ICD-10 has Great Potential According to Sterling Risk Index of the Health Care Industry
Just 18% of businesses surveyed said new coding regulations have increased their revenue
Sterling Principal John Miller highlights the results of the new "Sterling Risk Sentiment Index" of the Healthcare industry -- and how industry professionals feel about the new ICD-10 coding -- in this short video.
The results show that while about 18 percent have seen an increase in their business, 76 percent have seen no change yet. Miller says we're in the infancy of ICD-10 and sees a great potential in the future.
Overall the survey showed that executives and professionals of healthcare enterprises are optimistic about growth, but are very concerned about areas where they feel exposed to risk. These areas of concern include cash flow, financial issues, government regulation and operating costs.
New “Sterling Risk Sentiment Index” Shows Health Care Professionals and Executives Are Optimistic About Growth, But Concerned About Risk Exposure
Companies Surveyed are at a 4.65 on the “Sterling Risk Sentiment Index of Health Care;” Top Risks to Success: Cash Flow Issues, Government Regulations, Operating Costs
ATLANTA, November 30, 2016 - A new survey shows executives and professionals of health care enterprises are optimistic about growth, but are very concerned about a number of areas where they feel exposed to risk. Respondents reported their overall “risk sentiment” at a 4.65 (on a scale of 1-10) on the first-ever “Sterling Risk Sentiment Index of the Health Care Professionals Market Segment.”
Health care executives noted cash flow and financial issues at the top of their list of concerns, with government regulation and operating costs close behind.
The Sterling Risk Sentiment Index surveyed 128 top executives in the Health Care Professionals Market Segment using SurveyMonkey.com. The survey was conducted between May and August 2016. Sterling Risk Advisors is a full-service risk brokerage firm with strong expertise in the health care industry. This is the first time the firm has surveyed health care professionals’ risk sentiment.
“Our survey clearly shows that most of the health care professionals and executives responding say their outlook is strong, with 63 percent saying their profit margins are better than a year ago, and 67 percent feeling their pipeline of opportunities is better this year than it was last year,” said John Miller, principal with Sterling Risk Advisors and leader of the firm’s health care practice.
Miller also noted that almost 25 percent of the professionals and executives surveyed have no formal risk strategies in place. “Understanding your risk, and making sure you are prepared to absorb the occasional bump in the road, is key to keeping your enterprise strong and healthy.”
Health Care Topics
- Health care professionals and executives were asked how the new ICD-10 coding regulations have impacted their businesses
- Just 18 percent said the new coding regulations have increased their revenue
- Seventy-six percent see no change
- When asked about digital patient access, just 14 percent say they strive to include a digital element in every service they offer. Forty percent still have not adopted digital patient access and 46% have adopted limited digital patient access.
- Telehealth practice still lags: Only two percent of practices surveyed make telehealth a regular offering, and 83 percent have no telehealth offerings at all.
Other Highlights from the Sterling Risk Sentiment Health Care Index
- The top risk issues expressed by respondents to the survey:
- Cash flow/financial issues took the top spot at 23%
- Government regulation is a close second at 22%
- Operating Costs were third at 17%
- Risk they feel least prepared to deal with:
- Government regulation at 21%
- Disaster/heavy usage preparedness and Computer Hacking/Data Security tied for second place at 11% each
- Staffing was third at 11%
Moving forward, Sterling will be surveying the health care industry’s risk sentiment on a regular basis, which will allow it to follow and compare local industry trends.
About Sterling Risk Advisors
Sterling Risk Advisors is a full-service Atlanta-based risk management and insurance brokerage firm serving the commercial, professional and personal needs of clients across a diverse spectrum of industries. The firm works with companies focused on medical and other professional services, construction, transportation and logistics, manufacturing, real estate and technology. Product offerings include all forms of commercial and personal property & casualty insurance, employee benefits and surety bonds.
For more information about Sterling Risk Advisors, please visit: www.sterlingriskadvisors.com or call (678) 424-6500.