human capital medical practice managment

How ICD-10 Affects your Human Capital Needs

When you see a refreshing billboard by Coca-Cola, or watch a sleek, quirky commercial by Volkswagen, several things might come across your mind in the moment. What stands out the most? For some it may be the visuals, the music, the message – or it might be a feeling of product quality or loyalty associated with the brand. What makes any company great? When you see through all of the glitz and glamour and marketing dollars, the answer is simple and the same no matter the industry. Great companies are built and operated by great people.

In economics, the people who comprise a workforce are sometimes referred to as human capital. More specifically it is the value of a human being in the market economy measured by both personal income and the overall productivity of an organization. A company’s initial investment towards human capital comes by way of salaries and benefits for prospective employees. In the long run, an organization hopes to retain their human capital while also increasing the value of each of its members.

If you operate a medical practice, you already understand that you run a business. You want to increase revenue and profits while reducing inefficiency and waste. Doctors, nurses, and other employees are the concrete your organization is built on and the glue holding it all together. With the ICD-10 transition looming closer, are you certain you’ve taken the proper steps to ensure your employees at every level will be able to survive and thrive despite the sweeping changes? Not being sure means that difficulties are waiting for your practice down the road. Being inadequately trained for carrying out specific roles post ICD-10 implementation means that each of your employees can turn from your greatest assets to real liabilities. To truly realize success in transitioning to ICD-10, you must make a commitment to not simply replacing outdated systems and software, but more importantly in making sure you retain your current workforce by offering updated, role specific training that will see them well-equipped before October 1, 2015.

PAs, nurses, doctors, and other staff members are all a part of the human capital that creates the positive experience your patients want and deserve. Train them. Retain them. Grow your medical practice.

Time is running out. Do you need guidance in making the ICD-10 switch as it pertains to your own human capital? Contact us today to get started.

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