CodeSmart™ Holdings, Inc. Announces The Plan for the ICD-10 Deadline Extension
NEW YORK, April 7, 2014 /PRNewswire/ -- CodeSmart Holdings, Inc. (ITEN), along with its subsidiary, The CODESMARTTM Group, Inc. (collectively, "CODESMART"), a premier ICD-10 education and solutions group that offers CODESMARTTM UNIVERSITY, its online education solution and customizable training solutions, announces its plan for the ICD-10 deadline extension to October 1, 2015.
The results of the delay will open doors to a wider customer base representing a majority market share that has not even begun their transition to ICD-10 and gives the industry the necessary amount of time to prepare. Ultimately, this should create a better healthcare system.
"We had initially stated that ICD-10 would not be delayed again, as we quoted CMS (Centers for Medicare & Medicaid Services) Administrator, Marilyn Tavenner, from her speech made on Feb 27, 2014. Her speech stated that there will be no more delays and the system will go live on October 1, 2014," said Ira Shapiro, CEO of CODESMART. "Ultimately we want what is best for the healthcare industry, and this delay allows adequate time for providers and practices to become fully educated and prepared. There was a very short window to try to accomplish this from now until October 1, 2014. CMS and AHIMA (American Health Information Management Association) indicated that the best practice suggests 18 months of transition to ICD-10. If a hospital begins now, they will have 18 months. If a hospital has already begun to transition, they should not stop, as this extra time allows for more coder practice, increased claim testing internally and with vendors, and additional opportunities to remediate issues which will minimize revenue loss once ICD-10 goes live," added Mr. Shapiro.
"CodeSmart™ is well prepared for this delay. When we created our tools and education, they included ICD-9, so as physicians are training for ICD-10, they will also improve their documentation for ICD-9. This means hospitals will realize an immediate return on investment that will translate into ICD-10. Our holistic clinical documentation integrity (CDI) products were designed to support the ICD-9 to ICD-10 transition as well as quality and value based purchasing," said Sharon Franey, Chief Operating Officer of CODESMART. "Additionally, in the last week we were introduced to an organization through one of our strategic partners that may allow us to participate with a major source of scholarship for veterans. This has the potential to generate a minimum of 1,000 veteran students. They may also be able to provide access to grant programs with our community college partners where we may potentially enroll hundreds of students in the New Coder Program over the next 6 months. The timing of the new ICD-10 implementation date is aligned with the anticipated graduation of these students in the New Coder Program. The current shortage of coders will continue to increase as we near the new implementation date, and CODESMART will prepare the new coders to meet this demand," added Mr. Shapiro.
In order to assist clients through the change of the implementation date, The Codesmart™ Group will allow their students, both coders and clinicians access to their curriculum until the new implementation date. This allows the opportunity to continue to practice and refresh without any additional costs.
CodeSmart Holdings, Inc. (OTCQB: ITEN) with its subsidiary, The CODESMART™ Group, Inc., is a premier national subject matter expert for ICD-10 education and compliance in the United States. Its product, CODESMART™ UNIVERSITY, is an on-line program of study for existing coders, new coders, clinicians, and healthcare roles of all types. Created by a combination of a leading panel of ICD-10 subject matter experts and a major four-year accredited university, which contributed the nation's top course designers and a platform that already provides interactive education to more than 60,000 students per year in degree programs. The ICD-10 training also includes live professors who work with and guide students through the programs of study in ICD-10.
CODESMART™ UNIVERSITY is endorsed by over 60 colleges and universities nationwide for its quality of education. The CODESMART™ Group, Inc. also provides solutions for ICD-10 transition, outsource coding, coding audits, critical documentation improvement and the revenue cycle continuum.
To learn more about The CODESMART™ Group's proprietary programs, visit www.codesmartgroup.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Certain written and oral statements made by CodeSmart Holdings, Inc. may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements are identified by such words and phrases as "we expect," "expected to," "estimates," "estimated," "current outlook," "we look forward to," "would equate to," "projects," "projections," "projected to be," "anticipates," "anticipated," "we believe," "could be," and other similar phrases. All statements addressing operating performance, events, or developments that either expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. Because they are forward-looking, they should be evaluated in light of important risk factors that could cause actual results to differ materially from anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. CodeSmart Holdings, Inc. undertakes no obligation to update these forward-looking statements after the date of this release.
SOURCE CodeSmart Holdings, Inc.