Providers Should Plan for Unforeseen Costs of ICD-10

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:
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Cleveland Clinic, VHA Form Joint Venture
CBO: Medicare, Medicaid Spending Growth Slowing by 15%

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