Study: Physicians' ICD-10 Transition Costs to Be Up to 3x Higher Than Expected

In late 2008, Nachimson Advisors conducted a study to estimate the cost of the ICD-10 transition for physician practices. The results showed transition costs would range from an estimated $83,290 for a small practice (three physicians) to up to $2,728,780 for a large practice (100 physicians).

Based on regulatory and industry changes, a revised 2014 edition of the study projects costs at up to three times the 2008 estimates — from between $56,639 and $226,105 for the small practice up to between $2,017,151 to $8,018,364 for the large practice.  

Some of the increase from the 2008 numbers was the addition of testing costs to the estimations, now considered a crucial part of the ICD-10 transition.

The full report with estimated cost breakdowns is here.

More Articles on ICD-10:

New Webinar From Surgical Notes on ICD-10
Taking a Custom Approach: Best Practices for Effective ICD-10 Staff Training
MGMA: Only 10% Physician Practices Ready for ICD-10

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars