October 1, 2013 – Preparing for ICD-10

American Hospital Association Resource Center Blog

HealthLeaders Media conducted an ICD-10 readiness survey in August 2011.

  • Over half the respondents (53%) either have no estimate or are unsure of the costs they will incur in preparing for ICD-10
  • 28% anticipate costs of $500,000 or more coming mostly from the operations budget (56%) and capital expense budget (29%)
  • 45% anticipate some loss of revenue, although 35% are not sure what those losses will look like; 53 percent are anticipating losses of 10% or less
  • 56% anticipate revenue losses lasting no more that 1-2 years; 8% think the revenue losses will be permanent

These and other data are supported by a roundtable discussion by hospital and hospital system CFOs on the costs that hospitals – and presumably, other health providers – are facing with the implementation of ICD-10.  Technology costs are only part of the picture.  Training staff to work with the new systems and working with the medical staff to adopt new practices…

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