ATLANTA--(EON: Enhanced Online News)--Streamline Health Solutions, Inc. (NASDAQ: STRM), a leading provider of knowledge management solutions for healthcare providers today announced the release of its dual coding enhancement for the eCAC and eAbstract applications within the Collabra suite of solutions. Streamline Health’s concurrent dual coding solution saves time by allowing coders to assign both ICD-9 and ICD-10 codes to a patient record simultaneously, helping providers prepare for the transition to ICD-10 on Oct. 1, 2014.
“We understand the importance of a well-defined preparation strategy, and we believe that dual coding should be an important component of that strategy.”
According to the American Health Information Management Association (AHIMA), the transition to ICD-10 could cost hospitals from $15 to $20 million each, a large portion of which can be attributed to cash flow disruption related to the changeover. Streamline Health’s concurrent dual coding solution can mitigate revenue loss associated with the transition by allowing provider organizations to become familiar with the new code set ahead of the deadline, and allow them to analyze future reimbursement scenarios.
Concurrent dual coding adds a number of benefits to providers preparing for the switch to the new ICD-10 code set. This solution allows coders to work in both ICD-9 and ICD-10 at the same time, facilitating training on the new codes ahead of the transition and potentially eliminating the need to outsource coding services to a third party. Healthcare organizations are encouraged to implement a dual coding solution as soon as possible to assist in the following areas:
- Coder Training: Dual coding gives coders the opportunity to practice using ICD-10 and increase familiarity ahead of the Oct. 1, 2014, deadline.
- Coder Productivity: The concurrent dual coding method will allow providers to measure the potential impact that the transition to ICD-10 will have on coder productivity.
- Revenue Reimbursement Analysis: Data obtained during this process will provide organizations with the ability to identify potential changes in revenue with specific patient populations and inform them of the need to review or renegotiate payment contracts.
- Physician Documentation Assessment: Dual coding data can also bring to light potential clinical documentation issues related to ICD-10 and help facilities design more targeted physician training programs.
- End-To-End Testing: Data produced through concurrent dual coding efforts can help determine an organization’s readiness to process claims using the ICD-10 code set.
“The transition to ICD-10 is just around the corner, and providers are acutely aware that there are many unknowns – especially as they transition from fee for service to a more risk sharing model. By offering concurrent dual coding as part of our computer assisted coding and chart abstraction solutions, we are helping our clients to enhance training efforts and minimize losses to productivity and revenue,” says Robert E. Watson, President and Chief Executive Officer of Streamline Health. “We understand the importance of a well-defined preparation strategy, and we believe that dual coding should be an important component of that strategy.”
Streamline Health’s concurrent dual coding functionality has been added to Collabra, an integrated web-based software suite that enhances the productivity of hospital clinical documentation improvement (CDI) and coding staff and enables them to seamlessly share patient data. The two modules that will be equipped with concurrent dual coding capabilities include: eCAC, a computer-assisted coding solution that improves concurrent chart review and coding workflows, and eAbstract, which expedites chart abstracting and coding.
About Streamline Health
Streamline Health Solutions, Inc. (NASDAQ: STRM) is a leading provider of SaaS-based healthcare information technology (HCIT) solutions for healthcare providers. The company's comprehensive suite of solutions includes: enterprise content management (ECM), business analytics, integrated workflow systems, clinical documentation improvement (CDI), and computer assisted coding (CAC). This unique combination of solutions is designed to help healthcare organizations manage the financial and operational challenges they face in the ever-changing world of healthcare today and in the future. For more information, please visit our website at www.streamlinehealth.net.
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Statements made by Streamline Health Solutions, Inc. that are not historical facts are forward-looking statements that are subject to risks and uncertainties and are no guarantee of future performance. The forward looking statements contained herein are subject to certain risks, uncertainties and important factors that could cause actual results to differ materially from those reflected in the forward-looking statements, included herein. These risks and uncertainties include, but are not limited to, the timing of contract negotiations and execution of contracts and the related timing of the revenue recognition related thereto, the potential cancellation of existing contracts or clients not completing projects included in the backlog, the impact of competitive products and pricing, product demand and market acceptance, new product development, key strategic alliances with vendors that resell the Company's products, the ability of the Company to control costs, availability of products obtained from third party vendors, the healthcare regulatory environment, potential changes in legislation, regulation and government funding affecting the healthcare industry, healthcare information systems budgets, availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems, fluctuations in operating results, effects of critical accounting policies and judgments, changes in accounting policies or procedures as may be required by the Financial Accountings Standards Board or other similar entities, changes in economic, business and market conditions impacting the healthcare industry, the markets in which the Company operates and nationally, and the Company's ability to maintain compliance with the terms of its credit facilities, and other risks detailed from time to time in the Streamline Health Solutions, Inc. filings with the U. S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revision to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.