Firm rolls out end-to-end suite of consulting services to help healthcare payors and providers comply with most sweeping changes to reimbursement processes in recent memory
LOS ANGELES--(BUSINESS WIRE)-- Sinaiko Healthcare Consulting, Inc., a national leader in consulting to hospitals, medical groups, payers and other healthcare entities, today announced a comprehensive suite of services designed to help payers and providers comply with the implementation of ICD-10.
The International Statistical Classification of Diseases and Related Health Problems (ICD) is a coding of diseases, signs, symptoms, abnormal findings and other information, as classified by the World Health Organization (WHO). The U.S. Department of Health and Human Services issued the final rule to have ICD-10 (the 10th Revision) code sets replace the ICD-9 code sets.
As of October 1, 2013, all electronic transactions between providers and payers will require the use of these new ICD-10 code sets for purposes of clinical documentation, claims, remittance advices, eligibility inquiries, referral authorizations and other widely used transactions.
“CEOs and CFOs of healthcare organizations need to understand that implementing ICD-10 will affect every single aspect of their operations, from finance and claims to IT, clinical documentation and provider contracting,” said Jeff Sinaiko, president of Sinaiko Healthcare Consulting. “If you’re not ready for ICD-10, your claims will not be paid if you’re a provider and you won’t be able to pay them if you’re a payor. It doesn’t get any more serious than that.”
Sinaiko Healthcare Consulting has already been offering ICD-10 transition services for the past year. To assist its payor and provider clients with the current ICD-10 implementation requirements, the firm has now rolled out an end-to-end solution with a full suite of services, which can be obtained as part of a comprehensive package or as individual components. The suite includes the following services:
- Evaluation and Preparedness Assessment
- Coding/Billing Staff Augmentation
- Clinical Documentation Improvement
- Education and Training
- Financial Modeling and Contracts Evaluation
- Hands-on HIT Conversion
- Outsourced Encounter Submission
“The extent of the changes required by ICD-10 is simply enormous and requires more aggressive steps than Y2K or any regulatory change in recent memory,” said Sinaiko. “We’re talking about the sweeping move from handling approximately 12,000 diagnosis codes to more than 120,000 codes – changes that affect everything associated with documenting, submitting, receiving and paying claims – not to mention the significant physician and staff training needs that are suddenly required. From what we’ve seen of the readiness of many healthcare organizations, this could bring the entire industry to its knees if substantial preparations do not begin quickly.”
For more information about Sinaiko Healthcare Consulting’s ICD-10 service line, please go to http://www.sinaiko.com/ourServices_HIT_5010_ICD_10.php.
About Sinaiko Healthcare Consulting
Sinaiko Healthcare Consulting is a division of The Coding Source Holdings LLC, a Los Angeles-based company serving clients nationwide to improve revenue capture, coding and operations while ensuring compliance for health plans and large providers. Founded in 1990 by industry visionary Richard Sinaiko, the firm brings together the best and brightest consulting talent in the industry to provide expert advice, solutions and service to the firm’s clients. Sinaiko senior consultants are professionals with 10 to 30 years of experience in various facets of the industry, including hospitals, medical groups, health plans/managed care organizations and academic institutions. For more information, visit www.sinaiko.com.
Daryn Teague, 661-297-5292
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INDUSTRY KEYWORDS: Practice Management Health Hospitals Professional Services Consulting