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IMPORTANT READINESS INFO for the
ICD-10 IMPLEMENTATION THE BIG CHANGEOVER IS HERE! WILL YOU BE READY?
The day is fast approaching when medical providers of all stripes must be ready for full ICD-10
implementation--or pay a stiff price in the form of harsh financial penalties.
The cost burden of ICD-10, estimated somewhere between $50,000 and $8 million (depending
on size of practice) will undoubtedly place considerable financial strain on even the
most successful of medical providers.
Concerns include significant disruption in normal day-to-day operations (such as payment
problems and productivity losses), as well as the costs associated with computer upgrades,
new software and necessary training--all of which are expected to be extensive.
Many experts in the field foresee problems for medical practices of all sizes in fronting
the high costs of the ICD-10 conversion.
It is believed that a high percentage of medical providers will have no choice but to turn
to banks or other lenders in order to have the capital to cope with the fast-approaching
ICD-10 implementation deadline, which is currently set for October 1st, 2014.
Many in the industry consider ICD-10 to be nothing more than an unfair mandate from the
government and the WHO (World Health Organization), which created it.
"The markedly higher implementation costs for ICD-10 place a crushing burden on physicians,
straining vital resources needed to invest in new health care delivery models and well-developed
technology that promotes care coordination with real value to patients," said AMA President
Dr. Ardis Hovensaid.
Fair or not, ICD-10 is, by all appearances, finally going to happen.
Hovensaid further went on to say...
"Continuing to compel physicians to adopt this new coding structure threatens to disrupt
innovations by diverting resources away from areas that are expected to help lower costs
and improve the quality of care."
Despite criticism such as that of the AMA and strong resistance overall, proponents
of ICD-10 argue that it's many benefits outweigh it's significant new costs.
The far greater specificity and detail in coding of ICD-10 gives providers much more
flexibility and accuracy in reporting diagnosis, treatment and outcomes.
This should, in turn, dramatically improve claims processing efficiency and significantly
reduce overall medical and healthcare costs. Still, experts expect significant financial
burden associated with ICD-10 implementation.
"The transition to ICD-10 represents one of the largest technical, operational, and
business implementations in the health care industry in the past several decades," said
AMA CEO and Executive VP James Madara.
Despite the costs, ICD-10 is "not expected to improve the care physicians provide their
patients and, in fact, could disrupt efforts to transition to new delivery models."
Many experts believe that ICD-10 places undue burdens on medical providers and point to
the European experience (where supposed savings have not materialized) with alarm. Others
believe the U.S. should go to ICD-11, which could actually deliver on the promise of ICD-10.
At the end of the day, only full ICD-10 implementation will tell the tale. The immediate and real
concern is whether individual providers will be ready on October 1, 2014.
If having operating capital to meet the costly ICD-10 implementation requirements--or for
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