The Centers for Medicare & Medicaid Services estimate that the transition from ICD-9 to ICD-10 will cost the healthcare industry $1.64 billion, according to a Wall Street Journal Health Blog report.
The switch is also estimated to increase the number of claims returned for improper coding by 10 percent initially. In preparation for these significant changes, the Journal reports companies are selling software to help facilities adjust to the new coding system.
Read the Wall Street Journal Health Blog report on ICD-10.
Read more on ICD-10:
-AAPC Column Outlines Objectives for ICD-10 Preparation 1,000 Days From Implementation Date
-AAPC Editorials Disagree on Effectiveness, Necessity of ICD-10
-CMS to Hold Teleconference on ICD-10, HIPAA Version 5010
The switch is also estimated to increase the number of claims returned for improper coding by 10 percent initially. In preparation for these significant changes, the Journal reports companies are selling software to help facilities adjust to the new coding system.
Read the Wall Street Journal Health Blog report on ICD-10.
Read more on ICD-10:
-AAPC Column Outlines Objectives for ICD-10 Preparation 1,000 Days From Implementation Date
-AAPC Editorials Disagree on Effectiveness, Necessity of ICD-10
-CMS to Hold Teleconference on ICD-10, HIPAA Version 5010