We spent $8 billion on ICD-10
Add it up: 3 reasons for the delay; 6 assets affected; 6 reasons for the price tag; and one future mind-boggler
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
NEXT: 6 assets affected >>>
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
NEXT: One huge development to watch for (can you guess?) >>>
1 big development to watch for . . .
ICD-11 is due out in 2017.
Source: Health Affairs Policy Brief
See more on this government website.
