health IT applications most used by hospitals across the United States.

Using data from the HIMSS Analytics® Database, the report profiled 26 operational applications being used in hospitals across the U.S. and conducted a matrix analysis of their market penetration (saturated, mature to maturing) against their projected sale volumes (decelerating, marginal to accelerating). Bed management, ERP and financial modeling technologies were observed as notable opportunities for health IT vendors, having both a maturing market penetration status and an accelerated projected sales volume.

“The first-time sales outlook for these three operational applications is grounded in the industry’s ongoing efforts to create a cost-efficient and clinically effective environment,” said Lorren Pettit, Vice President of Market Research for HIMSS Analytics. “The fact that the three applications represent varied aspects of a hospital’s operations suggests providers are looking for efficiencies in a multiplicity of ways.”

Following closely behind the three applications slated for the highest growth opportunities, the report found that the sales outlook is also positive for two additional applications in the financial decision support category: contract management and financial data warehousing/mining. Medical necessity checking content applications, which belong to the revenue cycle management category, also fall within the same ranking – mature in terms of market penetration with an accelerating projected sales growth. The relatively low market penetration for all of these applications suggests that opportunities for vendors in this area are very positive.

The 26 applications observed, most of which can be characterized as standard business tools, are divided into the following six categories:

  • Business Intelligence
  • Financial Decision Support
  • General Financials
  • Human Resources
  • Revenue Cycle Management
  • Supply Chain Management

The report also covered the popularity of each application in the marketplace at more than 5,000 U.S. hospitals tracked by HIMSS Analytics. The popularity assessment for each application is determined by its frequency of installation.

Revenue Cycle, Key Performance Indicators, KPIs,

Topics: HIT, HealthIT, HIMSS, Financial Modeling, Revenue Cycle

ICD-10 Delay Approved By Senate; Deadline Moved to 10/1/2015

Posted by Matthew Smith on Apr 1, 2014 9:26:00 AM

ICD-10 DelayedBy a vote of 64 to 35, the U.S. Senate on March 31 approved legislation that includes a provision to delay the ICD-10 implementation deadline by one year to Oct. 1, 2015. The bill will be sent to President Obama for his expected signature.

The so-called "Doc-Fix" bill also suspends Medicare's sustainable growth rate (SGR) formula that would have cut the physician reimbursement rate this year by nearly 24 percent. Congress had until today to pass the legislation that averts the payment cut and further delays Medicare cuts to physicians until April 1, 2015. In addition, the bill further delays enforcement of the Medicare two-midnight payment policy for hospitals until March 2015.

The Senate conducted a straight “up or down” roll call vote on the bill, which prevented senators from removing any sections of the bill, including the ICD-10 delay provision. Previously, in a March 27 voice vote, the House of Representatives approved the fast-track legislation that was based on a bipartisan deal struck between Senate Majority Leader Harry Reid and House Speaker John Boehner. 

In an opening statement earlier this afternoon to begin the Senate's consideration of H.R. 4302, the Protecting Access to Medicare Act of 2014, Reid acknowledged that the 12-month temporary SGR fix in the bill "is not perfect, not ideal" but it "ensures that Medicare patients will be able to see their doctors." The legislation is Congress’ 17th temporary Medicare patch. Sen. Ron Wyden (D-Ore.), recently installed as chairman of the Senate Finance Committee, tried but failed to get the Senate to consider a permanent Medicare SGR fix during debate on the bill.

Topics: CMS, AMA, ICD-10, AHIMA, HIMSS, Doc Fix

Senate to Vote Monday on ICD-10 Delay

Posted by Matthew Smith on Mar 28, 2014 2:13:00 PM
ICD-10, House Bill,Courtesy of HIMSS Government Relations

On Thursday, March 27th, the U.S. House of Representatives approved by voice vote HR 4302, a new bill that would create a one-year patch for the Sustainable Growth Rate (SGR) formula, further delaying action on replacing the current formula until April 2015. 

The bill would also delay the conversion to ICD-10 by one year to October 2015:

SEC. 212. DELAY IN TRANSITION FROM ICD–9 TO ICD–10 CODE SETS.

The Secretary of Health and Human Services may not, prior to October 1, 2015, adopt ICD–10 code sets as the standard for code sets under section 1173(c) of the Social Security Act (42 U.S.C. 1320d–2(c)) and section 14 162.1002 of title 45, Code of Federal Regulations.

The bill now awaits action in the Senate, which has announced plans to vote at 5:30 pm on Monday, March 31st, with 60 votes needed for passage.  The current short term SGR "doc fix" expires at midnight Monday.

“HIMSS is monitoring the developments in the House and Senate on ICD-10," said Tom Leary, HIMSS Vice President of Government Relations. "We continue to focus our efforts on supporting our stakeholders by providing education, resource and tools to help them make the conversion to ICD-10 in the most effective and efficient ways.”

HIMSS offers many resources for those making the transition from ICD-9 to ICD-10 in the ICD-10 Playbook

In February, Centers for Medicare and Medicaid Services Administrator Marilyn Tavenner told HIMSS14 attendees that the October 1, 2014 start date for ICD-10 remained firm. 

Topics: CMS, AMA, ICD-10, AHIMA, HIMSS, Doc Fix

Let's Kick Off HIMSS Week With a Health IT Social Media Infographic

Posted by Matthew Smith on Feb 24, 2014 9:26:00 AM

HIMSS, HIMSS2014, HealthIT, HITHIMSS14 (the annual meeting for the Healthcare Information and Management Systems Society) is upon us. For those of us who rely on social media for breaking HIT news from the conference, there will be no shortage of information coming from the conference.

According to this infographic by Lauren C. Still, the HIMSS Twitter conversation has grown 540% (6 fold) since 2010. She also provides a valuable set of hashtags that can be used throughout the week to tag specific Tweets.

HIMSS, HIMSS14, HealthIT, HIT, mhealth

Topics: HIT, HealthIT, HIMSS, HIMSS14

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