A delay of new coding system ICD-10 could have a costly effect on practices, hospitals and other healthcare facilities, according to a survey by Washington-based IT vendor Edifecs and a report by Health Imaging.
A majority of respondents believed the longer the delay, the more negative the consequences, according to the report. Ninety percent of respondents believed the deadline should not be moved more than a year. Questioned about a one-year delay, 58 percent of respondents said it would be "costly, but manageable," compared to 37 percent who said it would be "beneficial."
Twenty-two percent of respondents said a two-year delay would be "costly, but manageable," while 56 percent said it would be "potentially catastrophic." Only 4 percent said a two-year delay would be beneficial.
Many organizations responded by saying they have already contracted with consultants or hired employees specifically for the transition to ICD-10 and will now have to decide whether to cut those positions. More than 70 percent of respondents said they believe CMS should reimburse organizations for the delay.
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A majority of respondents believed the longer the delay, the more negative the consequences, according to the report. Ninety percent of respondents believed the deadline should not be moved more than a year. Questioned about a one-year delay, 58 percent of respondents said it would be "costly, but manageable," compared to 37 percent who said it would be "beneficial."
Twenty-two percent of respondents said a two-year delay would be "costly, but manageable," while 56 percent said it would be "potentially catastrophic." Only 4 percent said a two-year delay would be beneficial.
Many organizations responded by saying they have already contracted with consultants or hired employees specifically for the transition to ICD-10 and will now have to decide whether to cut those positions. More than 70 percent of respondents said they believe CMS should reimburse organizations for the delay.
Related Articles on Coding, Billing and Collections:
HHS: Return Overpayments Within 60 Days
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Outpatient Visits Reach Record 4.6M for Cleveland Clinic