The next step in ICD-10 planning is understanding risk management and what it means for your practice. What is risk management? See here.
noun: risk management;
plural noun: risk managements
(in business) the forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.
In a medical practice, risk management includes assessing business and policy impacts and securing a line of credit.
According to the Centers for Medicare & Medicaid Services (CMS), your practice’s ICD-10 coordination manager will need to work with vendors and third parties to anticipate implementation issues and risks – and develop strategies to streamline ICD-10 implementation.
To do this effectively, consider creating a risk inventory for your practice that:
- Identifies risks by departments or key internal/external functions
- Identifies the chance a risk will occur, how it might affect your practice and ways to avoid risk – like offering training, identifying alternate vendors, and building up cash reserves or increased lines of credit
- Assigns responsibility for risk reduction action, including when to involve management in a way that makes sense for your practice
- Continuously monitors impact on scope, schedule and cost
For more details, see pages 16-19 of the CMS “ICD-10 Implementation Guide for Small and Medium Practices.”
Another great resource is the “State Medicaid ICD-10 Implementation Assistance Handbook” here.
Be sure to look for details about live presentations from the ISMA in 2015 on the ISMA education page.