Thanks for checking out June’s first Friday Favs! CMS announced major news this week, revealing that more than 88% of ICD-10 claims filed during the most recent round of end-to-end testing were successful. Healthcare Finance News notes that only 2% of the rejections resulted from ICD-10 coding errors. This news is a huge win for supporters of the new coding standards, as it offers further proof that most providers are ready to handle the transition this year.
In addition to announcing the end-to-end ICD-10 testing results, CMS released a massive data set of Medicare charges and payments for inpatient procedures in 2013. Modern Healthcare leveraged this data to create a searchable database containing information from more than 3,000 hospitals and the actual breakdowns of costs associated with specific procedures for the 100 most frequently billed diagnoses. The fact that this information is now available to the public aligns with the increasingly consumer-focused healthcare environment, and encourages pricing transparency throughout the industry.
Finally, Health IT Analytics explores the prediction that big data analytics will drive billions of dollars in growth for the healthcare industry. As U.S. providers begin to focus on value-based care, data analytics will be crucial in aiding their population health management efforts. Not only do analysts predict that the data industry will grow as a market by 17 percent over the next four years, but as recent trends show, big data will continue to be applied in new and different ways to foster better care quality at lower costs.