Remember to Add ICD-10 Implementation to Your 2015 Budget
Written by Editor   
Thursday, November 06, 2014 10:31 AM

The offical transition to the ICD-10 coding set takes place next October. Many providers have already spent a good deal of money preparing for the inevitable, but even so, you need to make certain that select ICD-10 costs are included in your 2015 budget.  

Planning to spend on ICD-10 implementation is more complicated than buying new software and ICD-10 coding books. Medical practices especially will need to allocate resources — time and money — in four key areas:

  1. Coding
  2. Revenue cycle
  3. Project management
  4. IT

Here are but some of the potentials you should consider:

  • Software and hardware
    • In house and vendor modifications
    • Upgrades
    • New software, systems and equipment
  • Education
    • Coder training
    • Clinician education
    • Awareness raising
  • Testing related costs
  • Staff time needed for:
    • Implementation planning
    • Training
    • Testing
    • Vendor management
  • Temp staffing to assist with extra work resulting from:
    • Decreased coding productivity
    • Billing backlogs
    • Claims denial and rejection management
    • IT work on upgrades and systems
    • Lost time during training
  • Consulting services
  • Forms and reports
    • Redesign
    • Printing costs
  • Data conversion
  • Dual coding
    • Added time
    • Maintaining data collection
    • Analyzing data
  • Contingencies
    • Software that doesn't work
    • Staffing issues

Source:  http://www.healthcarefinancenews.com/news/2015-icd-10-budget