Physicians wait with bated breath as October 1st, 2015 fast approaches. This date marks the ICD-10 deadline, an increase in codes from 13,000 to 68,000- over a 5 times increase.
This is not a surprise to physicians across America; a finalized ICD-10 deadline has been long in the making. However, what is shocking physicians and office managers alike are the unexpected increases in financial obligations that mark the transition. The AMA found the cost breakdown by size of the practice as follows:
|Typical Small Practice||Typical Medium Practice||Typical Large Practice|
For private practices that are already struggling to maintain their independence this number is understandably quite daunting. The time and dollars that go into training, assessment, vendor/software upgrades, process remediation, testing, productivity loss, and payment disruption are becoming more and more apparent as the countdown continues.
If you are heading down your own “ICD-10 journey” and are looking for ways to handle the transition while maintaining your practice independence and most importantly not breaking the bank, watch this two-minute video from VP of Revenue Cycle Management, Maureen Clancy: http://bit.ly/1ypjYSo
AMA “ICD-10 Cost Estimates Increased for Most Physicians:” http://bit.ly/1BOyZP2