Seventy-five Percent of Doctors Holding Off on ICD-10
Friday, January 30, 2015 10:48 PM

Physician practices are pushing back ICD-10 preparations, with only twenty-five percent of surveyed doctors saying their practice will have started the transition work by year’s end.  A survey of 201 members of QuantiaMD’s online physician community during the last two weeks and found that seventy-five percent of respondents are sitting tight, at least for now.

Whereas twenty-five percent said that they have either already started ICD-10 work or will do so by year’s end, the largest group of respondents, thirty-three percent, won't begin before the end of 2015’s first quarter. Roughly twenty percent will hold off until the second quarter.  Most surprising is the twenty-two percent who plan to push the October 1 deadline in earnest by waiting until the third quarter.

The surveyed physicians are a confident lot, too. About forty-two percent have no contingency plans to cover operational costs following the ICD-10 transition because they expect no disruption of cash flow.

Roughly twenty-six percent report they have cash reserves sufficient to cover operations during the transition, and another twenty-six percent plan to have a secured line of credit in place.

The largest segment of responding physicians — about forty percent — estimate the ICD-10 project will cost their practice less than $10,000. Another thirty-five percent peg the cost between $10,000 and $50,000.  Thirteen percent predict a cost between $50,000 and $100,000, while six percent are calling for it to exceed $100,000.  With seventy-five percent of respondents calculating an outlay of less than $50,000, they seem in no great hurry to start actively working on the project.