ICD-10 could unlock a new market for data analysis, according to a report from the Smart Data Collective.
While healthcare is becoming more interested in data analytics, the current ICD-9 code set stunts these efforts because the codes are less specific than ICD-10 codes. Congress recently delayed ICD-10 implementation for another year — until October 2015 — effectively locking business intelligence companies out of the market for another year.
However, the healthcare industry is projected to spend $34.5 billion on IT-related costs this year, according to the report.
More Articles on Billing and Coding:
ICD-10 Implementation Resources: Who Do Providers Trust?
What Does the ICD-10 Delay Mean for ASCs?
CareCloud Reports Sales Growth in 1Q 2014
While healthcare is becoming more interested in data analytics, the current ICD-9 code set stunts these efforts because the codes are less specific than ICD-10 codes. Congress recently delayed ICD-10 implementation for another year — until October 2015 — effectively locking business intelligence companies out of the market for another year.
However, the healthcare industry is projected to spend $34.5 billion on IT-related costs this year, according to the report.
More Articles on Billing and Coding:
ICD-10 Implementation Resources: Who Do Providers Trust?
What Does the ICD-10 Delay Mean for ASCs?
CareCloud Reports Sales Growth in 1Q 2014