ICD-10 Conversion Costs For Smaller Practices Less Than Anticipated #ICD10 #ICDRemediator #ICD10Matters #HealthIT

ICD-10 Conversion Costs For Smaller Practices Less Than Anticipated

By Christine Kern



Current evidence shows initial ICD-10 conversion estimates were exaggerated and efficient progress is now being made.



The ICD-10 data controversy continues as new research suggests the initial estimates of the financial and labor costs associated with the ICD-10 transition in physician offices has been exaggerated, according to research published by the Journal of AHIMA. The data also reveals considerable progress has already been accomplished by physicians, vendors, and health plans on ICD-10 implementation with fewer resources than previously estimated.



The article estimates ICD-10 conversion for a small practice costs between $1,900 and $5,900 – a stark contrast to the range posited by a 2014 update of a widely referenced 2008 report by Nachimson Advisors to the American Medical Association (AMA), according to Healthcare Informatics.



“There are a number of reasons why the cost estimates reported in this article are lower,” the study authors explain. “The costs related to EHR adoption and other healthcare initiatives, like meaningful use are not directly related to the ICD-10 conversion although these costs were sometimes included in ICD-10 conversion cost estimates. The coding industry is much more knowledgeable and ready for ICD-10 now than previously reported. Furthermore, the activities necessary to be ready for ICD-10 have become available at very low cost.”





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