New Survey Finds Healthcare Providers Prioritize Physician Documentation and Charge Capture Process Improvements to Ease Transition to ICD-10
Nearly 90 percent of respondents say electronic charge capture is “critical” or “important” to effectively implement ICD-10, but only half use fully electronic charge capture today
WALTHAM, MA, Jan. 30, 2012 – Finance professionals at healthcare provider organizations say their highest priorities in preparing for the transition to ICD-10 are improving physician documentation and charge capture processes, according to a new survey conducted by PatientKeeper Inc.
Physician documentation was listed by 65.2 percent of respondents as the most important revenue cycle-related business process to remediate in order to prepare their organizations effectively for the transition to ICD-10. Professional fee charge capture was most frequently ranked as the second revenue cycle-related process priority for ensuring a smooth transition to ICD-10.
Ninety-four percent of respondents to the survey rated implementing electronic physician documentation as “critical” or “important” to ICD-10 readiness; 89.2 percent rated electronic charge capture as “critical” or “important”. However, only half (50.9 percent) said they currently use a fully electronic charge capture system at their institution, and one in five (19.5 percent) still use all paper.
“This survey shows that there’s a significant gap between what provider organizations know they will need to successfully implement ICD-10, and what’s in place today, in terms of the revenue cycle infrastructure at hospitals and practice groups,” said Paul Brient, president and CEO of PatientKeeper Inc. “Over the next 21 months, we expect to see considerable activity in the market for physician charge capture and documentation software solutions, driven by the impending ICD-10 mandate.”
The online survey, fielded by PatientKeeper in late November and early December 2011, drew 173 responses from finance, billing and coding professionals at hospitals and physician practice groups nationwide.
PatientKeeper®, Inc. is a leading provider of healthcare applications for physicians. PatientKeeper provides highly intuitive software that streamlines physicians’ workflow to improve productivity and patient care. Currently the company is developing an innovation platform to make IT an indispensable tool for 21st century clinical care. PatientKeeper’s CPOE, physician documentation, electronic charge capture and other applications run on desktop and laptop computers and popular mobile devices. PatientKeeper’s software integrates with many existing healthcare information systems to effectively support healthcare providers in adopting technology, meeting MACRA requirements, and transitioning to value-based care. PatientKeeper has more than 65,000 active physician users today. For more information about PatientKeeper, visit www.patientkeeper.com or call (781) 373-6100.