As federal support for EHR implementation ebbs, other HIT projects are crowding in to keep spending strong. Aging financial management systems will need to be replaced as pay-for-performance ramps up as a result of the Patient Protection and Affordable Care Act. The mandated switch to the ICD-10 diagnostic and procedural code set, requiring updates in IT systems, as well as more advanced coding systems to handle the vastly increased code granularity, not to mention the new technical complexities felt by state Medicaids and CMS itself, is already making good business for firms like Cognosante, a brain trust of some of the most talented healthcare IT people in the country.
BCC Research recently predicted that total spending on clinical health IT would soar to $26.1 billion a year in five years, up from $9.5 billion in 2011 and $11.2 billion in 2012. CarePrecise builds provider databases targeting various applications within the healthcare industry, including EHR, HIE, HIX and Sunshine Law (Open Payments) applications.
Joseph Conn has an excellent article in Modern Healthcare will more details.
May 21, 2013
April 25, 2012
ICD-10 Selling Coding Systems
Are those coders in the basement about to see their pink slips? Maybe so, within the coming two years, as roughly half of inpatient providers say they expect to buy automated coding solutions over the next one to two years.
According to a new report released by KLAS Research, many healthcare providers are seriously considering purchases of inpatient computer-assisted coding (CAC) systems during the coming 24 months, despite the ICD-10 deadline delay to a recently proposed date of October 1, 2014.
Providers say that encoder/grouper integration is particularly important. 73% of providers reported that they are considering 3M, which currently holds a 50% market share and three quarters of the inpatient encoder market. OptumInsight and Dolbey have also generated strong interest among providers.
Interest in CAC is being driven by concerns about the productivity impact that ICD-10 will have on providers' practices in both outpatient and inpatient settings. The transition to ICD-10 cranks up the number of diagnostic codes to 68,000 from 13,000 in the ICD-9 code set. Codes for inpatient procedures will shoot from 11,000 to 87,000 codes.
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