Many hospitals and practices have been putting off IT upgrades for the conversion to ICD-10 diagnosis codes in 2013, according to the Wall Street Journal Venture Capital Blog.
Hospitals and practices that don't meet the Oct. 2013 deadline for ICD-10 will face fines from HHS. As a result, some IT companies selling ICD-10 products are enjoying high earnings.
With the conversion, hospitals are going from the ICD-9 system, which has been in place since the 1970s and has 17,000 codes, to a new system with more than 155,000 codes. The ICD-10 codes are also longer and more precise, making it easier to use data to improve quality and efficiency.
Providers making the ICD-10 conversion also have to update the electronic format to transmit claims from 4010A1 to 5010, which is required by Jan. 1, 2012.
Read the Wall Street Journal Venture Capital Blog report on healthcare IT.
Read more coverage of the conversion to ICD-10 and 5010.
-3 ICD-10 Challenges Your Hospital Should Be Talking About
-10 Steps to Prepare for ICD-10
-One-Third of Healthcare Providers Not Ready for 5010
Hospitals and practices that don't meet the Oct. 2013 deadline for ICD-10 will face fines from HHS. As a result, some IT companies selling ICD-10 products are enjoying high earnings.
With the conversion, hospitals are going from the ICD-9 system, which has been in place since the 1970s and has 17,000 codes, to a new system with more than 155,000 codes. The ICD-10 codes are also longer and more precise, making it easier to use data to improve quality and efficiency.
Providers making the ICD-10 conversion also have to update the electronic format to transmit claims from 4010A1 to 5010, which is required by Jan. 1, 2012.
Read the Wall Street Journal Venture Capital Blog report on healthcare IT.
Read more coverage of the conversion to ICD-10 and 5010.
-3 ICD-10 Challenges Your Hospital Should Be Talking About
-10 Steps to Prepare for ICD-10
-One-Third of Healthcare Providers Not Ready for 5010