Report: Small practices could spend less on ICD-10

ICD-10 could cost small practices far less than previously estimated.

Smaller healthcare entities face big challenges when meeting all of the ICD-10 requirements, but one new report alleges that it may cost less than they expect. In an article for the Journal of the American Health Information Management Association (AHIMA), a team of four medical professionals broke down the expected ICD-10 compliance costs and found that a small practice will need to spend, on average, a maximum of $5,900.

This differs greatly from previous predictions, which have ranged as high as more than $105,000 in a 2008 report. The difference is due to several factors: Previous estimates often included irrelevant additional costs, the authors write, and many of the training and educational resources needed to educate staff has grown less expensive in recent years.

Among these are such areas as coding, implementation training and the official ICD-10 Diagnoses Codebook. Incentive payments for transitioning to an electronic medical record have also helped practitioners lower the cost sometimes by as much as $60,000.

"Since the new estimates of the costs for ICD-10 preparation are much lower than originally estimated, the barriers to ICD-10 implementation are much less than originally projected," the authors conclude. Elsewhere they assert that "readily available free and low cost solutions offered by coding, education and software vendors" have helped to reduce the overall financial burden.

This is all the more reason for practices who may have previously thought they couldn't afford it to pursue healthcare coding and consulting services soon. The cost will most likely be lower and the overall benefit just as crucial, rather than base cost estimates over outdated information. Working with professionals on this process will also help practices document it during every step and improve future conversions.

43 thoughts on “Report: Small practices could spend less on ICD-10

  1. Admiring the persistence you put into your website and detailed information you present.

    It’s awesome to come across a blog every once in a while that isn’t the same
    out of date rehashed information. Fantastic read! I’ve saved your site and I’m including your RSS feeds to my Google

  2. Write more, thats all I have to say. Literally, it seems as though you relied
    on the video to make your point. You obviously know what youre talking about, why throw
    away your intelligence on just posting videos to your weblog
    when you could be giving us something enlightening to read?

  3. Hey I know this is off topic but I was wondering if
    you knew of any widgets I could add to my blog that automatically
    tweet my newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping
    maybe you would have some experience with something like this.
    Please let me know if you run into anything.
    I truly enjoy reading your blog and I look forward to your new updates.

  4. Thanks for any other informative blog. Where else may I get that kind of info
    written in such a perfect means? I’ve a undertaking that I am
    simply now working on, and I’ve been on the glance out for such info.

  5. My partner and I stumbled over here coming from a different web address and
    thought I might as well check things out. I like what I see so now i’m following you.

    Look forward to looking at your web page again.

  6. Hello, I think your site might be having browser compatibility issues.

    When I look at your blog in Opera, it looks fine but when opening in Internet
    Explorer, it has some overlapping. I just wanted to give you a quick heads up!
    Other then that, fantastic blog!

  7. I know this if off topic but I’m looking
    into starting my own weblog and was wondering what all is needed to get set up?
    I’m assuming having a blog like yours would cost a pretty penny?

    I’m not very web smart so I’m not 100% certain. Any tips or advice would be greatly appreciated.
    Many thanks

  8. I think this is one of the most significant info for me. And i am
    glad reading your article. But wanna remark on few general things,
    The site style is wonderful, the articles is really nice : D.
    Good job, cheers

  9. Howdy I am so excited I found your blog page,
    I really found you by accident, while I was browsing on Yahoo for
    something else, Anyways I am here now and would just like to say thanks
    for a marvelous post and a all round interesting blog (I also love the theme/design),
    I don’t have time to read it all at the minute but I have book-marked it and also included your RSS feeds, so when I have
    time I will be back to read a great deal more, Please do keep up the fantastic work.

  10. Good day! I could have sworn I’ve been to your blog before but after browsing through a few of the
    posts I realized it’s new to me. Anyways, I’m definitely pleased I found it and I’ll be book-marking it
    and checking back frequently!

  11. Woah! I’m really digging the template/theme of this site.
    It’s simple, yet effective. A lot of times it’s tough
    to get that “perfect balance” between user
    friendliness and appearance. I must say you have done a amazing job with
    this. In addition, the blog loads super fast for me on Chrome.
    Excellent Blog!

  12. Very nice post. I just stumbled upon your blog and wished to mention that I’ve really loved browsing your
    blog posts. After all I will be subscribing in your feed and I’m hoping you write again very soon!

  13. great points altogether, you simply gained a brand new reader.
    What would you suggest in regards to your put up that you simply made a few days ago?
    Any sure?

  14. This is the right site for anybody who would like to find out about this
    topic. You understand so much its almost hard to argue with you (not that I really would want to…HaHa).
    You definitely put a new spin on a topic which has been discussed for ages.
    Wonderful stuff, just wonderful!

  15. Hi there! This blog post could not be written any better!

    Going through this article reminds me of my previous
    roommate! He constantly kept talking about this. I am going to forward this post to him.
    Pretty sure he will have a very good read. Thank you for sharing!

Leave a Reply

Your email address will not be published. Required fields are marked *