In an editorial in GovHealthIT, David Stone, executive vice president of Medical Management Professionals, discussed the "significant issues and potential concerns" that hospital-based practices may face as they transition to ICD-10.
Mr. Stone recommended hospital-based practices keep an eye on cost considerations. According to the report, ambulatory coders who need to learn only ICD-10-CM require around eight hours of training, which is estimated to cost around $110 in training and $440 in lost work time per coder.
A report from the Medical Group Management Association suggests that the average cost of moving to ICD-10 can range from $83,000-$2.7 million based on physician practice size. Medium practices (10-99 physicians) should expect to spend around $285,000.
In addition to cost, hospital-based practices must prepare for the transition to ICD-10 documentation, which will require more specificity as the coding system transitions from 13,000 codes under ICD-9-CM to 68,000 codes under ICD-10-CM. Physician practices should communicate early with their clinical partners and staff about this transition and make plans for training well before the deadline.
Physician practices will also need to work with their software vendors about the transition, specifically asking how the vendor will handle technology upgrades. Some ICD-10 upgrades may be included in existing contracts, and some practices may need to sign new contracts or pay additional fees for upgrades.
Read the GovHealthIT report featuring thoughts from David Stone.
Related Articles on ICD-10:
The Cost of Moving to ICD-10: 20 Statistics for Physician Practices
AAPC Instructor Advises Coders to 'Bone Up' on Anatomy and Physiology for ICD-10
Overcoming ICD-10 Physician Documentation Challenges: Q&A With Dr. Steve Claypool and Allison Errickson of ProVation Medical
Mr. Stone recommended hospital-based practices keep an eye on cost considerations. According to the report, ambulatory coders who need to learn only ICD-10-CM require around eight hours of training, which is estimated to cost around $110 in training and $440 in lost work time per coder.
A report from the Medical Group Management Association suggests that the average cost of moving to ICD-10 can range from $83,000-$2.7 million based on physician practice size. Medium practices (10-99 physicians) should expect to spend around $285,000.
In addition to cost, hospital-based practices must prepare for the transition to ICD-10 documentation, which will require more specificity as the coding system transitions from 13,000 codes under ICD-9-CM to 68,000 codes under ICD-10-CM. Physician practices should communicate early with their clinical partners and staff about this transition and make plans for training well before the deadline.
Physician practices will also need to work with their software vendors about the transition, specifically asking how the vendor will handle technology upgrades. Some ICD-10 upgrades may be included in existing contracts, and some practices may need to sign new contracts or pay additional fees for upgrades.
Read the GovHealthIT report featuring thoughts from David Stone.
Related Articles on ICD-10:
The Cost of Moving to ICD-10: 20 Statistics for Physician Practices
AAPC Instructor Advises Coders to 'Bone Up' on Anatomy and Physiology for ICD-10
Overcoming ICD-10 Physician Documentation Challenges: Q&A With Dr. Steve Claypool and Allison Errickson of ProVation Medical