Here are 20 statistics about the cost of ICD-10 for physician practices, based on 2008 data released by Nachimson Advisors, LLC, on behalf of various healthcare organizations. Organizations involved are listed below.
Costs for a typical small practice (3 physicians, 2 administrative staff):
Education: $2,405
Process analysis: $6,900
Changes to superbills: $2,985
IT costs: $7,500
Increased documentation costs: $44,000
Cash flow disruption: $19,500
Total: $83,290
Costs for a typical medium practice (10 providers, 1 full-time coder, 6 administrative staff):
Education: $4,745
Process analysis: $12,000
Changes to superbills: $9,950
IT costs: $15,000
Increased documentation costs: $178,500
Cash flow disruption: $65,000
Total: $285,195
Costs for a typical large practice (100 providers, 64 coding staff with 10 full-time coders, 54 medical records staff):
Education: $46,280
Process analysis: $48,000
Changes to superbills: $99,500
IT costs: $100,000
Increased documentation costs: $1,785,000
Cash flow disruption: $650,000
Total: $2,728,780
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Nachimson Advisors was retained to assess the cost impact of ICD-10 by the American Academy of Dermatology, American Academy of Professional Coders, American Association of Neurological Surgeons, American Association of Orthopaedic Surgeons, American Clinical Laboratory Association, American College of Physicians, American Medical Association, American Optometric Association, American Physical Therapy Association, American Society of Anesthesiologists and the Medical Group Management Association. Read more about the report here.
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Related Articles on ICD-10:
ICD-10 Specificity to Impact Nurse Workflows
AAPC Instructor Advises Coders to 'Bone Up' on Anatomy and Physiology for ICD-10
Coding Experts Criticize Suggestion to Postpone ICD-10
Costs for a typical small practice (3 physicians, 2 administrative staff):
Education: $2,405
Process analysis: $6,900
Changes to superbills: $2,985
IT costs: $7,500
Increased documentation costs: $44,000
Cash flow disruption: $19,500
Total: $83,290
Costs for a typical medium practice (10 providers, 1 full-time coder, 6 administrative staff):
Education: $4,745
Process analysis: $12,000
Changes to superbills: $9,950
IT costs: $15,000
Increased documentation costs: $178,500
Cash flow disruption: $65,000
Total: $285,195
Costs for a typical large practice (100 providers, 64 coding staff with 10 full-time coders, 54 medical records staff):
Education: $46,280
Process analysis: $48,000
Changes to superbills: $99,500
IT costs: $100,000
Increased documentation costs: $1,785,000
Cash flow disruption: $650,000
Total: $2,728,780
----
Nachimson Advisors was retained to assess the cost impact of ICD-10 by the American Academy of Dermatology, American Academy of Professional Coders, American Association of Neurological Surgeons, American Association of Orthopaedic Surgeons, American Clinical Laboratory Association, American College of Physicians, American Medical Association, American Optometric Association, American Physical Therapy Association, American Society of Anesthesiologists and the Medical Group Management Association. Read more about the report here.
----
Related Articles on ICD-10:
ICD-10 Specificity to Impact Nurse Workflows
AAPC Instructor Advises Coders to 'Bone Up' on Anatomy and Physiology for ICD-10
Coding Experts Criticize Suggestion to Postpone ICD-10