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October 1, 2013 – Preparing for ICD-10

HealthLeaders Media conducted an ICD-10 readiness survey in August 2011.

  • Over half the respondents (53%) either have no estimate or are unsure of the costs they will incur in preparing for ICD-10
  • 28% anticipate costs of $500,000 or more coming mostly from the operations budget (56%) and capital expense budget (29%)
  • 45% anticipate some loss of revenue, although 35% are not sure what those losses will look like; 53 percent are anticipating losses of 10% or less
  • 56% anticipate revenue losses lasting no more that 1-2 years; 8% think the revenue losses will be permanent

These and other data are supported by a roundtable discussion by hospital and hospital system CFOs on the costs that hospitals – and presumably, other health providers – are facing with the implementation of ICD-10.  Technology costs are only part of the picture.  Training staff to work with the new systems and working with the medical staff to adopt new practices will also take time and money.  Tick-tock . . .

Additional resources are listed at the end of the report.

Source: HealthLeaders Media.  Impact Analysis. ICD-10: Skating on Thin Margins.  2011http://content.hcpro.com/pdf/content/273186.pdf

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