We spent $8 billion on ICD-10

Here are 16 fast facts about ICD-10

It’s been nearly two years since federal officials announced the ICD-10 transition would be delayed from October 2013 to October 2014.

3 reasons why ICD-10 was delayed

Main reasons justifying the delay include:

• The industry transition to the version 5010 electronic operating system necessary to accommodate ICD-10 did not proceed as effectively as expected;

• Providers expressed concerns that other statutory initiatives were stretching their resources; and

• Surveys and polls of affected parties revealed a lack of readiness for the ICD-10 transition.

Source: Health Affairs Policy Brief

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6 assets affected by the conversion

New code sets aren’t just for claims, however. Other aspects of healthcare delivery and improvement soon to be affected by ICD-10 include:

• Patient eligibility;

• Preauthorization;

• Care documentation;

• Research activities;

• Public health efforts; and

• Quality reporting.

Source: Health Affairs Policy Brief

NEXT: 6 reasons why it costs so much >>>

6 reasons why ICD-10 costs so much

Officials say they won’t delay ICD-10 again because of the issues it would cause at this late stage. Abandoning the new code system now would translate into a loss of billions of dollars that the industry has already invested.

However, opponents cite cost issues, too. Health insurers might spend $11 per member to $38 per member on conversion, according to America’s Health Insurance Plans. According to a Health Affairs Policy Brief, a small physician practice might spend $83,000 to $226,000 for the upgrade. Costs are associated with:

• Staff education and training;

• Business process analysis;

• New claims form software;

• IT system changes;

• Increased documentation costs; and

• Cash flow disruption.

Source: Health Affairs Policy Brief

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1 big development to watch for . . .

ICD-11 is due out in 2017.

Source: Health Affairs Policy Brief

See more on this government website.