Interesting article posted on http://www.medicalpracticeinsider.com/ on February 12, 2014 written by Frank Irving - Editor.
An updated study released by the American Medical Association finds that implementation of the ICD-10 code set will be significantly more costly for most physician practices than estimated. In some cases, practices will spend nearly three times what had been previously predicted.
The study, conducted by Nachimson Advisors, updates a 2008 report on ICD-10 implementation costs, also produced by Nachimson.
In 2008 the predicted cost to implement ICD-10 ranged from $83,290 for a small practice, $285,195 for a medium practice and $2,728,780 for a large practice.
The 2014 report found the following cost ranges for each practice size based on variable factors such as specialty, vendor and software:
Small practice — $56,639 - $226,105
Medium practice — $213,364 - $824,735
Large practice — $2,017,151 - $8,018,364
Two-thirds of physician practices are expected to fall into the upper range of current cost estimates, according to the research. These practices will presumably incur major costs associated with software upgrades in particular as a means to accommodate the transition to ICD-10, AMA reported.
Read the Full Article