Study Says, ICD-10 Transition in Not as Costly as Suggested #ICD10 #ICDRemediator #ICD10Matters #HealthIT

Study Says, ICD-10 Transition in Not as Costly as Suggested

19 Nov 2014



According to a recent study published in the Journal of the American Health Information Management Association, the cost of converting small physician offices to ICD-10 is much lower than previously reported. In the journal, Thomas Kravis et al writes that the “the initial estimates of the costs and effort associated with ICD-10 implementation for Physician offices has been overestimated and that vendors, health plans and physicians have made considerable progress  with fewer re-sources than had been previously estimated”



 The recent report suggests that the estimated costs for small physician practices to transition to ICD-10 would fall between $1,960 and $5,900, which is a fraction of the estimate reported by Nachimson Advisors to the AMA ranging from $22,560 to $105,506. The main reason behind this reported lower cost is because 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. According to the study published, the coding industry is much more prepared for ICD-10 now than ever.



 Thomas Kravis and his team divided the ICD-10 implementation cost into five categories:



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#ICD10 #ICDRemediator #ICD10Matters #HealthIT

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