Healthcare News & Insights

ICD-10: More costly than most anticipate

Between deadlines for Meaningful Use payment incentives and the switch to ICD-10, healthcare providers have a lot on their plate within the next few years. However, most are postponing the jump from ICD-9 to ICD-10, and prioritizing compliance with the meaningful implementation of EHR software because it must be done sooner and is less costly.

With the deadline for the coding switchover being as late as October 2013, it’s easy for hospitals and doctors to wait and worry about it when that time comes, but that might hurt them more than they’re aware.

HealthLeaders Media released an Intelligence Report showing that only 84% had begun ICD-10 assessments and, even more alarming, only 29% have moved to the implementation phase. While a high number of organizations have at least begun their assessments, less than half have completed an assessment of financial impact. They might be in for a rude awakening.

Not only is the cost higher than many organizations anticipate, but it could even be double, and poor planning will only result in even more financial stress when the time comes.

The costs could range from about $1.1 million to $5 million, or even more depending on the size of the organization. CFOs should at least assess the amount of capital they’ll need before it’s too late to start planning, and time to start panicking.

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