Healthcare providers should prepare to set aside ICD-10 transition funds for more than just software and equipment upgrades, according to Government Health IT.
Costs will be both direct and indirect.
Direct costs include:
• Software and hardware upgrades, vendor modifications and equipment
• Coder training and clinical education
• Testing
• Temporary staffing to assist with decreased productivity and billing backlogs
• Consulting services
• Data conversion
• Redesign and printing costs for forms and reports
Indirect costs that may reduce revenue include:
• Drop in productivity
• Increased accounts receivable cycles
More Articles on Revenue:
Kansas Moves Medicaid to Managed Care
Cleveland Clinic, VHA Form Joint Venture
CBO: Medicare, Medicaid Spending Growth Slowing by 15%
Costs will be both direct and indirect.
Direct costs include:
• Software and hardware upgrades, vendor modifications and equipment
• Coder training and clinical education
• Testing
• Temporary staffing to assist with decreased productivity and billing backlogs
• Consulting services
• Data conversion
• Redesign and printing costs for forms and reports
Indirect costs that may reduce revenue include:
• Drop in productivity
• Increased accounts receivable cycles
More Articles on Revenue:
Kansas Moves Medicaid to Managed Care
Cleveland Clinic, VHA Form Joint Venture
CBO: Medicare, Medicaid Spending Growth Slowing by 15%