According to the report, experts believe that 60 percent of the implementation cost of ICD-10 coding is already budgeted for in competing HIT initiatives. This means that other IT projects, which might seem to rob funds from ICD-10 implementation in hospitals, could actually assist facilities by creating “overlap” between budgets.
According to the report, organizations that look at the 5010 transition and ICD-10 conversion as “stepping stones” for displaying meaningful use will fare the best. Experts agree that ICD-10 should be implemented in tandem with other initiatives, such as meaningful use, in order to save time and money and reduce redundancy. For example, Siemens Healthcare officials pointed out that the requirement for advancing physician documentation is needed to comply with both ICD-10 and meaningful use.
The Medical Group Management Association has estimated that ICD-10 will cost even small physician practices as much as $84,000.
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