3M CompanyMMM announced the release of a new version of the 3M ICD-10 Code Translation Tool, which is now equipped with Current Procedural Terminology (“CPT”) and other HCPCS codes. The new tool will assist hospital organizations and physician practices in converting existing systems, reports and records into the language of ICD-10.
The 3M ICD-10 Code Translation Tool is a cloud-based application that builds up on the conglomerate’s extensive coding experience to analyze clinical information, classify complex coding relationships, and create mappings and lists to cater to the particular requirements of healthcare organizations.
The software can be used to convert ICD-9 and CPT coding-based forms, reports, policies, reimbursement contracts and systems to ICD-10, and also measure the financial impact of ICD-10 on future reimbursement.
The software leverages sophisticated translation technology to automatically re-evaluate lists of ICD-9 or CPT and other HCPCS codes and then locates the related ICD-10 codes. It will enable ICD-10 transition teams to normalize reports, help train staff, update processes, and cut down the time and resources taken up by code conversion.
The enhanced 3M ICD-10 Code Translation Tool is a part of 3M’s comprehensive suite of ICD-10 services and software. 3M also offers ICD-10 consulting services for enhancement of clinical documentation, the ICD-10 Education Program — a broad web-based curriculum that trains hospital staff and physicians about ICD-10 documentation and coding, and the industry-leading 3M Coding and Reimbursement System.
United States has been relatively slow in its transition to ICD-10. The market for the computer-assisted coding technology is slated to grow at a 17% compound annual growth rate until 2019, according to research by ReportLinker. The execution of ICD-10 will bring along several technical and administrative challenges, such as convoluted code crosswalking and uncertainty over detail and specificity.
Providers such as 3M stand to gain steady reimbursement as they help their coders with the difficult transition. A reputable leader in ICD-10 classification, 3M offers complete tools and services for successful ICD-10 implementation.3M currently has a Zacks Rank #4 (Sell). Better-ranked stocks in the diversified conglomerates industry include Rollins Inc ROL, Hitachi Ltd. HTHIY and Shanghai Industrial Holdings Limited SGHIY. Each of these stocks hold a Zacks Rank #2 (Buy).
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