NEW YORK, July 2, 2013 /PRNewswire/ -- Genpact Limited (NYSE: G), a global leader in business process management and technology services, today released a white paper, "ICD-10: The call for operational effectiveness," to help guide healthcare providers covered by HIPAA during the transition to the International Classification of Diseases, 10th Edition, Clinical Modification/Procedure Coding System (ICD-10-CM/PCS), also known as ICD-10.
With this transition, providers are facing unprecedented changes, such as adding thousands of codes for recording patient conditions and requiring much more detailed documentation to support claims across multiple systems and processes. The costs associated with implementing these changes will be significant, with estimates for some large practices being as much as $2.7 million according to a December 2012 American Medical Association letter to the Centers for Medicare and Medicaid Services.
The Genpact paper shows that the expanded ability to analyze clinical and cost data to drive stronger patient and revenue outcomes will rely heavily on more granular clinical documentation in order to meet ICD-10 system requirements. The paper explains how healthcare providers can obtain more targeted insights from the new ICD-10 system and therefore gain greater clarity and reduce denials and claims appeals. Genpact explains how managing processes effectively and applying the right resources to adapt to ICD-10 is critical to reducing risk, improving workflow and increasing productivity – resulting in optimized business operations and positive bottom line impact.
"The ICD-10 transition represents the most significant coding upgrade in 30 years, and organizations must be capable of capturing the essential benefits of the new system from day one," said Damandeep Kochhar, Genpact senior vice president and business leader, Healthcare and author of the white paper. "To do so, companies must evaluate current processes, reengineer billing and claims operations, implement better documentation support, and leverage greater resources in order to fully optimize the transition for performance and proficiency, which will lead to enhanced patient care and improved revenue streams."
Utilizing industry benchmarks and critical performance metrics, Genpact has been helping healthcare providers optimize services across the globe amidst spiraling costs, new healthcare regulatory reforms and shrinking revenue. Genpact's hospital optimization and end-to-end coding solutions are process-based, founded on a heritage of Lean Six Sigma and anchored in the tenets of Smart Enterprise Processes (SEPSM), a results-oriented approach to greater productivity and smarter operational performance. This combined power helps companies cost-effectively move to ICD-10 without disrupting current processes and losing revenues, all the while delivering the best possible client care. This white paper offers insight into the processes that Genpact employs for its clients.
To download "ICD-10: The call for operational effectiveness," interested parties may access http://www.genpact.com/home/industries/healthcare-provider.
Genpact Limited (NYSE: G), a global leader in business process management and technology services, leverages the power of smarter processes, smarter analytics and smarter technology to help its clients drive intelligence across their enterprise. Genpact's Smart Enterprise Processes (SEPSM) framework, its unique science of process combined with deep domain expertise in multiple industry verticals, leads to superior business outcomes. Genpact's Smart Decision Services deliver valuable business insights to its clients through targeted analytics, reengineering expertise, and advanced risk management. Making technology more intelligent by embedding it with process and data insights, Genpact also offers a wide range of technology services. Driven by a passion for process innovation and operational excellence built on its Lean and Six Sigma DNA and the legacy of serving GE for more than 15 years, the company's 60,000+ professionals around the globe deliver services to its more than 700 clients from a network of 70+ delivery centers across 18 countries supporting more than 30 languages. For more information, visit www.genpact.com. Follow Genpact on Twitter, Facebook and LinkedIn.
SOURCE Genpact Limited