HIMSS Business Insider

Just two months from January 1, 2011, the date set by CMS for 5010 Level 1 compliance, only a small percentage of companies will be ready to hit the ground running when the New Year strikes and it is likely that many companies won’t begin testing until the second half of 2011.

Hamilton Todd is a section manager with Mayo Clinic based out of its Jacksonville, Fla. location. Since retiring from the Navy in the early 1990s Todd has worked in revenue cycle management for Mayo serving all of its locations. In this month’s Q&A, Todd reflects on the state of medical banking in the industry as well as specific projects at Mayo Clinic.

Janet Estep is president and CEO of NACHA – The Electronic Payments Association, a not-for-profit trade association that oversees the Automated Clearing House (ACH) Network, one of the largest electronic payments networks in the world. Estep recently took time from here schedule to discuss how NACHA can support the healthcare industry’s efforts to create an effective electronic claims and payment system

Now only a couple of months away from January 1, 2011, a recent readiness survey from HIMSS indicates that a significant portion of providers won’t be ready to begin testing HIPAA 5010 with trading partners by that date, as suggested by CMS.

One of the biggest opportunities for taking cost out of the healthcare system lies in leaving behind the old paper methods of medical claims processing and moving to electronic methods. While industry groups such as HIMSS, EHNAC, NACHA and others are actively engaged in projects to ensure this transition, it is the banks themselves that ultimately provide that vital electronic link between payers and providers.

On October 7 and 8, stakeholders including banks, employers, health plans, government, consumers, technology companies and providers convened at the Vanderbilt Center for Better Health (VCBH) in Nashville, Tenn., for the G7@HIMSS MBProject Leadership Forum, a two-day intensive roundtable discussion aimed at advancing tomorrow’s healthcare financial network.