Healthcare providers should prepare to set aside ICD-10 transition funds for more than just software and equipment upgrades, according to Government Health IT.
Costs will be both direct and indirect.
Direct costs include:
• Software and hardware upgrades, vendor modifications and equipment
• Coder training and clinical education
• Testing
• Temporary staffing to assist with decreased productivity and billing backlogs
• Consulting services
• Data conversion
• Redesign and printing costs for forms and reports
Indirect costs that may reduce revenue include:
• Drop in productivity
• Increased accounts receivable cycles
More Articles on Coding, Billing and Collections:
Incorrect Place of Service Code Use Could Lead to Overpayments
CMS Clarifies Individual Mandate's Penalties, Perks
Creating an IT System for a "Vertically Integrated" Healthcare System: Thoughts From Marion Jenkins of QSE Technologies
Costs will be both direct and indirect.
Direct costs include:
• Software and hardware upgrades, vendor modifications and equipment
• Coder training and clinical education
• Testing
• Temporary staffing to assist with decreased productivity and billing backlogs
• Consulting services
• Data conversion
• Redesign and printing costs for forms and reports
Indirect costs that may reduce revenue include:
• Drop in productivity
• Increased accounts receivable cycles
More Articles on Coding, Billing and Collections:
Incorrect Place of Service Code Use Could Lead to Overpayments
CMS Clarifies Individual Mandate's Penalties, Perks
Creating an IT System for a "Vertically Integrated" Healthcare System: Thoughts From Marion Jenkins of QSE Technologies