In its November issue, the Journal of AHIMA published an article citing significantly lower costs for physician practices to transition to ICD-10 than the numbers supplied by Nachimson Advisors in a 2014 updated report (Nachimson published the first report at the request of the AMA in 2008).
Money hole mediumWe’re not talking about a small difference in cost estimates. Nachimson estimated small physician practices will spend $56,639-$226,105 on ICD-10 implementation. Analysts from 3M put the figure at $1,960-$5,900, according to the AHIMA article. Somebody’s numbers are way off.
Nachimson rebutted the AHIMA numbers, saying the study used to come up with the lower estimate is flawed and fails to account for some critical steps in ICD-10 planning and transition.
So who’s right? Probably neither. The real numbers will likely fall in the middle and could vary widely by practice. For example, a practice that already has a robust (or at least well-implemented) electronic medical record (EMR) will likely spend less time and money updating the system for ICD-10. The vendor should provide the software changes as part of the regular software updates.
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