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The healthcare industry is going through a fundamental transition driven by policy changes like HIPAA 5010 and ICD 10. These mandated regulatory changes have added a lot of pressure on payers to reduce operational costs and do more with less. On the other hand, the transformational nature of this enablement provides an opportunity for organizations to engage in enterprise wide makeover initiatives that will ensure that their systems and processes supporting business operations are optimized for efficiency and profitability.
Though the compliance dates for HIPAA 5010 and ICD-10 are 2012 and 2013, respectively, the transition will impact key operational aspects of the business including changes in the profile of customers, mandatory coverage requirements, administration of policies and processing of claims from a larger and potentially riskier customer base.
The year 2011 and 2012 will be pivotal for HIPAA 5010 and ICD-10 compliance. However, many of the healthcare businesses are still faced with the issue of recognizing the technical and business impacts and what the approach should be. It is imperative that considerable planning is required to successfully address all the impacts of this conversion.
Virtusa brings in an unmatched expertise and experience in working with leading healthcare organizations in implementing and remediating the applications for compliance regulatory services for HIPAA 5010 and ICD-10 transition. We recommend that full remediation be the approach for the 4010 to 5010 conversion as well as the ICD-9 to ICD-10 conversion. Virtusa’s migration services are focused to address the challenges of HIPAA 5010 and ICD-10 migration on a schedule that enables client success.
